Interest free loan for 2017/2018 A/L students: Higher Edu. Ministry
A/L students who were not enrolled for State Universities
The Higher Education Ministry announced an interest free loan scheme for students who were not enrolled for State Universities.
The scheme would be applicable for students who sat the Advanced Level Examinations in 2017 and 2018, according to the student guidebook of the Ministry.
The student guide book defines the selection criteria to receive the loan facility.“students those who not been able to secure seats in State Universities were not in a position to afford course charges in foreign universities, foreign university affiliated local institutes or local non-state degree awarding institutes recognized under the Universities Act. “The new loan scheme was introduced as a production of a human capital reserve with high standards that is essential for economic and human development of the country is expected from the higher education system.
“Availability of a human capital reserve with such a higher education level is a significant factor for the country’s future development. Considering the requirement, Interest Free Students Loan Scheme has been introduced as the direction of budget proposal in the year 2017 with the objective of increasing higher education opportunities for the students’ community with the partnership of Non State Higher Education Institutes (NSHEIS).
“Accordingly, the government provides an interest free loan for 5000 students per year subject to a maximum of Rs. 800,000.00 for pursuing degree programmes with higher market demand and professional value, which are approved by the Ministry of Urban Planning, Water Supply and Higher Education. Further, an interest free loan subject to a maximum of Rs. 300,000 can be obtained by the students as their wish to cover the additional expenses. “The interest would be paid by the government on behalf of the students and the capital outstanding should be paid by the students within seven or eight years after completing the degree of three or four years and succeeding one- year grace period of time.
“It is a compulsory requirement for the registration and submission of application through online system generated for the Interest Free Student Loan Scheme. “The students are provided a latest software system to select a course at their most preferred Non State Higher Education Institute.
“A hand book had been published as online application on the Higher Education Ministry website in three languages. “We have experienced how the students lose their most preferred institute and course, which have not done that accurately and carefully,” the Ministry said.