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 a recognised university, 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.