Ministry of Higher Education has revealed 450 students have applied in the student loan application opportunity opened in March. The higher education ministry opened opportunity to submit applications in March 21 while the deadline is March 30.
Speaking to PSM News, Deputy Minister Aishath Shafeena said the interest rate have been reduced to 3%, adding arranging the same policy for students who have attained loans in the past are underway. She added efforts are underway collectively with Bank of Maldives and Ministry of Finance.
Previously, the interest rate of students going abroad under the loans was 5%. The government has decided to grant student loans for 242 students, including 158 students starting their studies, and 85 students currently studying.
USD 3.5 million from the state budget have been allocated for loan schemes.