Here are some of our most frequently asked questions and their answers. For more information, please contact edugrants@creditunion.ky

Q. What does “good standing” mean?

A. Members who apply for the grant must be in good standing. Below are some main examples of what is considered in good standing:

• Not Delinquent – Member has a loan product that is being paid on time, and all payments are current.
• Compliant – Member has at least one valid ID on file; birth certificate (applies to students up to 17 years old), driver’s license, passport, voter’s card.
• Permanent Shares contribution of $100 must be completed.
• All insurance policies must be current and valid.
• Member must have an Active account which means it cannot be:
  • Inactive – The account has had no activity for 6 months and needs to be reactivated.
  • Dormant – The account has had no activity for 12 months and needs to be reactivated.
  • Closed – The account is closed.

Q. Is this a loan that requires repayment?

A. No, this is a grant which does not require repayment.

Q. Is this a scholarship?

A. No, this is a grant we offer to our members once every year.

Q. Who are considered immediate family members for eligibility purposes? 

A. Immediate family is limited to one’s children, siblings, and spouses.

Q. If an applicant residing in the Cayman Islands does not have a Credit Union account, are they eligible for the grant?  

A. Applicants without a Credit Union account and with a primary address in the Cayman Islands must open an account before applying for the grant. 

Q. How will I know if my apllication was approved?

A. Following the deadline, all applicants will receive an email advising whether or not they were successful.

Q. When will the funds be disbursed?

A. All successful applicants will receive funds on or before 31 July 2024. 

Q. If I am one of the successful applicants, will I continue to receive the approved amount every month?

A. No. It is a one-time grant.

Q. What are some main reasons a grant application was unsuccessful?

A.The most common reasons for declining grant applications are, but not limited to:

• Delinquent, Inactive, Dormant, or Closed Account
• Missing grades and/or exam results
• Under 3.0/Low GPA
• Did not provide up-to-date grades/transcript(s)
• Government or other Scholarship(s) Cover All Expenses
• Dishonest on the application

Q. If I was unsuccessful, can I re-apply?

A. Yes, we encourage all members in good standing at the Credit Union to apply.

Q. What can I use the grant on?

A. The grant is designed for members to use the funds towards their educational needs. Some examples are, but not limited to:

• Tuition fees
• Books, materials for studies (laptop, printer, textbooks, pens, etc.)
• Meal plans
• Airfare cost, transportation costs (bus, train, etc.)
• Clothing (may need a coat, boots, scarf, gloves when studying in cooler temperature overseas)
• Rent (students who live off campus instead of in the dorms)
• Furniture (study desk, lamp, etc.)
• Other educational related expenses