RATIONALE

Over the past few years, St. John’s Credit Union Limited has experienced increased demands for educational loans. As a result of this concern the Credit Union has allocated monies in the budget foe educational loans so to provide members (students) with an effective and efficient loan service.

CATEGORIES OF LOANS

The Credit Union is designed to help students and parents, regardless of income, pay for post secondary education. There are three (3) types of loans available through this program that offer low interest and flexible repayment.

Education

Level                                      Maximum Amount                                              Repayment Time

Associate’s                              $6,000.00                                                            Three (3) Years

Bachelor’s                             $10,000.00                                                            Three (3) Years

M.B.A.                                   $30,000.00                                                            Five (5) Years

M. Ed.                                    $20,000.00                                                           Five (5) Years

HOW DO I APPLY?

• Fill out the Education Loan Form at SJCU.

• Submit letter of acceptance from the institution of University you will be attending.

• Applicants accepted in the Associates degree program, please enclosed a signed and sealed copy of high school transcript.

• Applicants accepted in the Bachelor’s Degree program, please enclose a signed and sealed copy of transcripts from Associate’s Degree.

SECURITY

• Real Estate

• Credit Union Shares

• Guarantors

DISBURSEMENT POLICY

If an education loan is approved, tuition will be disbursed on a semester basis to the student. Applicants must meet the following criteria:
 

• Applicants must meet passing requirement of the institution enrolled.

 

• A grade report must be submitted to the credit committee as proof of continuous eligibility for money to be disbursed to the student

 

• If the applicant fails to comply with these regulations, disbursement will cease to occur and applicant will be reasonable to start paying back the loan IMMEDIATELY.

 

• Graduate applicants will be required to show proof of eligibility of passing before disbursement of funds is given.

 

INTEREST RATES/ LOAN REPAYMENT

 
 

• The student may opt to pay to the interest only on the principal or pay the principal and interest whilst in school.

 

• Upon completion of degree, the student has duration of six (6) months grace period in which to start paying the principal and interest that will be calculated on the loan.