St. Thomas, USVI — The Virgin Islands Board of Education is pleased to announce an amnesty period for recipients of scholarships awarded in the form of loans. This amnesty period will run until September 30, 2024. During this amnesty period, individuals who have received scholarships as loans are encouraged to repay their loans in full.
KEY DETAILS OF THE AMNESTY PERIOD:
– DURATION: Now through September 30, 2024
– ELIGIBILITY: Recipients of scholarships provided in the form of loans by the Virgin Islands Board of Education with outstanding loan balances.
BENEFITS:
- Borrowers with up-to-date accounts as of June 2024: 50% reduction in accrued interest.
- Delinquent borrowers: waived late fees
Delinquent means: the borrower has missed a payment on the loan. - Borrowers in default: 25% reduction in accrued interest and late fees waived.
Default means: the borrower failed to make a monthly payment for nine (9) months)
The Board of Education recognizes the financial challenges that many loan recipients may face and hopes that this amnesty period will provide the necessary relief and encouragement to settle their outstanding obligations. “We are committed to supporting the educational and financial well-being of our students,” said Dr. Kyza A. Callwood, Chairman of the Virgin Islands Board of Education. “This amnesty period offers a unique opportunity for loan recipients to clear their debts under favorable conditions.”
Recipients are urged to take immediate action to benefit from this limited time offer. For more information on how to proceed with loan repayments, please contact the Virgin Islands Board of Education at 340-774-4546 or 340-772-4144.