BIMAP students to get help meeting tuition payments
In an effort to keep enrolment numbers up and give more people an opportunity to pursue a tertiary education, the Barbados Institute of Management and Productivity (BIMAP) has entered into an indefinite partnership with Axcel Finance.
BIMAP Chairman Benson Straker explained that the organization recognized that many residents were keen on furthering their education “and preparing themselves to be increasingly valuable to their organizations”, but financing was not always readily available.
“BIMAP has therefore partnered with Axcel Finance to establish a framework for a payment plan for BIMAP’s students to have an alternative, so that they can make full and upfront payment of their various tuition costs to BIMAP, and then proceed with a more comfortable monthly payment regime with Axcel,” Straker explained this morning at the signing of a memorandum of understanding to make the partnership a reality.
“It is believed that having a highly experienced financial partner will enable the institute to remain attractive to all potential and existing students.”
The move, which will inevitably result in the finance company taking on the risks associated with loans, came about after BIMAP found that people were increasingly asking for payment plans.
“We noticed that over the last four or five years that there has been an increase in the number of persons requesting financial arrangements to pay for their courses. That is why we decided that it was necessary to have something in place, so that people would be more comfortable and would be able to afford their education,” Executive Director of BIMAP Dr Sonia Greenidge-Franklyn said.
She disclosed that due to people not being able to afford payments for their studies, there was a slight decrease in student numbers a few years ago. However, she said, that the numbers were on the up again and she anticipated that trend would continue as a result of the new partnership.
“BIMAP is constantly seeking ways to assist its students and the arrangement, whereby students are comfortable knowing that their course fees are paid and that they can now make affordable convenient monthly payments, will greatly assisting students in committing to their studies,” Greenidge-Franklyn added.
Operations Manager of Axcel Finance Davidson Ishmael said the agreement was timely and prudent.
He explained that it would provide special terms and conditions for individuals seeking to pursue courses and programmes at BIMAP, and short-term loans to employed individuals who were either pursuing their own educational goals or supporting another person.
“We know how vitally important it is for our people to have every opportunity to go further in their education and this is why Axcel Finance congratulates the Barbados Institute of Management and Productivity for the stellar contribution it has made to the educational advancement for our nation’s people,” said Ishmael.
“We are tremendously pleased to have an opportunity to join them in this regard, by ensuring that every person will have the opportunity to have the financial means to access that ‘passport of the future’,” added Ishmael.