Scholarship Bonding Process

Collect the Bond:

An appointment is made for the applicant to collect the bond. While at the office of the Board of Education, the applicant is asked to read the document with the view to verify accuracy. Relevant information includes names – listed throughout the document – total amount, annual disbursement, university, course of study, degree pursued, number of years, duration and commencement date, all outlined in the 2nd paragraph of page 1.

Once the information in the bond is verified as accurate, the recipient must then pay the processing fee of fifty dollars (EC$50.00) and collect all four (4) copies of the bond. See examples below.

All Fees – Examples:

(i) Overseas and Online students:

Eg. Thirteen Thousand, Five Hundred Dollars for a period of three (3) years, totals forty thousand, five hundred dollars (EC40,500.00). Accordingly, the legal fee is:

Legal Fee: 41 x 6 = EC$246.00 Payable at the Inland Revenue Department
Stamp Duty EC$ 35.00 Purchase at the General Post Office
Processing Fee EC$ 50.00 Payable at the Board of Education

TOTAL EC$331.00

UWI – Cave Hill, Mona, St. Augustine Campuses:

Thirteen Thousand, Five Hundred Dollars (EC$13,500.00), plus economic cost of Twelve Thousand, Three Hundred, Seventy-two Dollars and Seventy-five cents (EC$12,372.75) for one (1) year totals twenty-five thousand, eight hundred, seventy-two dollars and seventy-five cents s (EC25,872.75).

Legal Fee: 26 x 6 = EC$156.00 Payable at the Inland Revenue Department
Stamp Duty EC$ 35.00 Purchase at the General Post Office
Processing Fee EC$ 50.00 Payable at the Board of Education

TOTAL EC$241.00

Legal fee is six (6) dollars (EC$6.00) per thousand or any part of a thousand. Additionally, economic cost varies per campus/country as well as faculty and is paid directly to UWI.

Processing of the Bond:

Once the bond is collected, the recipient takes the bonds (all 4 copies), the stamp, the legal fee and his/her two (2) sureties to legal affairs where they would sign (everyone must be there to sign at the same time), produce the stamp and pay the legal fee. The Legal Affairs Department will advise further on the process as it relates to overseas bonds which must be signed in the presence of a Notary Public.

The Board of Education understands that the fee is no longer payable at the legal affairs office but at the Inland Revenue Department.

Completion of the Process:

Once the signing is completed and the fee is paid, legal affairs will issue the awardees with a receipt which is to be submitted to the Board of Education. When submitting the receipt, awardees are asked to indicate the expected date of departure – please note in pencil on the receipt. The signed (recipient and sureties must sign) rules and regulations, MUST accompany the receipt.

Collection of the disbursement:

Cheques are made payable to the recipient of the award and can be collected by either the recipient or their sureties. Any deviation in that policy is dealt with as follows:

Cheques written in someone else’s name: The recipient must submit a notarized letter outlining that request. Please ensure that the request states clearly that the cheque must be made payable to/written in the name of …………………..

Cheques (drafts) written to the institution: The recipient must submit a notarized letter outlining that request. Please provide full details including name of the institution, address and student account or social security number.

Wire transfers: The recipient must submit a notarized letter outlining that request. Please provide full details including bank name and address, routing number, swift code, account number and all other relevant information that would facilitate such a transaction.

Collection of the cheques:

Scholarship recipients, who are travelling off-island, must present their tickets in order to collect their cheques. Please also have valid photo ID in your possession when collecting your cheque.

Sureties can collect the cheques without any written authorization from the recipient. However, any person other than the surety must have written authorization in the form of a notarized letter from the recipient.

All attempts will be made to issue the cheque, the latest one (1) week prior to travel. However, during the months of August and September, students are reminded that cheques are prepared on a first-come, first-served basis.