Grenada Development Bank : SPECIAL STUDENT LOANS
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 institutions. 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, and must have proof of admission to an accredited tertiary level education institution. In addition the applicant must have:
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Residency status
Must be a national or permanent resident of Grenada who has resided in one or more Caribbean countries for at least one year immediately preceding the application date; or
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.
Economic and other status
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be from a household in a recognized geographic area in Grenada that has high levels of poverty
be from a household with a high dependency ratio.
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- household is considered to be a social unit consisting of a person or a group of persons who sleep in the same housing unit and have common arrangements in the preparation and consumption of food
dependency ratio is the number of householder per worker who are actively employed. A ratio of greater than 5 dependents per wage earner would be considered high.
