On June 1st, the Development Bank of St. Kitts and Nevis has embarked on its new initiative of reducing the interest rate for existing student loans from 9% to 5%.

The federal government led by Prime Minister – Hon. Dr. Terrance Drew has collaborated with development bank in order to make this incentive possible.

To complete this process, eligible students in St. Kitts and Nevis whose loan payments are up-to-date are encouraged to contact any of the bank’s branches to make an appointment.

Students are asked to take along (2) pieces of Identification Cards and Proof of address), notify their guarantors of the reduction in the interest rate and have them accompany them to their appointment or have them contact the bank.

For students whose loan payments are not up-to-date are also encouraged to contact the bank to make an appointment and a loan officer will assess your situation and provide the best possible solution to complete the process of reducing the interest rate on your existing loan.