St. Thomas, USVI — The Virgin Islands Board of Education is excited to announce an extension of the amnesty period for recipients of scholarships awarded as loans. The new deadline for this amnesty period is December 31, 2024. During this time, individuals who received scholarships in the form of loans are encouraged to repay their loans in full.
KEY DETAILS OF THE AMNESTY PERIOD:
– DURATION: Extended to December 31, 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 understands the financial difficulties that many loan recipients may experience and hopes that this extended amnesty period will offer the needed relief and motivation to settle their outstanding balances. “Our priority is to support the educational and financial success of our students,” said Dr. Kyza A. Callwood, Chairman of the Virgin Islands Board of Education. “This amnesty period presents a valuable opportunity for loan recipients to resolve their debts under more favorable terms.”
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.