720 higher education loans opened, administration fees reduced

Application for higher education loans is open today after a reduction in administrative fees. Minister for higher education, Dr. Ibrahim Hassan has stated that 720 slots have been offered for students to study both within the Maldives and internationally.

Deadline for the loan application is set for 3rd March and 417 slots have been set for new applicants while 303 slots have been reserved for current students. This application is eligible for students studying from Diploma to PhD programs.

The Minister has stated that administrative fees which were previously at 3 percent have been reduced to 1 percent and will be taken from the entire loan amount. After the current government came into power, administrative fees which were formerly at 5 percent were reduced to 3 percent .

Higher education loan schemes presented in the past were targeted towards students seeking higher education opportunities internationally. However, the loan scheme offered this time will also include students studying for a Master Degree within the country.

“I hope that this opportunity will pave the way for a lot of Maldivian students to to study for a Masters Degree residing in the Maldives while also proving to be beneficial for local institutions,” Dr. Hassan states.

Previously, loans were provided for Degree students to cover their other expenses, although last year, this scheme was limited to students pursuing certain fields. However, the current loan scheme is inclusive of all students studying for a Degree, regardless of their chosen fields. However, 40 slots have been reserved to cater to other expenses for medical students studying in the Maldives.

According to the Minister, early applicants for the loan scheme will be provided with the opportunity to resubmit their application if any issues are detected. However, this opportunity will not be provided for students who apply within the 7 days of the deadline.