Basseterre, St Kitts and Nevis: The Prime Minister of the Federation of St Kitts and Nevis – Dr Terrance Drew, has confirmed that the interest rates on student loans have reduced from 9 (nine) to 5 (five) per cent applicable from yesterday June 1, 2023.
Prime Minister stated that the benefits are provided to the students in association with the Development Bank of St Kitts and Nevis as part of the Graduate Finance Project. According to recent information, Prime Minister has taken to his official social media handle to share the great news with fellow Kittians and Nevisians and college students.
The reduction in the interest rates for student loans was announced a few weeks ago with a motive to facilitate the students in their higher studies, said the reports.
In addition, while sharing the news with the people of Twin Island Federation, PM Drew noted that “Greetings, as of today, June 1, all student loans interest rate at Development Bank is reduced to 5 per cent under the Graduate Finance Project.”
He added that the cut-off in the interest rates is introduced under phase two of the graduate finance project rollout, which is an essential part of the government’s plans.
Furthermore, in his remarks, Prime Minister also cited that the students could avail the benefit by reaching out to the Development Bank of St Kitts and Nevis and having their interest rates reduced to 5 (five) per cent from 9 (nine) per cent.
In this context, it was also mentioned that the decision was taken to encourage the students to take up higher education without having to worry about their financial status.
As per the Facebook post shared by Prime Minister Terrance Drew, it has been outlined that the amendment introduced in the student loans is expected to support the students in their education journey financially. Moreover, “Hundreds of persons can now benefit and save a significant amount of money monthly,” said the Prime Minister.
It was outlined that the reduction in the interest rates of student loans will also unlock other opportunities for them in different fields, as they could buy a home or invest in a business. PM Drew noted that the students would easily follow their dreams and favourable education programs as per their choices.
Prime Minister of the Twin-Island Federation, Terrance Drew, further emphasized that the benefits received by this would also assist them in entering a smooth transition phase after completing their studies into independent living.
