The Ministry of Higher Education, Labour and Skills Development announced that it received over 1,300 applications for student loans for higher education in the Maldives and abroad.
The student loan application process was opened in March, for 500 available slots. The deadline for applying for student loans expired on April 30.
The Higher Education Ministry said a total of 1,338 applications had been received for student loans when the application window closed. The Ministry said of these, 913 were applications from new students, while 259 were top-up applications from students already studying under existing student loans. So far, 646 applications have been reviewed by the Ministry.
As in the previous year, this year's loan scheme also includes slots reserved for students with disabilities. Their individual circumstances will be considered when awarding loans. This year’s loan scheme will also 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.
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.
The Ministry has earlier stated 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.
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, according to the Ministry.