Scotiabank Student Loan
A university or post-secondary education pays dividends for years to come. That's one of life's realities. However, tuition, books, fees, accommodation, food and transportation all cost money.
For many bright and ambitious people, these costs may be too high ... unless they get financial help.
How much can I borrow?
With a Scotiabank Student Loan, full-time undergraduates can borrow up to a maximum of $450,000 to cover for tuition, accommodation, books and other expenses to a local institution registered with the government. As a student, you will receive each year's loan advance either at the beginning of the school year or at the start of each semester, depending on the academic institution's requirements.
What if I am a part-time student?
You can also apply for this loan. The Scotiabank Student Loan is an excellent financing resource for part-time postgraduate students.
What do I need to apply?
As you are not earning an income at present we require your parent/guardian to co-sign the loan for you. You must produce a letter of acceptance from the relevant institution for the academic year and an indication of the costs to attend. You and your parents or guardians can fill out the application and the bank officer will guide you accordingly.
What about interest rate?
The interest rate is Scotiabank's lowest available personal lending rate which may fluctuate from time to time. To find out the current interest rates please call or visit any Scotiabank branch.
Who is eligible?
You must be a national of Trinidad and Tobago and registered to complete a Certificate, Undergraduate, Diploma, Postgraduate, or Professional course on a full-time/part-time basis, at the University of the West Indies, or any recognised university or junior college in North America or Europe.
When do I start repaying the loan?
You will be required to only pay interest during the period of study, although you may make voluntary payments toward the principal during this period.
What happens after I graduate?
Payments toward the principal must commence no later than 6 months after the date of graduation and must be completed within 10 years after you commenced studying. Depending on your income the Bank, at its discretion, may relieve your parent/guardian of their responsibility for the loan.
What other benefits are available to students with a Scotiabank Student Loan?
When your loan is approved you are also eligible for a Scotiabank MasterCard credit card.
Are there any other requirements?
Yes. Because of the long term nature of the loan we require a life insurance policy on the life of at least one of the applicants. The Bank can arrange this life coverage at very competitive rates.
Qualification for a Scotia Student Loan is subject to applicants and/or guarantors meeting the Bank's lending criteria.