Ministry of Higher Education has revealed that 1,275 eligible students will be provided loans to pursue a higher education this year.
The ministry stated that the loans will be issued after the students submit the relevant documents. The loans will be arranged within five days from the date of submission. The ministry stated that loans are usually withheld for students who do not submit the relevant documents. As such, the ministry urged students to take care to submit all the documents, adding that they will receive a certificate indicating that they are studying under a scholarship.
In June, the government published the final list of students who are to receive loans under the Higher Education Loan Scheme 2023. Around USD14 million has been allocated in this year’s state budget to offer loans to students and President Ibrahim Mohamed Solih has decided that loans will be extended to 1,225 students that have met the eligibility criteria. The ministry later added 50 more students to the list and is currently processing their documents and has completed their fee sheets.
The loan opportunities focus on sectors in the Maldives that are most in need of skilled workers. Individuals who receive student loans will have the opportunity to study for a diploma. In addition, students studying under the government’s free degree programme were allowed to apply for a loan to further their studies in their chosen field and have the opportunity for the government to cover costs not stipulated in the free degree programme.
Additionally, the loan applications included opportunities for students to receive a top-up loan to cover periods where they are unable to complete the programme within the deadline. The applications also included the opportunity to study for a Doctor of Philosophy (Ph.D.) in order to train college and university lecturers. Applicants have the opportunity to study in any country but the amount of expenses the government is willing to cover is country-dependent. The loan scheme was provided after reducing the administration fee to 1%.