The Ministry of Higher Education, Labour and Skills Development has opened application for student loans for higher education in the Maldives and abroad. A total of 500 opportunities are available under this year’s student loan scheme.
Applications can be submitted through the MyEdu portal, with the deadline set for Wednesday, 30 April, at 13:30 hrs. The loan scheme willis open to both new and existing students.
The Minister of Higher Education, Labour and Skills Development Dr Ali Haidhar said the loan scheme will cover studies ranging from diploma to PhD level. Although the loan scheme allows the student to study in a country of their choice, all the expenses stipulated under the loan assistance will be paid in full only to students studying in pre-approved countries. The Minister said loan coverage will be provided to study in countries that are not listed only after comparing the choices available at pre-approved countries, for the more cost-effective option.
The Minister said that similar to the previous year, this year's loan scheme has spots reserved for students with disabilities. Their individual circumstances will be considered when awarding loans. This year’s loan scheme will provide students already enrolled in courses the opportunity to cover remaining expenses under the loan scheme, including students enrolled in the government’s free degree programme.
The Minister of Higher Education said that the loan scheme will provide opportunities for higher education graduates to complete internships as well as medical fellowships which are required for them to work in the Maldives. Top-up loans will be provided for students who are unable to complete their enrolled programmes due to any reason beyond their control.
According to Minister Haidhar, this year's loan scheme will give priority to those who apply for highly technical fields, with two-thirds of the loan allocations reserved for this category. Those who apply for loans to pursue higher education in these field will receive an additional 10 points in the selection process, he said.
Minister Haidhar emphasised that following President Dr Mohamed Muizzu’s decision to make student loans Sharia compliant, there will be no interest incurred on student loans, and no administrative fee charged.
"To implement the President's decision, all future student loans will be repaid at no amount other than the original loan amount. The Ministry will waive the 1% administrative fee on previously issued loans, and the repayment amount will be adjusted accordingly,” Minister Haidhar said.
Over USD 52 million has been disbursed as student loans as of end of last year and USD 4.6 million as of February this year, the Minister has said.