Interest-free student loan scheme to continue

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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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