Financing education

For families, meeting the costs of education can sometimes be a challenge. The costs for university and private schooling can vary significantly depending on the university and its location.

Tuition fees differ considerably; from approximately $9,000 per annum locally to over $50,000 per annum overseas.

When attending overseas schools there are many other costs that would also have to be taken into consideration, including book fees, residential fees and meal plans.

On average, families will be investing between $30,000 to $200,000 to cover the cost of an undergraduate degree.

This can seem like a huge amount of money but fortunately, our banks are there to lend a helping hand. “Butterfield offers a flexible solution for the financing of both university tuition and on island private school fees,” explained Maureen Watler, manager of personal lending at Butterfield.

She continued, “Loans are provided to meet the needs of the student which include a competitive interest rate, no pre-payment penalties and a flexible payment term.”

University loans are often considered on an interest only basis while students are still in school, with repayments starting after graduation. Parents may, however, commence payments at any time.

For loan applications, visit www.ky.butterfieldgroup.com/Personal/Borrowing/ or visit a Butterfield bank to collect a paper application.

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