Ministry of Higher Education has revealed that applications for student loans to pursue a higher education will soon be open.
Speaking to PSM News, Minister of Higher Education Dr. Ibrahim Hassan said that the government opens student loan applications for individuals to pursue an education in sectors that are most in need of human resources. He said that student loan applications will be open next week after reducing the administration fee to 1%.
Additionally, Minister Hassan said that the loan repayment period has been extended by 20 years which has reduced the monthly payments. He added that the ministry is ready to provide solutions to individuals struggling to repay their loans. He further said that issuing continuous loans will be easier because of the establishment of a trust fund, which consists of repaid loans. He added that all future loans will soon be taken from the trust fund.
Furthermore, Minister Hassan said that data has been gathered on the various sectors of the Maldives and that the upcoming student loans will be given to individuals who wish to pursue an education in the sector that is currently in need of human resources.