This post if part of the Financial Information Month 2016: Student Loan Series. During the Month of October, I will be sharing information about Caribbean Student Loans, stories from borrowers and highlighting the missed opportunities to address the current issues with the Student Loan System in the Eastern Caribbean.
Just over 3 decades after the Caribbean Development Bank set up the Student Loan Scheme in the Caribbean, a report on the assessment of the Scheme issued in 2005. The assessment explored the impact and effectiveness of the money provided to Banks throughout the Caribbean to offer student loans in the respective countries.
What interested me the most about this report, were:
- The interviews that the assessment team conducted with borrowers;
- The areas of improvement for Caribbean lenders identified; and
- The fact that recommendations made largely remain unaddressed more than 10 years later.
I was very surprised that this assessment existed and even more surprised to read about the borrowers’ experiences that mirrored Caribbean student loan borrowers’ experiences with the same Student Loan Scheme today.
Here’s what the assessment found.
Caribbean Student Loan Borrower Experiences
Caribbean Lender Areas For Improvement
I find it amazing that not much has changed since Caribbean borrower experiences were documented and specific recommendations for improvement for Caribbean lenders were reported.
What do you think about the 2005 assessment’s findings and recommendations?
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