Last Updated on April 7, 2023, 4:20 AM AST by Anthony Morris
The Prime Minister of St Kitts and Nevis, Dr Terrance Drew, recently announced the implementation of the reduced rate of interest on Student loans for the students of St Kitts and Nevis. Dr Drew announced the initiative coming to fruition during an interaction with the media. St Kitts and Nevis Labour Party committed to the implementation of the to implement Graduate Finance Project (GFP).
Under this project, the government committed to reducing the interest rate for student loans in the Development Bank of St Kitts and Nevis. The students will also receive $15,000 in service against the loans. The government of St Kitts and Nevis, headed by Dr Terrance Drew is implementing the programme under “Removing Financial Barriers to Education”.
Dr Terrance Drew is working on implementing the project in line with the promises that the SKNLP made to the people in August 2023. The Prime Minister shared that they are working diligently to fulfil his administration’s promises for the nation’s development.
Dr Terrrance Drew took to his social media account to share the news with the people. Per the Prime Minister, the Graduate Finance Project (GFP) will be effective from Thursday, April 6, 2023. The initiative of the government will lift the financial burden off the students.
The Minister of Finance in the government of St Kitts and Nevis asserted that the initiative would help students struggling with economic hardship due to the Covid-19 pandemic. The Prime Minister shared that the lower interest rates for the students will lead to a lower instalment of the people.
If the students have taken a loan of approximately EC$100,000.00 for 15 years, Under this new policy, students will save up to EC$50,000.00 or more throughout the loan. Meanwhile, the Prime Minister, Dr Terrance Drew, asserted that through this initiative, the government seeks to offer financial relief to graduates. This will make it easier for them to pursue their life goals.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
