La Inmaculada Credit Union

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LICU/BNE Student Loan Program

There is strength in unity, as has been proven by credit unions worldwide, and we at LICU proactively seek to join forces with any socially conscious and reputable organization that shares our philosophy and wishes to assist the less fortunate. LICU wrote a letter of interest to the Belize Natural Energy Charitable Trust (BNE) to participate in a collaborative effort. This resulted in BNE depositing one hundred thousand dollars ($100,000.000 in a savings account and air-marking it as a collateral to be used for educational loans for persons who have the capacity to pay, have been accepted by the educational institution but do no have enough shares or collateral to qualify for a loan. This will serve as a revolving fund that will be accessible to both members and non members of LICU. The list of requirement to qualify for co-financing for secondary, tertiary and post-graduate levels of education are as follows:

High School (Associate degree level)

  • Letter of acceptance
  • Transcript from feeder institution (Average must be 80 or above)
  • I.D Card (social security or passport)
  • Detailed estimate of fees
  • Book list
  • Income statement from parent/guardian
  • Statement of affairs from guarantor
  • Loans granted up to $5000
  • One guarantor (must have repayment capacity)
  • Show ability to cover 20% contribution and interest monthly

Junior College (Associate degree level)

  • Letter of acceptance
  • Transcript from feeder institution (GPA must be 2.5 or above)
  • I.D Card (social security or passport)
  • Detailed estimate of fees
  • Book list
  • Income statement from parent/guardian
  • Statement of affairs from guarantor
  • Loans granted up to $5000
  • One guarantor (must have repayment capacity)
  • Show ability to cover 20% contribution and interest monthly

University (Bachelor degree level)

  • Letter of acceptance
  • Transcript from feeder institution (GPA must be 2.5 or above)
  • I.D Card (social security or passport)
  • Detailed estimate of fees
  • Book list
  • Income statement from parent/guardian
  • Statement of affairs from guarantor
  • Loans granted up to $10,000
  • One guarantor for every $5,000 (guarantor must have repayment capacity)
  • Show ability to cover 20% contribution and interest monthly

During implementation the following need to be observed for all levels:

  • Must furnish progress report at the end of each semester prior to further disbursement
  • Must provide receipts to justify disbursed amount
  • Must inform and obtain clearance from LICU of any intention to divert from initial field of study
  • Must inform LICU of any intention to further studies whilst still under loan obligation with LICU
  • Must not change educational institution without permission from LICU
  • Upon graduation LICU will grant 5 months grace period prior to the commencement of principal repayment
  • Maximum loan term is 5 yrs

We urge all interested applicants to submit your request for co-financing through the LICU-BNE Student Loan Program as soon as possible as the funds are limited.