NIA CHARLESTOWN NEVIS (June 05, 2023) – Premier of Nevis, Hon. Mark Brantley, has endorsed Prime Minister Hon. Dr. Terrance Drew’s recently implemented policy, which reduces the interest rate on existing student loans at the Development Bank of St. Kitts and Nevis from nine percent to five percent.
“I support any and all initiatives to assist our youth. The truth is that interest rates on student loans have been excessive for far too long. If we are serious about education then we must also be serious about making it more affordable, and by extension, more accessible to more people,” Premier Brantley commented.
During the recent political campaign, the Premier’s party indicated that if put in a position to lower interest rates on student loans, it would do so. He applauded Prime Minister Drew and his administration for implementing the policy as a matter of urgency.
“I therefore wholeheartedly endorse this move to bring relief to former, current and future students as they seek tertiary education.
I believe that all right-thinking members of our nation should commend this significant reduction in interest rates on student loans and I commend Prime Minister Drew for making this a priority,” he said.
The second phase of the government of St. Kitts and Nevis’ Graduate Program Finance Project became effective June 01, 2023. The first phase saw the interest rates for new students being reduced to five percent per annum. The Project also eliminates payment on interest for the first four and a quarter years, and allows for an overall repayment period of 15 years.
According to Prime Minister Drew, the policy will save students up to $100,000 during the course of the loan repayment. He said this relief will allow young persons the financial flexibility to quickly transition into independent living. Dr. Drew also underscored the importance of the Federation’s youth being able to access tertiary education in order to be competitive in the global sphere.
