Student Revolving Loan Fund

The Student Revolving Loan Fund grants loans to eligible residents of Barbados to assist in financing their educations in areas of study which are perceived to be of national priority. The Student Revolving Loan Fund is available to students who plan to or are currently pursuing full-time as well as part time and distance studies.

Depending on your program of study and where you complete your studies, your loan amount will differ as follows:

Undergraduate programs:  up to BBD 100,000
Graduate programs—Master’s, one year or less: up to BBD 50,000
Graduate programs—Master’s, greater than one year: up to BBD 100,000
Post-graduate programs—MPhil/PhD: up to BBD 100,000

Fees

Interest is charged 1.5% percent above the minimum savings rate, which is currently 2.5%. Interest starts to accrue at the above rate at the end of your stipulated study period.

Repayment and Deferment

After completing your studies, you will have a flexible repayment period ranging from 3-25 years, depending on the borrowed amount.

Application Process

To apply, you will need to fill out a paper application and submit the following that apply:

  1. Evidence of Barbados citizenship (birth certificate or registration as a citizen).
  2. Certified copies of academic qualifications.
  3. Certified copy of marriage certificate.
  4. Letter of acceptance or confirmation of enrolment from the institution.
  5. Statement of the annual cost of the programme from the institution.
  6. Proof of income or an Affidavit if self-employed.
  7. Certificate of savings to show (if applicable) your ability to cover shortfall between cost of the programme and the maximum amount the SRLF might lend for your category of study.
  8. Description of the programme from the institution.
  9. Health certificate from a Registered Medical Practitioner.
  10. Copy of transcript or grade slip, if already in the institution.
  11. One (1) certified passport size photograph.
  12. Two (2) Completed ‘Affidavit for Surety’ (inclusive in application package) forms.
  13. Evidence of address of loan applicant & sureties (e.g. electricity bill)

You will then need to make an appointment to complete the application process. You can either visit the website, call 430-2867/71 or 429-2912/13, or email office@srlfloan.edu.bb to schedule your appointment.