Persons with student loans from the Development Bank of St. Kitts and Nevis (DBSKN) will soon be paying 5% interest on their student loans. This was disclosed by Prime Minister Dr. the Hon. Terrance Drew during a recent radio interview, on March 15.
Prime Minister Drew’s disclosure came after discussions with the Financial Secretary Hilary Hazel and the Chairman of the Board of Directors of the DBSKN Shavon Douglas. The interest rate on student loans from the DBSKN was as high as 9%.
The proposed adjustment will not only be for new student loans but for existing ones as well, Prime Minister Drew stated. It comes in line with his government’s commitment to making available the best opportunities for students to pursue higher education.
The reduction of the interest rate on student loans is intended to provide local students with some financial peace of mind with decisions to pursue tertiary level education.
However, the Prime Minister stopped short on revealing the implementation date for the new measure.