About The Education Loan Authority
Investing in education today, for a prepared Bahamas tomorrow.
The Education Loan Authority (“the Authority”), is a statutory body created by the Education Loan Authority Act 2002 (“The Act”). The Authority and the Educational Guarantee Fund Act 2001 (now repealed) were the components of the Government Guaranteed Advanced Educational Loan Scheme (‘GGAELS”) created by the Government of The Bahamas to fund the Government’s program for loans to students pursuing tertiary education.
The Education Loan Authority Act vested in the Authority the primary responsibility for financing the Loan Scheme, thus empowering the Authority to raise funds through a wide variety of means, including bonds, debentures, and other instruments.
Our Vision
To financially assist Bahamians toward investing in their tertiary educational pursuits.
Our Mission
To preserve and administer efficiently and effectively, under the guidelines of the fiduciary principles, monies that are raised as an approved lender and to hold the Educational Loan Guarantee Scheme accountable to fiscally responsible practices.
Executive Team
Executive Team
Board of Directors
The Board of Directors is a governing body composed of esteemed educators, administrators, and community leaders. They provide strategic guidance, oversight, and support to ensure the delivery of high-quality education, drive innovation, and foster a culture of excellence.
Our Education Loan Program
About the Loan Program
The Loan Scheme has awarded more than Four Thousand, Five Hundred (4,500) loans to Bahamians across the length and breadth of The Bahamas, in various disciplines inclusive of Law and Medicine.
Rely on low interest rates
Loans that fit your life
Benefits that go beyond funding
Loan Repayment Options
Repayment Options
For clients’ convenience, the Education Loan Authority has established various methods for loan repayment:
Salary Deduction
Direct Deposit/Standing Order
Wire Transfer
Bank (Over-The-Counter)
In Office (Debit/Credit Card Payments Only)
Online (Payment Portal)
Quick Contact
Education Loan Authority
No. 97 Collins Avenue
P.O. Box SS-19039
Nassau, New Providence, The Bahamas
