As the Cave Hill Campus of the University of the West Indies reports a close to 30 per cent decline in its student population this academic year, at least one financial institution is reporting a continuous flow of applications from students for lines of credit.
Chief executive officer of the City of Bridgetown (COB) Credit Union Steve Belle told Barbados TODAY that the take up of the loan facility was going according to the financial institution’s projections.
He said up to last Friday the credit union had processed about 33 loans.
And while he could not say how many applications the credit union had received so far, Belle said “about 60 per cent of them were approved”.
“Up to today we were actually dealing with some. People are still sending in applications . . . . We are still receiving requests and we are in line with what we expected at this point,” he added.
Prior to launching a new programme about three months ago to help satisfy the need, Belle had reported there was an increase in demand for education loans.
He said more parents were turning to financial institutions to ensure their children could still get a university education.