Interest-free student loan scheme for high school graduates

Colombo, July 8 (Daily Mirror) - The Education Ministry has decided to offer an interest-free student loan scheme. 

This scheme aims to help high school graduates who can't get into state universities to pursue degrees at non-state higher education institutions.

The Ministry announced that this scheme is part of the 2017 budget proposals.

Under this loan scheme, students can get up to Rs. 800,000 without any interest.

So far, 17,313 students from seven different groups have received these interest-free loans to study 100 degree courses at 17 non-government institutions approved by the Ministry.

Out of these students, 2,353 from the first, second and third groups have already completed their degrees, and the third group of honors degree candidates is currently finishing their courses.

The loan payments are being made for 10,258 students in the fourth, fifth and sixth stages and under the seventh stage, 3,682 students have been provided loan assistance to study 91 degree courses in 17 non-government higher education institutions without any hindrance.

The Education Ministry and the Ministry of Finance, Economic Stabilization and National Policy have approved everything needed for that group of students. The student loan agreement with the Bank of Ceylon and the People's Bank is also set to be completed next week.

Proposals for courses from non-government higher education institutions, aimed at recruiting female students who graduated high school in 2022 as the eighth batch of the interest-free student loan scheme, have been called. A discussion with the relevant parties will take place next week at the Ministry of Economic Stabilization and National Policy.

Accordingly, the activities necessary to provide interest-free student loans for 2022 high school graduates to study courses in non-government higher education institutions are underway.