University students and those who have already graduated and have loans under the Economically Disadvantaged Loans program will have their interest waivered for one year. This is according to the Prime Minister Hon. Dr. Ralph Gonsalves.
“University students and former university students who have since graduated, but have loans under the economically disadvantaged student loans program of the student loans company are being granted a complete waiver of interest payment for one year, from October 2020 to August 31 2021. Actually it has started already. This will cost the Government in excess of two million dollars.
Thereafter for the academic year 2021/2022 onwards, the interest on all the economically disadvantaged student loans, existing loans, loans with interest arrears and new loans will be reduced from 8.5 percent annually to 6 percent in accordance with the amended sustainable metrics from the National Insurance Services, regarding the investment of the NIS on this portfolio.”
He stressed that this was an interest waiver and not a moratorium and was put in place to alleviate the hardships brought by the COVID-19 pandemic.