Finding ways to finance education

Having a child isn’t easy.

Parents are impacted emotionally, physically and without a doubt financially. From primary school to high school, education fees aren’t cheap especially in this economic climate. 
Getting the grades and finishing high school is only half the battle. Next comes the college acceptance letter and then the finances, which are by no means inexpensive. It is natural for parents to want the best for their child and especially when it comes to their higher education.

However, many students are unable to pursue further education due to lack of finances. If you’re lucky enough to set up a university account for your child ahead of time and start saving while they are young then this will certainly help, but the sad truth is that many parents, especially single parents, simply can not afford to do this.

Financing your child’s further education can seem daunting at first, it might even be one of the most stressful things a parent and their child will go through together. The trick is not to panic, there are a variety measures parents can take in order to finance their child’s education.

Scholarships

In the beginning stages of financing your child’s education you will want to look into applying for a scholarship. If your child’s grades are outstanding then you may want to phone the admissions department at the university to negotiate an academic scholarship. If your child’s grades are good but not excellent there are still options available to them. There is a common misconception that scholarships are only available for the smartest or sports talented students, but this is not the case. Here on Grand Cayman there are a number of companies offering scholarships for students who are passionate in the field, and will be willing to work for the company after finishing their degree. The Cayman Islands Government are also offering scholarships for Caymanian students.

Loans

If your child does not receive a scholarship there are other options that can be explored:

“Cayman National offers financing options for individuals seeking to further education and for returning graduates at competitive rates to qualifying individuals. For more information appointments are available with our a loans officer from our personal banking team to discuss various options,” said Mr. John Lewis, vice president of personal banking and mortgage centre.

When applying for a student loan, “The requirements for an educational loan are the according due diligence documents such as passport, national identity card, for identification, driver’s license or utility bill for address confirmation, and a bank reference letter, to establish the account if the client is not already a customer of the bank,” Mr. Lewis said.

“A copy of the university/college acceptance letter addressed to the bank, documents to support housing/living expenses if the loan is for that purpose and the term for education loans varies from a minimum of 1 year to a maximum of 10 years,” Mr. Lewis said.

When deciding on a financial loan Mr. Lewis said Cayman National staff will work with clients to evaluate financing options available and are tailored to the client’s specific needs. “As part of our student loan product, it was created to encourage students to further their education at preferential loan terms and conditions as trouble-free as possible,” Mr. Lewis said.

“Cayman National values the importance of returning graduates contribution to the Cayman Islands society,” Mr. Lewis said.

After a student has taken out a tertiary education loan, they only need to make interest payments during the period of their tertiary education and then the loan must be paid once they return to the island. He also added that Cayman National can provide finances for university graduates for purposes such as vehicle, land loans, mortgages, and credit cards.

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