We are a community oriented organization, committed to enhancing the quality of our members’ lives by
implementing a variety of products and services that you our member can fully benefit from. One of
these products and services which you might want to take full advantage of is our student loans. We
welcome the opportunity to assist you in pursuing your highest educational goals, from your first
diploma to your doctorate. Please keep in mind that you our member are our greatest concern therefore
our repayment and interest rates are tailored with you in mind.

Here are the requirements needed to set you off on your way towards achieving your educational
journey:

A cash security of 10% - 20% will be required, as well as a life insurance and property insurance assigned
to the Credit Union. Mortgage on real property will be required with a maximum repayment period of 10
years.

Loan Limits

Undergraduate and Post-graduate

•  Architecture, Medicine and Law - $120,000.
•  Engineering, Agricultural Science and Natural Sciences - $100,000.
•  Humanities - $90, 000
•  Diplomas and Associate degrees are - $50,000.

If the applicant is the student then the member has the option of either:

•  Repaying the loan during the period of study or;
•  Pay the loan interest only, during the period of study. Full loan repayment will start 90 days 
   after the indicated duration of study.

Other Requirements

•  Letter from employer stating length of service
•  Salary slips (latest)
•  Required share deposit
•  If self-employed - evidence of income
•  Copy of Land Register (recent)
•  Evidence of stature of owner of property at Income Tax Dept.
•  Evidence of status of owner of property at NIC.
•  Appoint someone as Attorney (when necessary)
•  Property insurance assigned to the Credit Union
•  Life insurance assigned to the Credit Union
•  Funds for legal fees
•  Letter of acceptance from institution
•  Evidence of annual cost of tuition, boarding and lodging
•  Evidence of capacity to pay loan interest while studying
•  Certificate of independent legal advice from surety
•  Suitable co-maker

​Disbursement

Funds will be disbursed on a yearly basis. After the initial disbursement, subsequent disbursements will be
made upon proof of successful completion of all courses during the past academic year.

Safe. Reliable. Serving You.
STUDENT LOANS
Laborie Credit Union Logo
Laborie Branch  758.459.6900
Vieux-Fort Branch  758.459.6925
Laborie Co-operative Credit Union Ltd.