Screen_Shot_2014-02-04_at_6.37.29_PMThe Belize Natural Energy Charitable Trust in conjunction with the la Inmaculada Credit Union has expanded a program that seeks to help Belizeans access student loans.  The program, the National Student Loan Program’s first phase was started in 2009 and made small loans accessible to high school, tertiary and university students across the country. That part of the project has been concluded and yesterday both parties signed a new agreement that sees to increasing the amount of funding to the LICU for student loans. Credit Manager at the LICU Reynaldo Novelo elaborates on the criteria for obtaining a loan.

 

Reynaldo Novelo – Credit manager, LICU


“Generally, what would be required is that the student must forward a letter of acceptance from the institution they will be studying, they will need to become a member of the Credit Union if they are not one of them but if they are member they can participate in the program and also in terms of their grade point average, they must at least a 2.5 from the feeder institution from where they are coming from and during the course of the program then we will develop a cost estimate whereby we will see that the applicant will be in a position where they can finance at least 20% of the studies that they are involved in and the institution will finance the 80%, also during the course of their studies they must maintain a GPA of  2.5.  We will disperse the monies by semester and each semester the student will be required to furnish to the Credit Union a list of the expenses that they had incurred through the semester and then we will be disbursing the monies for the semester.”

 

Novelo says that after students complete their studies, they are given a five month grace period to keep paying the interest on the loan. Upon the sixth months, they are required to begin paying the principle. He adds that minors interested in a loan need an adult to sign along with them while anyone over eighteen will need a guarantor. The interest on the loan is comfortable, according to Novelo.

 

Reynaldo Novelo – Credit manager, LICU


“We invite everyone here in our community to take this opportunity because apart from having access to this affordable Credit they have an opportunity to become a member of the Credit Union whereby they have many unique advantages, benefits and they are part of an institution whereby they are not a customer but a member, owner of the institution, so once you become part of the institution you are automatically entitled for so much benefits that you can achieve.”

 

For more information on the program interested persons are invited to visit the LICU office.

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