Higher Education ministry lowers student loan interest rate and offers scholarships in OECD countries

Maldivian students studying abroad under the Higher Education student loan scheme will be given consolation in paying back the student loan with a decrease in interest rate by 3 percent, announces Minister of Higher Education Honourable Dr. Ibrahim Hassan.

Speaking at a news conference, Minister Dr. Ibrahim also stated that the duration to pay back the loan will be extended by 25 percent of the initial time period and that the changes being made will apply to both the students already being granted with the loan and prospective students. Dr. Ibrahim affirmed that the Ministry has been negotiating with the banks regarding the restructuring of student loans and that the meetings have been fruitful.

Honourable Dr. Ibrahim Hassan, Minister of Higher Education
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The ministry has also decided to grant the loans under the revised method for the student who applied for loans during President Abdulla Yameen’s administration. Their forms are being revised and will be announced this week, according to the Ministry.

In a further announcement, the Ministry announced that High Achievers’ Scholarship Award, given to A’level students who scored 5 As or more, will include programs from OECD countries. The scholarship previously granted eligibility to universities from China, Phillippines, Malaysia and Indonesia along with SAARC nations.

With the inclusion of programs of OECD countries, students will be eligible to study from countries ranked highest in terms of education systems; Switzerland, Finland, United Kingdom, USA, Japan, Sweden and are some of those countries. The scholarship will be granted only for the eligible candidates who apply for it during the application period.

The introduction of low-interest loans, the inclusion of OECD countries in High Achievers’ Scholarship, and extension of payback period are part of the 100 days pledges of His Excellency President Ibrahim Mohamed Solih.

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