Help & Frequently Asked Questions

1. Can payments be made online?

   Yes. Online payments can be made via Surepay online.

2. Do I have to provide sureties for the loan?

   Yes. A minimum of two (2) sureties who meet the Fund’s criteria are required.

3. Does the Fund provide lending for Part-time/Online studies?

   Yes.

4. How can I pay my loan?

   Payment can be made via Salary Deduction, or Standing Order with your bank or the Fund or via bill payment via the RBC. Repayment via SurePay and Surepay online are available as well.

5. How can non-residents pay their loans?

   Payment can be made via wire transfer, International Postal Money Order, Cashiers’ cheque, draft or standing order using a credit card.

6. How Do I Apply For a Loan for Part Time or Distance Studies

   It is easy to apply for a loan for part time and distance studies. Simply visit the Student Revolving Loan Fund (SRLF) website at www.srlfloan.edu.bb and download a copy of the application form or collect it from the SRLF office. Fill out the form thoroughly and return it to the SRLF. The following documents should be submitted with the application form (where applicable):

    

        - Evidence of Barbadian citizenship (birth certificate)

        - Certified copies of academic qualifications

        - Letter of acceptance or confirmation of enrolment from the institution

        - Statement of the annual cost of programme from the institution; inclusive of living and

          administrative expenses

        - Proof of income

        - Certificate of savings

        - Description of programme from the institution

        - Health Certificate from a Registered Medical Practitioner

        - Copy of Transcript if already in the institution

        - One certified passport size photo

        - Two (2) completed Surety Forms

7. How do I book an appointment with a Guidance Officer?

   To book an appointment with a Guidance Officer, go here and first select Guidance Officer from the list, then proceed to the next step and choose a convienient date and time you wish to see the officer.

    

   NOTE: Only persons having issues with areas of study, are unsure of the institution's accreditation, or your career path, should make an appointment tho see the Guidance Officer.

8. How do I book an appointment with a Loans Officer?

   To book an appointment with a Loans Officer, go here and first select Loans Officer from the list, then proceed to the next step and choose a convienient date and time you wish to see the officer.

    

   NOTE: Please note that ONLY persons submitting an application form should make an appointment to see a Loans Officer. Also, bring all supported documents when going to see the Loans Officer.
   

9. How much money can I borrow for studies?

   The maximum loan available is currently BDS$50,000 spread over the study period. However, loan ceilings of lesser amounts are applied to particular institution programmes, location of studies and specific programme academic levels.

10. I've made an appointment but I can't make it in time, what can I do?

    Once your appointment has been confirmed, you can always reschedule your appointment to a later date if you can no longer make it for the original time you booked. To reschedule an appointment now, please click here.

     

    Please note that you will be required to enter the email address which was used to book the original appointment, as well as the appointment's confirmation code (which is also located in the confirmation email that was sent to your email address).

11. If I am unemployed will my sureties be asked to pay the loan?

    Yes, sureties guarantee that they will pay if the borrower fails to repay the loan. Sureties are therefore informed of any default and required to make payments towards the full installment or the monthly interest portion of the loan.

12. If I have permanent Resident Status do I qualify?

    No. Only Citizens of Barbados can qualify.

13. Is there a deadline for applications?

    The Fund accepts applications throughout the year, however applicants are encouraged to submit applications a minimum of six weeks prior to the start date of the programme.

14. Is there an age limit?

    Applicants must be eighteen (18) years of age and under fifty-five (55) years of age.

15. What financial accommodation is offered for loans in arrears but not past due?

    Interest relief is offered when the loan payback period has not expired but the beneficiary is desirous of closing the loan within a short term period.  A rebate is given on a percentage of the excess interest accumulated on the loan due to missed payments during the repayment period of your loan.

16. What financial accommodation is offered for past due loans?

    Amnesty is offered when the stipulated repayment period has expired but the loan still has an outstanding account balance.

17. What financial accommodations are available to borrowers who can not make regular monthly payments?

    Rather than paying the monthly loan instalment they would be required either principal or interest only depending on their declared financial position.  A graduated repayment amount can also be offered for a specific period.

18. What is Accreditation?

    Accreditation is a standard used to determine the quality of a course and  an academic institution. Although an institution may be accredited, all of its courses may not be.

19. What is the interest rate?

    The interest rate is currently a variable rate of one point five (1.5) percent above the minimum savings rate. The minimum savings rate is currently two point five (2.5) percent.

20. Where can I pay my loan?

    At any branch of the Barbados National Bank (BNB) or the General Post Office or Royal Bank of Canada (RBC).

21. Where can I study with a Student Revolving Loan?

    Locally, regionally or extra-regionally.

22. Which levels of study can I attain a loan for?

    Post Secondary, Undergraduate, Graduate, Doctorate or Professional Qualifications.

23. Which programs are approved by the Fund?

    Any program that is deemed as priority lending based on a high demand in the labour market.

24. Who accredits programs?

    Each area of study has a Board or Committee that accredits the subject through analysis of the program. For example, Business Studies in the USA is accredited by the American Assembly of Collegiate Schools of Business (AACSB).

25. Why is Accreditation so important?

    It is very important first as a benchmark of the quality of the program and also for some professional areas of study. Accreditation is a must if you want to be registered to practice professionally with your qualification, e.g. Engineering.

26. Will I be charged interest during study?

    No. Interest will start to accrue at the end of the study period.