SCOTIABANK on Thursday launched the Scotia Professional Student Plan with a pilot targeting medical students and offering up to US$155,000 in funding over five years.

The bank says the plan is an alternative to traditional student loans. It is a non-revolving facility that covers the entire cost of the programme of study and will provide up to 100 per cent financing for students in their second to final years, and 80 per cent for those just beginning the course. In addition to that, one applicant each year will be eligible for a $250,000 bursary towards his/her study.

Applicants must be medical students already enrolled in the Faculty of Medical Sciences at UWI, Mona, and they must be Jamaican, with a good credit history and the ability to establish their repayment capacity.

“A tertiary education is one of the best investments a student can make and so many have difficulty sourcing the funds,” said Patsy Latchman Atterbury, retail vice-president, Scotiabank. “We are pleased to be able to provide another option for students interested in pursuing professional degrees.”

The bank explained that with the average cost of medical degrees at $3 million, resulting in massive loan repayments on completion of study, it has devised a system of monthly payments that will go only towards the interest until the awardee has completed the course.

“Upon graduation, students can explore the option of an additional 18-month grace period, before being moved to the full loan repayment,” Scotia said in a statement to the media.

“To make it even easier, students have the option to make one application for the entire period and receive their emoluments paid out annually. Once salaried the Scotia Professional Loan Plan can be converted to a Scotia Plan Loan, or a Scotia Professional Plan if self-employed or have a mixed income.

Detailed information on is available on the Scotiabank website at www.scotiabank.com/jm.