The government of Maldives has begun handing over loan statements to students who attained loans for higher education.
The government has decided to grant loans for 315 applicants from the applicants who made the submission during the loan openings in August. The loan statements will be handed over to students until February 28, according to Ministry of Higher Education.
While over 600 applicants applied for the loans in August 2018, the government decided to grant loans to all applicants who meet the requirements which are 315 applicants. The ministry revealed most applicants applied for degree level courses.
While loans were granted to study for different areas, students must start paying back the loans six months after completing their studies. Even though previously the loan must be paid in 15 years, the loans which are issued now must be paid within 20 months. In addition, the loans are now given with an interest rate of 3% which has been lowered from the 5% interest taken before.