Education Ministry introduces MVR 18.9 million loan scheme for students

Ministry of Education has introduced a MVR 18.9 million loan scheme for students studying in the Maldives and abroad.

Minister of State for Education Aminath Ali told Sun today that the purpose of the loan scheme is to assist the student in Maldives and abroad who are finding it difficult to continue their studies due to financial constraints.

“The loan scheme we introduced today is for students are currently studying in the Maldives and abroad, or ongoing students, who are finding it difficult to complete their education due to facing financial difficulties or any other reason, to help them complete their courses,” Aminath Ali said.

The Minister of State said that there will be room for 300 applicants,160 slots for students studying in Maldives, and 140 slots for students studying abroad.

She said that the loans will be granted to those who have completed their first semesters and that the payback period for the loan will depend on the amount granted to the student, which holds a maximum payback period of 10 years.

Deadline for application is set for the 22nd of May and the winning students are to be announced during the first week of June.