Government granting ease for student loan repayment

President Ibrahim Mohamed Solih giving the presidential address for the inauguration of parliament for 2023. (Photo / President’s Office)

President Ibrahim Mohamed Solih on Monday revealed intentions to provide ease in repayment for those who previously took student loans.

The remarks were made while giving the presidential address for the inauguration of Parliament for 2023.

He noted that while changes have been brought to the student loan, those who previously took and studied have raised concerns. 

Stating that the number of students applying have increased over the years, hence the number of loans issued have also been raised. 

The president reveled that so far, 1986 students have been provided loans, and in order to ease the repayment, administrative fees which were previously at five percent have been slashed to just one percent. 

Additionally, the repayment period have been extended to 20 years, and the students who paid in larger cuts have that portion reduced for their loans. Hence, the monthly amount that students have to pay will now be reduced. 

“In the future I will be working to lessen these burdens of innovative, responsible youth.”

Furthermore, he said that work to establish junior colleges, TVET Centers, and Polytechnic centers in different parts of the country to teach various skills to youth were taking place. As part of this, physical work for a TVET center in R.Alifushi and a junior college in Ha.Dhidhdhoo was ongoing. He also announced the development of a TVET centre in Kulhudhuffushi and Fuvahmulah City and a junior college at N. Velidhoo as upcoming projects. 

“Project to prepare over 6000 youth for employment and workplace is taking place.”

During the address President Solih also highlighted the various achievements attained by the government for the education sector. He said that space and facilities for schools have been exploded, along with secondary education being made available in all the atolls. 

Meanwhile over 6500 students have graduated with the free degree program since its inception. 

“The foundation of a good education system are well trained teachers. Much that teachers needed have now been provided. There are more such projects to be carried out in the future regarding this.”