St Kitts and Nevis govt shares update on Second Phase of Graduate Finance Project

Basseterre, St Kitts and Nevis: The Second Phase of the Graduate Finance Project (GFP) targeting existing student loans will provide a major reduction of five percent (5%), according to the government of St Kitts and Nevis. The reduction will be provided to the students with loans with the Development Bank of St Kitts and Nevis (DBSKN).

The government of the Twin-Island Federation has outlined that the students with existing loans will also offer much-needed financial relief. The changes will be effective from June 1, 2023 (Thursday).

This major announcement was made by the Prime Minister and Minister of Finance of St Kitts and Nevis, Dr Terrance Drew, during the press conference held by Prime Minister with the Cabinet Ministers on May 18 (Thursday). During this meeting, the PM also outlined the details of the initiative.

Prime Minister Dr Terrance Drew stated, “Students who are presently paying at 9 percent interest, from June 1, you are encouraged to go to the Development Bank and have your interest reduced from 9 percent down to 5 percent. This will give students space to buy a home and invest in a business; after all, this is what they left to study for.”

Prime Minister Drew furthermore mentioned that this is one of the proposed projects in SKNLP’s post-COVID reset campaign. The aim behind this was to bring sustainable relief to the students, providing them with the opportunity to follow their life goals.

Every student of St Kitts and Nevis will pursue education as the government, led by St Kitts and Nevis Labour Party, want them to be students. “This programme will assist the nation’s youth into independent living,” stated PM Terrance Drew.

The government of St Kitts and Nevis has further highlighted that students with loans should contact the officers from the Development Bank of St Kitts and Nevis to initiate the process. Following this, students have to complete all the required paperwork, and they must have two (2) Identification Cards and proof of address for an appointment.

It is worth mentioning that the project was introduced on April 6, 2023 (Thursday), under the theme “Removing Financial Barriers to Education.” Under the Graduate Finance Project, the students can obtain loans at 5 percent interest on a maximum of EC$100,000.00 for a grace period of four and a quarter year (four years, three months), with a fifteen (15) year repayment term.

During the loan period, credit of EC$15,000 to service the student loan during that period. The 5 percent interest will come into effect after four years and three months.