The administration fees on all state-issued loans for tertiary educational programs have been reduced by 1 percent, effective from Thursday, 28th April.
Meanwhile, Ministry of Higher Education has confirmed executing all necessary works required to implement the reduction of administration fees.
Furthermore, amendments to the tertiary loans will be informed to respective students via email.
Previously, the ministry had charged 5 percent on the loan as the administration fee, which was reduced to 3 percent once the current administration came to power.
The ministry had announced a total of 720 tertiary education loans earlier on February 2022 with the reduced administration fee of 1 percent.
Meanwhile, the ministry has requested to mail them at [email protected] to request for reduction on administration fees of the already acquired loans. The students are required to mail the supporting documents along with a copy of the national identity card.
Following confirmation by the ministry, loan reduction process will be carried out by the affiliated bank; Bank of Maldives.
Speaking about the state's decision of reducing loan fees, Minister of Higher Education Dr. Ibrahim Hassan expressed delight on ensuring ease for the students.
Currently a total of 9,054 students are attaining education through state-issued loans.