Applying To Repay The Scholarship Loan
Scholars can elect to repay all monies expended for their scholarship loan if they are unable to fulfill their stipulated period of obligatory service.
Scholars who are requesting to repay their scholarship loan should submit an official request to their relevant Scholar Support Officer for preparation of their calculation of indebtedness.
Repayment of the scholarship loan can either be made in full or the Scholar/Guarantor can choose to enter into a repayment agreement for the liquidation of the indebtedness.
Obtaining A Calculation Of Indebtedness
Scholars can contact their relevant Scholar Support Officer or the Breach Unit, SATD, Ministry of Education, to obtain a calculation of their indebtedness with all accrued interest.
Rate Of Interest
The applicable rate of interest is 7.75 percent per annum.
Calculation Of Interest
Interest is calculated on the total amount loaned from the month of first installment of the loan paid to or on behalf of the scholar and continues to accrue until such time that the scholar has entered into a repayment agreement with the GoRTT.
In instances where the scholar is in receipt of two (2) or more Scholarships and opts to repay, interest shall accrue from the date of the first installment of the first scholarship, including the period during which the scholar pursued subsequent studies.
In instances where the scholar has served a period of obligatory service between such scholarships, interest will accrue from the date of first installment up to the date of reporting and will also accrue from the date that the scholar ceased his/her obligatory service to the GoRTT.
Terms Of Repayment
The terms of repayment are based on the scholar’s prescribed period of obligatory service. The GoRTT may, in its sole discretion, agree to extend the period of repayment up to a maximum period of ten (10) years. In such cases, the scholar/guarantor will be required to provide documentary evidence outlining his/her current financial status should he/she be unable to repay within the prescribed period of obligatory service.
Payments can be made via Manager's Cheque. All cheques should be made payable to The Permanent Secretary, Ministry of Education.
Overseas scholars can also make payments via the Missions or Consulates within their jurisdiction.
Obtaining A Balance Owed On Loan
Scholars who are repaying their scholarship loan can contact the Breach Unit, SATD, Ministry of Education, to obtain an outstanding balance on their scholarship loan.
Applying To Re-Enter Service Instead Of Repayment
Scholars who are currently repaying their scholarship loan and wish to provide service in lieu of repayment should submit an official request to the Permanent Secretary, Ministry of Education. The period of service will be determined based on the remaining balance owed on the scholarship loan inclusive of the interest accrued.
In such cases, the scholars will be required to enter into an agreement with the GoRTT for the fulfillment of their remaining obligatory service.
Applying To Repay Instead Of Continuing To Serve
Scholars can opt to repay instead of continuing to serve their stipulated period of obligatory service. In such cases, an official request should be made in writing to the Permanent Secretary, Ministry of Education.
The value of time already served in months, will be deducted from the total monies expended on the scholarship loan including all interest accrued. The scholar will be required to repay the outstanding balance owed. In such cases, the scholar will be required to enter into a repayment agreement with the GoRTT for the liquidation of their indebtedness.
Release From Obligatory Service
Scholars who have liquidated their indebtedness with the GoRTT will be released from contractual obligation.