The Education Ministry has introduced an interest-free student loan scheme to assist high school graduates who are unable to enroll in state universities, enabling them to pursue degrees at non-state higher education institutions.
This initiative is part of the 2017 budget proposals. Under the scheme, students can receive up to Rs. 800,000 without any interest.
So far, 17,313 students from seven different groups have benefited from these loans, allowing them to study 100 degree courses at 17 non-government institutions approved by the ministry. Among 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.
Currently, loan payments are being processed for 10,258 students in the fourth, fifth, and sixth stages. In the seventh stage, 3,682 students have been provided with loan assistance to study 91 degree courses at 17 non-government higher education institutions without any issues.
The Education Ministry, along with the Finance Ministry, Economic Stabilization, and National Policy, has approved all necessary measures for these students. The student loan agreements with the Bank of Ceylon and the People’s Bank are expected to be finalized next week.
Proposals for courses from non-government higher education institutions, targeting female high school graduates from 2022 as the eighth batch of the interest-free student loan scheme, have been requested. A discussion with relevant parties is scheduled for next week at the Ministry of Economic Stabilization and National Policy.
Efforts are underway to provide interest-free student loans for 2022 high school graduates to study courses at non-government higher education institutions.
