5.99% interest. favourable repayment terms. no processing fees.
Student Loan Program
The DSS Board has approved a Student Loan Facility as part of DSS’ commitment to the socio-economic advancement of the nation. The Facility offers financing for contributors and/or their children to access tertiary education. Funds are available for study at accredited institutions anywhere: Online, Locally or on Campus.
WHO CAN APPLY?
- Contributors to the Dominica Social Security System, and children of contributors.
- The applicant must be 18 years or older. The student must be 16 years or older.
LOAN CONDITIONS
| Interest Rate | 5.99% Annually on the reducing balance |
| Payback Period | Maximum 15 years |
| Institutions Approved | Accredited by the Ministry of Education |
| Location | Online, Local, Regional, International |
The loan may cover the following expenses:
- Tuition and fees
- Living/personal expenses related to school
- Purchase of computer
- Purchase of books
DOCUMENTS NEEDED FOR STUDENT LOAN APPLICATION
- Evidence of acceptance from the educational institution. Where student is already at school, evidence of attendance.
- Letter of accreditation of School from the Ministry of Education.
- Invoice of tuition and fees for course of studies.
- For amounts over EC$20,000, a Certificate of Title (COT) that must be assigned to the DSS, for placement of a caveat which will be in force until the loan is repaid in full. This COT must be free of other encumbrances (not assigned to any other financial institution).
- For amounts of EC$20,000 and below, if COT is unavailable, Two Guarantors who are in good financial standing may be used.
- One (1) recent valuation of the property which is subject of the COT.
Other Requirements include:
- Recent Police Record
- Recent Photo ID for all parties
- Credit Reports for guarantors
- Pay/Salary slips for guarantors
- Job Letters for guarantors
- Independent Legal Advice (All Guarantors)
- Enrollment in Group Life Insurance Plan (Applicant)
- Standing Order for guarantors. Signing of three blank standing orders by applicant and guarantors.
For additional information on this facility, please enquire by contacting the DSS Accounts Department via telephone +1 767 255 8326/8327 or email us at [email protected] or [email protected].