The UWI Mona & Community Co-op. Credit Union has offered a rebate of one per cent of the interest paid to students who are good borrowers. The offer is referred to as a patronage refund. The Credit Union has been assigned to administer a Revolving Loan Scheme for the students and plans are in place not only to grant these special loans, but also to instill in the students the necessity of saving regularly and borrowing wisely.
Manager of the Credit Union, Micah Davis, pointed out that the Revolving Loan Scheme is not a parallel to the one offered by the Students Loan Bureau but will assist needy students in augmenting shortfalls as they arise in areas such as hall fees. Borrowing students will therefore be required to repay these loans to avoid delinquency and the potential damage to the student’s reputation. Each student who applies for this special tuition fee loan is expected to be a member of the Credit Union and will therefore have access to other benefits which are offered.