Interest free loan scheme to pursue higher education
Production of a human capital reserve with high standards that is essential for economic and humanProduction of a human capital reserve with high standards that is essential for economic and humandevelopment of the country is expected from the higher education system. Availability of a human capitalreserve with such a higher education level is a significant factor for the country’s future development.
However, the majority of the students those who were not able to secure seats in State Universities are notin a position to afford the course charges in foreign universities, foreign university affiliated local institutesor local non-state degree awarding institutes recognized under Universities Act. Considering therequirement, Interest Free Students Loan Scheme is being implemented by the Ministry of Education as thedirection of budget proposal in the year 2017 with the objective of increasing higher educationopportunities for the students community with the partnership of Non State Higher Education Institutes(NSHEIs).
Accordingly, the government provides an interest free loan for students subject to a maximum loan amountof Rs. 800,000/- for pursuing degree programs with higher market demand and professional value, whichare approved by the Ministry of Education. Further, an interest free loan subject to a maximum amount of Rs. 300,000/- can be obtained by the students as their wish to cover the additional expenses. The interestwill be paid by the government on behalf of the students and the capital outstanding should be paid by thestudents within seven (7) or eight (8) years after completing the degree of three (3) or four (4) years andsucceeding one- year grace period of time.
It is a compulsory requirement for the registration and submission of application through online systemgenerated for the Interest Free Student Loan Scheme. The students are provided a latest software system toselect a course at their most preferred Non State Higher Education Institute.It is emphasized to all the students who are expecting to enter into this student loan scheme to read wellthis handbook before filling their online application. We have experienced how the students lose their mostpreferred institute and course who have not done that accurately and carefully.
