GECCU launches Learn while you Earn loan programme
Persons wishing to pursue higher education while remaining at home in St Vincent and the Grenadines can now receive financing for courses through the âLearn while you Earnâ General Employees Cooperative Credit Union (GECCU) loan programme.{{more}}
The initiative was launched during a press conference at the GECCU boardroom on Tuesday, June 12.
CEO of GECCU Lennox Bowman, making remarks during the ceremony, stated that the product targets a very specific section of their membership, which is those persons who wish to study at home for whatever reason.
He added that in SVG, there are existing facilities, educational agencies and technologies, which allow persons to stay at home and pursue higher education. This was one factor which contributed to the creation of the product, Bowman explained.
According to Loans Supervisor Gertrude Jacobs, the main objective of the loan is to assist members of GECCU to pursue higher education through local, online and distance channels.
Jacobs stated that the loan offers a maximum of $30,000 and covers the books, tuition, exam fees and other associated costs that are necessary to complete your studies.
In order to qualify for the loan, persons must have stable employment; they must be seeking higher education, whether online or local or distance; they must have been accepted by an accredited institution; and they should have the capacity to repay the loan.
Having a minimum of 5 per cent of the required loan amount in shares or savings at GECCU is also a requirement. The loan carries a 9 per cent per annum interest rate.
Persons must present a job letter or salary slip, letter of acceptance from an accredited institution, the cost of the programme and invoice for a computer and other related costs, when applying for the loan.
Giving remarks at the launch, President of GECCU Philmore Isaacs noted that education plays an important role in the social upward mobility of persons.
He added that in pursuing higher education, there are some challenges faced such as inadequate finance, rising tuition and the cost of accommodation and exposure to financial aid.
He added that a number of persons who wish to pursue higher education may have other responsibilities which may prevent them from leaving home
âThe fact is a number of persons who may want to access higher education have some commitments that will prevent them from moving on, young couples donât want to move off immediately after they married, parents with young children, particularly mothers with young children..â he stated.
He added that the product will enable the young persons to develop themselves.
Remarks were also given by several stakeholders of the project including the University of the West Indies, the University College of the Caribbean, Education For Advancement and the Royal St Vincent and the Grenadines Police Force.
Commendations and congratulations were expressed by the stakeholders, who also endorsed the loan programme, as it will benefit persons within their institutions.(OS)
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