“We are in the process of analyzing existing loans because that is of great concern to us as well”.

So says Prime Minister and Minister of Finance, the Hon. Dr. Terrance Drew, on Wednesday April 19th.

His comment was in relation to the Graduate Finance Project, as it is currently considering the status of persons with existing student loans acquired through the Development of Bank of St. Kitts and Nevis (DBSKN).

The Finance Project, launched by the Government of St. Kitts and Nevis on April 6th 2023, saw the interest rate on new student loans attained through DBSKN reduced to five percent per annum for loans up to EC$100,000. It also provides a grace period of four and a quarter years with a 15-year repayment term. It includes EC$15,000 credit to service the student loan during that period, which eliminates the payment of interest for four years, and three months.

The Graduate Finance Project enables students returning to St. Kitts from a university to enjoy savings of up to EC$50,000 or more. It significantly reduces the lifetime cost of college. PM Drew said there will be “some movement on that in the weeks ahead,” in reference to existing student loans”.