St Kitts and Nevis: The government of St Kitts and Nevis is all set to launch the second phase of the government’s Graduate Finance Project with the Development Bank of the country on June 1, 2023. Prime Minister Dr Terrance Drew, on his Facebook post, shared an update.
He said that it is a positive development for the students of St Kitts and Nevis, and it will benefit them efficiently. PM Drew noted, “The Second Phase of the Government’s Graduate Finance Project with the Development Bank of St Kitts and Nevis (DBSKN) will be launched on June 1, 2023.”
Students with existing loans will now receive a major reduction of the interest rate on their loans from nine percent (9%) to five percent (5%) per annum. The Graduate Finance Project was introduced on Thursday, April 6 2023, under the theme “Removing Financial Barriers to Education”. This initiative, which was listed among the proposed projects in the SKNLP’s POST COVID RESET campaign in August 2022, brings much-needed financial relief to the students.
PM Terrance Drew further added that the loan program will reduce the interest for the graduates and also helps to boast an interest rate of just 5 percent. As per the scheme, the accumulated interest will convert into a credit of approximately $15,000 for each loan recipient once the students complete their studies.
He said that the project will benefit graduates as it will advance their education and mitigate the burden of student loan repayments. He said that the government is also looking for ways to reduce the interest rates on existing loans. For outstanding loan graduates, interest rates will be reduced from 9 percent to 5 percent. PM Terrance Drew said that the reduction will benefit borrowers and decrease the payments for their monthly loans. It will also save hundreds of dollars each month.
Hence, the initative is marked as the commitment of the government of St Kitts and Nevis to uplift the education sector and helps them to study well.