MVR 473m disbursed as student loans
The minister said September is a month when many students leave abroad for studies and at least $170,000 is being handed over to students every day.
More than MVR 473 million have been disbursed to students pursuing higher education with government loans so far this year, Higher Education Minister Dr Mariyam Maria said on Thursday.
The Higher Education Ministry is continuously issuing funds to students studying with the help of higher education loans, the minister said at a press conference at the President's Office.
However, despite these disbursements, concerns have been raised regarding delays in depositing funds for students studying abroad. The minister told at the news conference that more than MVR 473 million has been disbursed to students this year.
The minister said the money is being distributed every six months.
The minister said the loan is available for study in certain countries but if students want to study in another country, the loan is given if the cost is equal to the cost in the countries where the opportunity is offered.
Students are always advised to complete and submit their documents while there is time to do the administrative work before the loan is issued, she said.
She noted that efforts are now being made to expedite the paperwork and digitise the loan application.
She said there were concerns about the delay in receiving loans for students who start their studies in September.
"The time when a student starts his studies is known by submitting the documents. Loans and scholarships are given for six months and 1.5 years to prepare for the start of studies. This year, many students want to start their studies in September," she said.
Maria also added that the students are already being given priority and their financial arrangements are being made.
Minister mentioned the reasons for the delay are:
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Incomplete documents submitted when applying for a loan
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Failure to submit documentation justifying the amount requested
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Administrative difficulties if students go to countries other than the lending countries
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Not receiving the required document from the university
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Due to the short duration to arrange documentation
The minister stated that the ministry would take action if any student's studies are disrupted due to delays in receiving funds. She explained that the ministry communicates with universities via email and provide sponsor letters to assure them that payments will be made. The ministry also requests universities to support affected students and follows up with phone calls to ensure cooperation.
More than MVR 103 million has been disbursed to students studying in government scholarships so far this year. Students who receive these scholarships are not required to repay the funds provided upon completion of studies.
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Students are paid directly to the study centre by telegraphic transfer
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Other student expenses are paid to an account opened in the country
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Ticket money, two months stipend, pocket money and establishment money are paid before departure
The minister said September is a month when many students leave abroad for studies and at least $170,000 is being handed over to students every day.
