Pursuing higher education is an investment in your future

We know how important the decision to further your education, or that of a loved one, is to you. Which is why we offer two types of Educational Loans. The first is a loan for small sums, to cover the necessary tools and resources like school books and uniforms. The second option is a much larger loan to finance higher secondary and tertiary education whether it be locally or abroad.

We encourage you to save a minimum of EC$ 20.00 monthly in the Education Savings Plan which will allow you to benefit from a lower interest rate. These loans are granted at a rate of 10.5% per annum or .875% per month on the reducing balance if you are the owner of an Educational Savings Plan; however, loans are granted at a rate of 12% per annum if you do not have an Educational Savings Plan with Ariza Credit Union.

Now let us help you plan your educational career. As you can see from the table below, the repayment period will differ based on the loan amount.

Loan Amount Repayment Period
 EC $1,000.00-5,000.00    Up to 3 years
 EC $6,000.00-10,000.00    Up to 4 years
 Above EC $10,000.00    5 years

You are required to start to repay the loan during the period of study, however, you can be granted a grace period for up to one year where you would pay on the interest only. Any extension to this time must be approved by the Board of Directors.

  1. Repayment terms up to 5 years
  2. Flexible repayment options
  3. Rates as low as 8.5%

Security for the loan can take the form of a first legal mortgage over property or you can use the regular shares of a co-maker. If the security you provide is a first legal mortgage, then you need to have 10% of the amount in your shares. However, if you are using the shares of a co-maker as security, you should have 25% of the amount in your shares.

The following documents are needed when applying for your educational loan:

  1. Acceptance letter from school/learning institution.
  2. Documents in support of tuition fees and living and other expenses at institution.
  3. A letter from employer regarding approval of study leave, if necessary.
  4. A statement of affairs showing financial commitments and monthly income and expenditure.

Loan Requirements

  1. Can an Ariza Student Loan be used for other college expenses, in addition to tuition?
    We understand that college expenses are more than just tuition. There are also costs related to travel, room and board, books and meals. Your Alliant Student Loan can be used for all of these needs.
  2. Can I use a student loan to fund the balance of tuition even if I have a partial scholarship?
    Yes. You still qualify for an Ariza Student Loan. Our loan covers related school expenses after scholarships, grants and financial aid.
  3. My loan is on automatic payments it is due on a weekend or holiday, when will it post on my account?
    Automatic payments are scheduled to transfer to the loan in the evening.  In the event that the payment is scheduled for the weekend or a holiday, the payment will transfer to the loan the next business day, in the evening. The delayed processing will not negatively impact your account.  
  4. I am having trouble this month making the payment.  What should I do?
    We encourage you to contact your Loan Analyst immediately upon experiencing difficulty making your payments.  We will work with you to find a solution.
  5. My payment might be a few days late, will there be a fee?
    No late fee will be applied to your balance, however, your interest due to date might exceed your regular monthly payment. Contact your loan analyst to find out the implications of late loan payments on your account.

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Allow yourself to explore what Ariza can offer to you and your family. Join our family today and start your journey to financial freedom.