Basseterre, St Kitts and Nevis: Terrance Drew, Prime Minister of St Kitts and Nevis, stated that starting on June 1st, 2023, the interest rates on student loans will be reduced from 9 to 5 per cent annually.
The decision was made after the government’s Graduate Finance Project included the current student loans with the expansion Bank of St Kitts and Nevis (DBSKN).
Minister Skerrit informed the students and residents of the Twin Island Federation through his official Facebook page of the wonderful news.
Additionally, he said that this update would make it comfortable for students to get financial support and help in the form of “student loans” without going through a laborious application procedure. He also emphasised the advantage of being able to repay the money with greater ease.
The announcement was made during a press conference held by Prime Minister Terrance Drew, who also covered several other national issues and themes.
According to PM Skerrit, the changes that have been revealed will improve the education system in St Kitts and Nevis and make it easier for students to pursue their educational goals, particularly those who cannot afford more expensive higher education.
During the press conference, the prime minister expanded his words by saying, “Existing student loans with the DBSKN will be added to the Government’s Graduate Finance Project.”
Minister Skerrit emphasises that the changes that have been revealed will improve the education system in St Kitts and Nevis and make it easier for students to pursue their educational goals, particularly those who cannot afford more expensive higher education.
He expanded his words during the press conference by saying, “Existing student loans with the DBSKN will be added to the Government’s Graduate Finance Project.”
PM Drew underlined that adding student loans to the Graduate Finance Project of the Government with the expansion Bank of St Kitts and Nevis (DBSKN) will significantly impact the loan interest rate reductions.