Belize Natural Energy Charitable Trust Student Loan Program (BNECT)

Since 2009, the Belize Natural Energy Charitable Trust (BNECT) has partnered with credit unions countrywide in its National Student Loan Program. This Student Loan Program is therefore a partnership with local credit unions that started as a pilot initiative in April 2009 when the trust seeded an initial investment of $1 million dollars. This pilot has yielded loan facilities to over 600 Belizeans students pursuing secondary and tertiary education at local institutions throughout the country. In January 2014, the Board of the BNECT committed an additional $1.5 million dollars to expand the program and on February 3, 2014 an agreement was signed between BNECT and La Inmaculada Credit Union Limited for an additional $500,000 bringing the total investment to over $800,000.

Criteria

  • Letter of acceptance
  • Transcript from feeder institution (Average must be 80 or above – GPA must be 2.5 or above)
  • ID Card (Social Security or Passport) from the student, parent, and guarantor(s)
  • Detailed estimate of fees/statement of outstanding fees
  • Book list
  • Copy of diploma, degree as applicable
  • Employment Letter/Income Statement/Farmer Statement from parent/legal guardian and guarantor
  • Statement of Affairs from parent/legal guardian and guarantor if self employed
  • Show ability to incur 20% of cost and interest monthly
  • Applicant must be a member or become a member

Amounts Granted:

  • High School (Diploma Level) loans up to $3,000 – One guarantor
  • Junior College (Associate Degree Level) and University (Bachelor’s Degree Level) loans up to $6,000 – Two guarantors

During the implementation the following need to be observed for all levels:

  • Must furnish progress report at the end of each semester prior to further disbursement
  • Must provide receipts to justify disbursement amount
  • Must inform and obtain clearance from LICU of any intention to further studies whilst still under loan obligation with LICU
  • Must not change educational institution without notification and agreement from LICU
  • Upon graduation will grant 6 months grace period prior to the commencement of principal repayment
  • Maximum loan term is 7 years inclusive of grace period
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