All education institution will be considered

This is a legally binding agreement that details the amount of the loan, repayment schedule and interest rate. Before receiving your loan, you must sign a promissory note.

The Parents / Graduate Edu Loan is a loan that allows parents and graduates to consolidate existing education loans into a single loan, reduce monthly payments, choose a flexible repayment term and lock in today’s interest rates for the rest of their repayment. This Consolidation Loan allows you to extend repayment terms and pay your loan off early with no penalties. Learn more about the smart way to manage your education loan debt.

Although many private lenders are reputable and offer competitive rates; students and families should beware of high interest rate loan products and deceptive marketing tactics. It is almost always in your best interest to explore loan options before applying for private loan products.

A non-refundable processing fee - loan up to $200,000.00 attract a fee of $3,000.00 while loan in excess of this amount, attract a fee of 3% of loan amount

Ideally as soon as you can, as like most loans, it will cost you a lot less in the long run if you pay it back quickly Eduaid™ Jamaica has a phone and web page service to help you plan your repayments. By entering your loan and income details you can find out:

EJL Loan calculations phone service -

EJL Loan calculations internet service -
https://eduaidjamaica.com/eduloan.jm/loancalculators

No, short of dying or declaring bankruptcy, you’ll always be liable to repay your Education Loan.

An Education Loan is a legally binding contract between you and Eduaid™ Jamaica Limited. In taking out an Education Loan, you’re saying you will:

The required documents are as follow:

Student –proof of studies, Tax Registration Number (TRN) and a certified passport size photograph

Principal Borrower/ Guarantor - Tax Registration Number (TRN) Number, a certified passport size photograph, valid work identification, last three pay slips, proof of address (utility bills) and two (2) letters of recommendation and must be between 18 and 65 years.

Eduaid™ Loan is the most accessible form of student aid, available to all eligible full or part-time undergraduate and graduate students, regardless of financial need. This loan has low variable interest rates, has a flexible repayment term, no-penalty early payoff. Learn more about the smart way to finance your education.

PARENT EDU LOAN (Parent Loan for Student) is a loan that covers the cost of your child’s education. This loan provides an alternative solution to other lending options. Since PARENT EDU LOAN is not based on financial need, income or assets, your child can get a quality education without your having to take a home equity line of credit or obtain high rate private loans. Learn more about the smart way to finance your child’s education

The Parents / Graduate Edu Loan is a loan that allows parents and graduates to consolidate existing education loans into a single loan, reduce monthly payments, choose a flexible repayment term and lock in today’s interest rates for the rest of their repayment. This Consolidation Loan allows you to extend repayment terms and pay your loan off early with no penalties. Learn more about the smart way to manage your education loan debt.

An Education loan covers or contributes to the cost of education at varying levels. Loans may offer you and your family a way to meet your educational financial commitment (cost) while spreading these costs over an extended repayment period.Borrowing, though, must be used with care and with an eye toward total debt and repayment. It is recommended that you only borrow what you need and not necessarily the total eligibility amount.

The amount you can borrow depends on:

An Education Loan comes in three parts:

1. EAJ will tell you by letter if they have approved your loan and, if so, they’ll pay your fees to your study institution.
2. If you’re receiving course-related costs, they money will be paid to the supplier, no earlier than 14 days before the start of your course.
3. It is more cost effective to utilised the supplier arrangements currently negotiated by Eduaid™ Jamaica Limited (EAJ)

Once EJL have received your completed loan contract and supporting documents they’ll check your enrolment details with your study institution. You’ll need to have completed your enrolment by this time and paid any part of the course fees that you don’t wish your Education Loan to cover.

The interest rate charged on Education Loans is reviewed annually. The current interest rate starts at 12%. For the most recent information on the interest rates, check the website: https://eduaidjamaica.com

The first time you get any money for your education loan, a one-off administration fee of $3,000.00 is added to your loan, which you also pay interest on.

How much will I have to pay back?

This is hard to determine as the total amount you’ll need to pay depends on how long it takes you to pay it. This will be affected by how much you owe, how much you earn and whether you make voluntary repayments.

How are my repayments calculated?

Your account is administered by the financial division of Eduaid™ Jamaica Limited until you pay off your loan. Monthly they’ll send you a statement showing the details of your loan.

What if I don’t pay my loan back?

You’ll be charged a penalty if you don’t make your payments by the due date. The penalty fee is 2% of your overdue amount (and this includes penalties) for every month that it is unpaid.

How do I pay it back?

Your Education Loan can be paid back in a number of ways:

It could be very helpful to prepare a budget before you apply for a Education Loan so you have some idea of what your costs might be. An easy 3 step budget planner is provided below.

Before undertaking a particular course of study and taking out a Education Loan you could ask yourself:

If you’re studying at a university, polytechnic or college of education, your Student Loan can pay all your compulsory study programme fees. The money is paid directly to the tertiary provider and how much you can borrow depends partly on what your enrolment fees are and you or your guarantor ability to pay.

If you wish to study at a private education or training institution you can borrow up to $200,000.00 a year towards your fees.

Up to $50,000 a year is available for course-related costs such as textbooks, stationery or computer equipment related to your studies. This money is paid directly to the suppliers.

This compulsory one-off fee is added to your account the first time you use your loan.

Am I eligible for an Education Loan?

If you’re studying on a programme and you’re 18 or over (or under-18 and studying with your parents’ consent) you can get the compulsory fees and course-related parts of a Student Loan.

How do I apply?

To apply contact Eduaid™ Jamaica Limited: