Student Loan Program
LICU’s Student Loan program is specifically designed for students aiming to pursue further studies after Primary School. Through this program we will assist members to pursue their studies within Belize, regionally and internationally.
LICU – Student Loan Program
Purposes For This Loan
High School loans with a maximum of $4,000.00 for all four years. One guarantor is required for the loan.
Associates Degree Program loan with a maximum of $8,000.00 for all fields of studies. One guarantor is required for the loan and 5% shares.
Bachelor’s Program loan with a maximum of $100,000.00. A detailed estimate of fees or statement must be presented in order to approve a loan amount. Two guarantors and an implemented and accepted salary deduction from a guarantor. Self-employed persons can serve as guarantors once all requirements are met. Collateral must be in form of shares (5% minimum) and real estate.
Master’s Program loan with a maximum of $100,000.00. A detailed estimate of fees or statement must be presented in order to approve a loan amount. Two guarantors and an implemented and accepted salary deduction from a guarantor. Self-employed persons can serve as guarantors once all requirements are met. Collateral must be in form of shares (5% minimum) and real estate.
Requirements To Qualify
Guarantor’s Requirements:
Must be 18 years or older.
Must present:
(i.) Proof of Income & Employment - recent Employment Letter signed by employer (Minimum of 8 months employed) and Income and Expense Statement if self-employed
(ii.) Proof of Address- recent utility bills in member’s name (if utility bills are not in the member’s name, to submit a Utility Bill Holder Slip)
(iii.) Proof of Identity – valid Social Security or Belizean Passport
Employed guarantor is to assign a salary deduction (if accepted by employer) to pay interest during the grace period.
Self-employed guarantors must have an excellent loan history (proof needed) with LICU or another financial institution for a minimum of three years and must be in business for a minimum of two years.
All guarantors must implement a Creditor’s Life Policy
Benefits Of This Loan
Yearly Dividends & Rebates
Pay ONLY Interest while studying
FREE Loan Coverage up to $40,000.00
FREE Life Savings Coverage on your shares up to $8,000.00
Member’s Life Coverage from Sunrise to Sunset (Burial Grant)
Discounted Creditor’s Life Policy
Lower loan processing
Lower Cost for property appraisals
24 hours ATM Services
24 hours Depository Bin Services
Repayment Calculator
Note: This is an approximate estimation and is subject to change. You will know the actual monthly repayment amount when you meet with a Credit Advisor.
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