Repayment of student loans deferred until the end of this year

Ministry of Higher Education has decided to defer the repayment of all student loans until the end of this year.

The government had announced in March that the repayment of student loans would be deferred until the end of September, in order to ease the burden on individuals who are repaying higher education loans amid the COVID-19 pandemic. The higher education ministry has announced the deferment has now been extended until the end of the year, as most people are yet to recover from the loss of income due to the pandemic.

A large number of student loans have been issued by the government over the years, with over 500 loans issued this year alone. The government has reduced the interest rate of student loans from 5% to 3%.