Frequently asked questions
Who qualifies for the National Student Loan Fund?
Persons must be citizens of Antigua & Barbuda, eighteen (18) years of age and older. They must also be accepted to or already enrolled in a programme of study offered by an eligible educational institution.
What institutions are considered eligible?
Eligible Institutions are those that are legitimately accredited as formal educational institutions – locally, regionally and internationally.
How much money can I borrow?
The maximum amount that can be borrowed is EC $75,000.00. Hence, the NSLF should be regarded as a supplementary fund and not as the main source of funding one’s studies especially if the student is just beginning a course of study. However, the student will have to present supporting documentation and indicate how the entire programme of study will be financed. Nevertheless, request will be delt with on an individual basis.
What if I need to increase the amount of money borrowed?
It is the applicant’s responsibility to plan thoroughly for his/her expenses in order to avoid such a situation. The amount of money allocated to the Fund is limited, hence the maximum of $75,000.00 that anyone can borrow. Also, the purpose is to assist as many persons as possible. Therefore, it is unlikely that an increase will be given once the initial loan has been processed.
Do I have to present collateral for the loan? If so, what type of collateral is accepted?
The purpose of the Fund is to provide an opportunity to persons who would otherwise have difficulty accessing funding. As such, there is no requirement for collateral. However, it would be to the student’s best interest to plan for the full amount required to complete his/her studies.
What rate of interest will I have to pay on the loan?
The interest on a loan is calculated at only 3% per annum.
Can I start paying on the loan while studying or do I have to wait until I am finished?
Loan recipients generally begin making loan payments one (1) month after receiving the first loan disbursement. Payments of Principal and Interest are made while studying.
Who can be a surety?
A surety must be an employed person living in Antigua & Barbuda. That person must also be in a position to assist in the repayment of obligations where necessary.
How long do I have to repay the loan?
The maximum repayment period for an NSLF loan is fifteen (15) years.
What if I have problems repaying the loan?
Any problems or difficulties encountered in fulfilling your loan obligations must be reported to the Student Loan Advisory Committee immediately in order to avoid penalties, fees, and the default interest rate of 13%.
Do I have to sign a bond or any such document?
All loan recipients are required to sign a loan agreement and a bond agreement which stipulates the loan recipient must return to Antigua and Barbuda to work for at least two (2) years.