The Government of Grenada, in collaboration with the Grenada Development Bank, has established a special student loan programme to assist “Poor and vulnerable” students wishing to pursue studies of their choice at an accredited tertiary level education institution. Loans under this programme would be subject to interest rates of 5% during the student’s period of study and 7% on completion of study.
To qualify for the loan, students must be age 18 or over, must have proof of admission to an accredited tertiary level education institution, and must:
- Be a national or permanent resident of Grenada who has resided in one or more Caribbean countries for at least one year immediately proceeding the application date; or
- Be a national, permanent resident or immigrant of a Caribbean country and be residing in Grenada for at least one year immediately preceding the application date.
In addition applicant must satisfy two or more of the following criteria:
- Is a member of a low-income household where the maximum household income is less than EC $24,000.00 per annum and the market value of the family’s assets is less than EC $40,000.00.
- Is a member of a household with a high dependency ratio (at least four dependants per wage earner).
- Household is considered to be a social unit consisting of a person or a group of person who sleep in the same housing unit and have common arrangements in the preparation and consumption of food.
- Is a member of a household dislocated by changes in the economy and / or by natural disasters.
- Is a member of a vulnerable group/s ( e.g. children of disabled or indigent parents, or physically challenged Is a member).
- Is a member of a household benefiting from social assistance programmes.