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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 The Authority and the Educational Guarantee Fund Act 2001 (now repealed) were the components of the Government Guaranteed Advanced Educational Loan Scheme (‘GGAELS”) created by the Government of The Bahamas to fund the Government’s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.

Upon the Act’s commencement, the Authority was assigned an aggregate loan portfolio amounting to One Hundred and Forty Million Dollars ($140,000,000.00), accounting for the following investment values: Twenty-Three Million Dollars ($23,000,000.00) from Bank of The Bahamas; Fifty Million Dollars ($50,000,000.00) from the Scholarship and Educational Loan Division; and, Sixty-Seven Million Dollars ($67,000,000.00) by way of bonds issued, through an Act of Parliament, by the Central Bank of The Bahamas.

Through its disbursements, the Authority afforded Bahamians an opportunity to pursue tertiary education in more than twenty-six (26) disciplines, at institutions locally and in approximately eight (8) other countries.

It was envisioned that the Government Guaranteed Advanced Educational Loan Scheme would serve as a revolving fund to assist countless Bahamians with their quest for tertiary education, upon loan repayments by the Scheme’s beneficiaries.

In 2015, , the Education Loan Authority Act 2002 was amended by the Education Loan Authority (Amendment) Act 2015 to give the Authority more flexibility to pursue and collect on defaulted and delinquent loans.

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.

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