Interest-free loans for high school students to access university education

The Ministry of Education has decided to provide an interest-free student loan scheme to A-level graduates who are not eligible for public universities to pursue degrees in private sector universities.

The ministry says that this scheme is part of the 2017 budget proposals. Under this loan scheme, students can avail Rs. 800,000 loan is given without any interest.

These interest-free loans have been given to 17,313 students for pursuing 100 degree courses in 17 non-government institutions approved by the Ministry of Education.

Among these students, 2,353 in the first, second and third batches have already completed their degrees, while the third batch of undergraduates are currently completing their courses.

These loan payments will be made for 10,258 students in the fourth, fifth and sixth phases and under the seventh phase, 3,682 students have been given loan assistance to study 91 degree courses in 17 non-government higher education institutions without interruption.

The Ministry of Education and the Ministry of Finance, Economic Stabilization and National Policy have approved everything the students need. The student loan agreement with Bank of Ceylon and People’s Bank is also scheduled to be finalized next week.

Proposals have been invited for courses from Non-Government Higher Education Institutions aimed at recruiting students who have completed their higher education in the year 2022 as the eighth batch of the interest-free student loan scheme. A discussion with the relevant parties will be held next week at the Ministry of Economic Stabilization and National Policy.

Accordingly, necessary activities are underway to provide interest-free student loans for 2022 high school graduates to pursue courses in non-government higher education institutions.

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