Govt opens applications for 500 student loans
President Mohamed Muizzu has directed authorities to ensure that government-funded higher education loans comply with Islamic financial principles.
The Ministry of Higher Education has opened applications for student loans for higher education in the Maldives and abroad.
In an announcement Saturday, the ministry stated that 500 loans are available for studies at levels 5 to 10 of the National Qualifications Framework, as well as for licensure. The application window will remain open until next month.
Both new and existing students are eligible to apply for the loan. The classifications are as follows:
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New Students: Those who have not registered or paid tuition fees at a higher education institution by the deadline for loan applications.
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Current Students: Those who began studies before the loan application deadline.
Additionally, top-up loans are available for students who were unable to complete their programmes due to reasons beyond their control or require financial assistance for internships related to their completed programmes. The terms include:
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A maximum loan amount of MVR 700,000.
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Priority will be given based on academic merit.
Applications must be submitted through a dedicated portal, and each student is permitted to submit only one application. Incomplete applications or multiple submissions will result in rejection.
Loan repayment must begin seven months after the completion of studies.
President Mohamed Muizzu has directed authorities to ensure that government-funded higher education loans comply with Islamic financial principles. The changes include:
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Removal of the 1% administrative fee.
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No additional charges beyond the loan amount.
