Minister: MVR 473M issued in student loans so far; MVR 180M pending

Higher Education Minister Dr. Mariyam Mariya states MVR 473 million has been issued so far for students studying under the student loan scheme with MVR 180 million pending for the prevailing year.

Speaking at the press conference at the President’s Office on Thursday, Minister Mariya said MVR 473 million has been issued for the students so far despite delays in the issuance of the funds owed to administrative issues.

The Ministry issues the funds for students one every six months.

State Minister for Higher Education Dr. Abdul Raheem Hassan noted that while the previous administration decided to grant loans to approximately 1,200 students, funds for approximately 600 students were arranged this year.

Citing the latest updates on the student loan scheme, Adul Raheem said 214 students are set to depart for their studies this month, adding the funds required for most of them have been arranged so far with 74 students confirmed to have received the funds.

Higher Education Ministry detailed that 290 students are set to depart for their studies on student loans from September onwards until November.

Funds issued under student loans have to be repaid to the state. However, the former administration has also underscored obstructions in recovering the funds.

Commenting on the matter, Minister Mariya said Maldives Inland Revenue Authority (MIRA) sends automatic reminders to students to repay the loan while Higher Education Ministry also reminds students via email.

“Many students, at their own initiation, have come to Higher Education (Ministry) to settle the repayment. Hence, I would like to note that we are dealing with this as well,” she added.

Over 1,709 students applied for 500 student loan slots opened this year. Higher Education Ministry decided to grant loans to all applicants.