It’s sad to say, but my experience with my Caribbean student loan left a lot to be desired. From the time I took out my student loan, communication with my Caribbean lender was difficult. While attending school in Miami, Florida I had to send snail mail requests for disbursements, and had never received any account statements while I was in school.
I just accepted this as a Caribbean thing and put up with the inconveniences. Little did I know how this lack of communication would really negatively affect me.
On Groundation Grenada’s blog I share Why We Need Student Loan Answers in the Caribbean. I had a general understanding about how Caribbean student loans worked but after 8 years of making payments:
I would learn about other aspects of the agreement, of which I had no clue.
- 9% interest is a hefty interest rate for a 5-figure debt.
- A [$335 US] monthly payment sizable portion of my monthly earnings, especially when I had to service U.S. Student Loans too.
- [0.00] dollars of my first two years of repayments would go to my student loan principal balance, which I only realized last year (2015).
- 100’s of US dollars would have to be spent calling the Development Bank to keep track of my student loan payments.
- There would times when I would not receive account statements; and that there was no easy way for overseas borrowers to access their account information.
- Other borrowers have had the similar challenges.
- That this experience would lead me to want to help others to understand their student loan and avoid challenges I had to face.
Read more on Groundation Grenada’s blog on here.
Do you have a student loan from a Caribbean bank? Share your experience in the comments!