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Interest-free student loan scheme to continue

Monday, 2nd of September 2024

The Cabinet approved the implementation of the 8th stage of the interest-free student loan scheme, which began in 2017, to support students pursuing degree programmes at non-government higher education institutes. A decision was made to appoint a committee chaired by the Deputy Secretary of the Treasury to review and recommend revisions to the fees payable to non-government higher education institutes for courses covered under this loan scheme at a Cabinet meeting held last year. The committee's recommendations are:

  • To revise the course fee from the 8th stage of the interest-free student loan scheme as per the recommendations of the technological consultative committee appointed by the Education Ministry.
  • To obtain the collaboration of the National Savings Bank, Bank of Ceylon and People’s Bank for the loan scheme so as to minimise the financial risk bearable to one bank. n To implement the said loan scheme subject to the minimum loan interest rate of 13% and 6 months AWPLR+1% percentage having conducted annual review.
  • To enroll 7,000 students per stage from stage eight of the student loan scheme. - DW
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