Thread: International Peace Loan

Hi guys:
Just wondering how we repay the International Peace Loan after we graduate. How much is the monthly payment? Thanks!

Are you talking about the International Peace Scholarship? Never heard of the loan. The scholarship is a gift, you don't pay it back. I've heard of as much as $70K for some Canadians.

The Peace is rarely offered fully as a scholarship. It's usually in the form of part scholarship, part loan.

The interest rate for the loan is pretty high. I think its prime plus 3 or something like that. I am also interested to know the details in paying it back.

Does anyone know if you get charged interest during your school years?

Originally Posted by TOgrl

The interest rate for the loan is pretty high. I think its prime plus 3 or something like that. I am also interested to know the details in paying it back.

Does anyone know if you get charged interest during your school years?

yea that's what i read on SGU website, prime plus 3. As far as i know i dont think we pay interest while we are in school.

Does the interest start right after we graduate from sgu or does it start sometimes after that (a year or two after), when you are in residency?

never mind, I found the answer to my question on sgu website...here is what it says if anyone else is curious to know:

University-Sponsored Loan Programs
International Peace Loans
Students who are residents or citizens of countries other than the United States may receive small loans for partial tuition from the University. The loans do not have to be repaid until after the student graduates or otherwise separates from the University. The loans accrue interest at 3% above US prime rate. The amounts of the loans vary, but they generally do not exceed one third of the tuition and fees.

Next Generation Loan
The University may award partial tuition loans. They are interest free and are repaid to the SGU Alumni Association’s Scholarship and Loans Fund following graduation or medical residency. The endowment created by the Next Generation Loan will provide funding for future students.
These loans will be granted to students who demonstrate financial need as well as integrity, motivation and commitment to their chosen profession. Fostering the education of future generations of students is a mission that reflects the spirit on which St. George’s was built. Loans are generally awarded in tandem with Geoffrey H. Bourne Scholarships."

taken from Financial Services - St. George’s University

Hey Thank guys!
But the website doesnt specifically explain how to repay the loan? like if i decide to pay back in 10 years, how do i repay and how is it different if I choose to pay back in say 20 years? Thanks!