This section gives you quick and easy access to the answers to the questions we're asked most frequently. If you don't find your question here please use the Ask the Banker or the email form on the Contact Us page and we will be happy to answer your question.
How do I request disbursement for my new school term/year?
Forward a copy of your most recent transcript as proof of you successfully completing the academic year along with evidence that your Life Insurance premium is up to date. The Bank will not be providing funding to students repeating an academic year/course. Disbursement must be requested at least one week in advance of the required date. You should also indicate the preferred method of payment for tuition, books and boarding. In cases where someone is collecting a draft on your behalf, you should provide written authorization indicating the individual’s name and the date of collection.
What are the tuition payment options available?
You may receive payments via bank draft payable to the institution or telegraphic transfer paid directly into the school’s account. If payments are requested via telegraphic transfer, you must provide particulars of the school’s bank account including their banker’s sort code. Students who opt to pay their tuition via debit or credit card should forward receipt of payment to the Loans Department for reimbursement.
How can I effectively manage my monies whilst at school?
Make a budget – it is essential to your success. Your budget should cover the essentials such as books, school supplies, food, transportation costs and other necessities. Budgeting leads to a less stressful experience. Avoid splurges, making a habit of spending irresponsibly will leave you broke!
What are my options if my expenses have increased and I am struggling financially?
Apply for an increase in your loan if you have not already reached the maximum limit. Please note however, that security and insurance must also be increased.
What should I do if I lose or misplace my bank draft?
Report the lost or misplaced draft to the bank immediately so that a stop payment could be placed on the draft. The foreign bank on which the draft is drawn will be notified and they must provide confirmation of the stop payment instructions. Only then can Bank of Saint Lucia proceed to issue a replacement draft to you or the school. A cost of EC$104 is applicable for the stop payment request (fee is subject to change without prior notice).
Who can I contact if I am experiencing difficulties with my International Debit Card?
Contact the Card Services Department cardservices@bankofsaintlucia.com, onlinesupport@ecfh.com, info@bankofsaintlucia.com or call our Support Centre at 1 758 456 6999.
What should I do if I decide to change the school where I am enrolled?
Notify the bank prior to applying to the new school and provide details of the cost of pursuing studies at the new institution. Your Loans Officer will assess your request to ensure that the available funds are adequate to carry you to the end of the programme without incurring additional costs and advise you accordingly.
What should I do if I want to change my approved area of study?
Contact the Loans Department to ensure that the new area of study is on the priority list and that the cost is within your approved loan limit.
What should I do if I have not completed my programme by the stipulated date?
Advise your Loans Officer of your current status and provide documentation from your school indicating the expected date of completion in order to facilitate an extension of the grace period.
What should I do if I require an extension of the grace period on my loan?
Submit your request in writing accompanied by any relevant documentation (enrollment/acceptance letters, etc) as evidence of the reason for the extension. Please note that when an extension is granted, the guarantors and/or sureties must sign granting permission for the extension of the grace period. Only then will the extension become effective.