Sri Lanka Ministry of Higher Education introduces Interest Free Student Loan Scheme for year 2020.
Interest Free Student Loan Scheme has been introduced by Sri Lanka government to expand higher education opportunities for the students who are unable to secure a placement in State Universities although they have qualified in G. C. E. (Advanced Level) Examination, to achieve their higher education aspirations.
For more details and applications – http://studentloans.mohe.gov.lk
Expanding opportunities for students to enter into the interest free student loan scheme that is provided for students to pursue Degree Courses at Non-Government Higher Education Institutions. The proposal presented by Minister of Higher Education, Technology and Innovation to expand the interest free Student Loan Scheme, with the aim of producing 10,000 Graduates with technical knowledge to meet the requirements of Vistas of Prosperity Splendor was approved by the cabinet of Ministers.
Production of a human capital reserve with high standards that is essential for economic and human development of the country is expected from the higher education system. Availability of a human capital reserve with such a higher education level is a significant factor for the country’s future development. However, the majority of the students those who were not able to secure seats in State Universities are not in a position to afford the course charges in foreign universities, foreign university affiliated local institutes or local non-state degree awarding institutes recognized under Universities Act. Considering the requirement, Interest Free Student Loan Scheme has been introduced as the direction of budget proposal in the year 2017 with the objective of increasing higher education opportunities for the students’ community with the partnership of Non State Higher Education Institutes (NSHEIs).
Accordingly, Sri Lanka government provides an interest free loan for students subject to a maximum loan amount of Rs. 800,000/– for pursuing degree programs with higher market demand and professional value, which are approved by the Ministry of Higher Education, Technology and Innovations. Further, an interest free loan subject to a maximum amount of Rs. 300,000/- can be obtained by the students as their wish to cover the additional expenses. The interest will be paid by the government on behalf of the students and the capital outstanding should be paid by the students within seven (7) or eight (8) years after completing the degree of three (3) or four (4) years and succeeding one- year grace period of time.
What is Interest Free Loan Scheme?
It is an Interest Free Loan, granted to the students who have qualified in G.C.E (A/L) but have not been selected to a State University based on the Z-score to follow a Degree offered by Non-State Higher Education Institutes recognized by the Ministry of Higher Education / University Grants Commission UGC.
What are the qualifications for the Scheme?
Students who have qualified in G.C.E (A/L) Examination but have not been selected to a State University. Further details could be obtained from paper advertisements or from www.mohe.gov.lk web site.
What are the Institutes that offer Degree Programs under this Scheme?
• Sri Lanka Institute of Information Technology – SLIIT
• National School of Business Management – NSBM
• Colombo International Nautical and Engineering College – CINEC
• Sri Lanka International Buddhist Academy – SIBA
• The Institute of Chartered Accounts of Sri Lanka – ICASL
• SANASA Campus (PVT) Ltd – SANASA
• HORIZON College of Business and Technology Ltd – HORIZON
• KAATSU Highly Advanced Medical Technology Training Centre – KIU
• SLT Campus (Pvt) Ltd – SLTC
• SAEGIS Campus (Pvt) Ltd- SAEGIS
What is the duration of the Degree Program and the Loan amount?
03 years Degree – Rs.600,000/=
04 years Degree – Rs.800,000/=
What are the limitations for admission?
Students who have already registered for any course in a State University or registered for Foreign Scholarship programs cannot be registered for this Scheme. Students who have already registered for any course and continuing education in a Non-State Higher Education Institute destined to be implemented this Scheme are also considered disqualified.
How can this loan be obtained?
According to the agreement made between the students who are selected to follow Degrees and the Banks, this Interest Free Loan will be given to the relevant institutes as installments.
Director (Students Loans),
Non-State Higher Education Division,
Ministry of Higher Education Technology and Innovation,
Ministry of Higher Education,
Web Site: www.mohe.gov.lk