The Student Revolving Loan Fund was established under the Student Revolving Loan Fund Act, 1976-20. It replaced the Higher Education Loan Fund, which was then administered by the Tertiary Section of the Ministry of Education, Youth Affairs and Culture. The purpose of the Fund is to grant loans to eligible Barbadians to assist in financing areas of study which are perceived to be of national priority. The project was initially financed jointly by the Inter-American Development Bank and the Government of Barbados and subsequently became self-financing.