Bahamas - Guidance To Apply Student Loan

Advertisement

Procedure

Apply In-Person

1. Application forms can be collected from the scholarship and educational loans division of the Ministry of Education, Headquarters, Thompson BLVD, P. O. Box n-3913, Nassau, Bahamas.
2. Completed application forms should include all required supporting documents as mentioned in the “Required Documents” Section.
3. Completed application forms must be submitted by April 30th to the Scholarships and Loans Division or the District Superintendents' offices in Grand Bahama and the Family Islands.
4. The Scholarship and Educational Loans Division will review the applications and present them to the Education Committee for consideration.
5. The Education Committee is the legal entity in charge of authorising educational loan awards. Applicants should keep in mind that the Committee will not examine applications that are incomplete.
6. Applicants may be asked to attend an interview.
7. Students applying to the College of the Bahamas, other local institutions, or the University of the West Indies will be given first priority.
8. Each academic year, the amount of loans given will be determined by the finances available for this purpose.
9. Applicants will be notified of the outcome of their application via mail. Successful applicants will be notified of the dates on which they must present themselves to the Education Loan Authority's representative for loan processing via public announcements.
10. The loan amounts that have been approved will be disbursed in two instalments, one in August and the other in December.
    

Advertisement

Required Documents

• Letter of Request
• Letter of Acceptance from an Accredited Institution
• Costing for the course opted
  

Office Locations & Contacts

Department of Education,
Ministry of Education,
Thompson Boulevard
P. Box N 3913/14
Nassau, N.P., The Bahamas
Web Site: Link
Phone: (242)502-2700/4
Fax: (242)322-8491 / 325-8140
Contact Address Details Link:Contact Link

Eligibility

• The student must be a Bahamian citizen
• The student must be sixteen years of age or more
• The loan is granted to a person who is at least eighteen-year-old
• The student has been admitted into a recognised post-secondary institution
• The student has a co-borrower who is eligible
  

Fees

• 2% loan guarantee charge
• $300.00 bank processing fee
• A life insurance premium that varies depending on the amount of the loan
  

Validity

Poor performance, the student's failure to enrol, failure to carry full course loads, bad behaviour, or any other cause deemed acceptable by the Education Committee may result in the revocation of the Educational Loan at any time.

Documents to Use

Please attach documents that can be used by people. e.g. links.

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

Please explain processing time taken in obtaining the document/certificate.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Please provide other instructions related to the certificate/documents.
e.g. The state office holds birth records since january 1908.

Required Information

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or Country of Birth.

Need for the Document

The Bahamas Government Educational Loan helps students who want to pursue college or university.

Information which might help

The following criteria will be used to select recipients:

• Prior academic performance
• Institution to be attended
• Relevance of planned topic of study to national development goals
• Financial need
• Borrower and/or co-ability borrowers to service the loan
  

Annual Maximum Loan Amounts:

• $10,000.00 for undergraduates
• $15,000.00 for graduate or professional students
• No more than $3,000 of the total loan amount shall be allocated to room and board in any given year.
  

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Website Link

Others

More information which might help people.