Applications open for 720 student loans; interest rate cut

Higher Education Ministry has opened applications for 720 student loans, after slashing the interest taken in the form of administrative fee. 

The new higher education opportunities, both in Maldives and abroad, were announced by Higher Education Minster Dr. Ibrahim Hassan on Monday. 

It includes 417 opportunities for new students and 303 opportunities for students already enrolled in courses. 

Dr. Ibrahim Hassan said the biggest difference with the new opportunities was that the three percent interest charged as administrative fee had been cut to one percent. 

“In the first year of this administration, we cut the administrative fee from five percent to three percent. And we wrote in the strategic action plan that we would cut the administrative fee to one percent,” he said. 

Dr. Ibrahim Hassan said that students currently enrolled in courses under the free degree program can also apply for student loan. He said that it was a change made to allow students to cover additional expenses, outside of course fee. 

Meanwhile, 40 slots have been reserved for MBBS students in Maldives. 

Dr. Ibrahim Hassan said that Master’s students are also eligible for student loans under this year’s student loan scheme. 

The deadline for applications is 01:00 pm on March 3. 

President Ibrahim Mohamed Solih had announced plans to offer 720 student loan opportunities in his annual address last week.