The Ministry of Higher Education has opened up the opportunity for 720 student loans.

The Higher Education Ministry opened up the opportunity for 720 student loans after reducing the interest for administrative fees being collected for student loans.

Prior to the announcement, the administrative fee carried an interest rate of three percent, which has since been reduced to one percent.

Higher Education Minister Dr. Ibrahim Hassan made the all-new announcement during a press conference held at the Higher Education Ministry on Monday.

The minister revealed that students currently completing their degrees under the free degree initiative, have the opportunity to apply for the loan as well.

He revealed that the amendment was brought to reduce the additional expenses for students, other than their course fees and ease their financial burdens.

40 slots have been reserved for MBBS students completing their education in the Maldives.

Under the loan scheme, the opportunity will also be opened for students seeking to complete their Masters’.

The scheme includes 417 opportunities for new students and 303 opportunities for students who are already enrolled in courses. The deadline has been set at 01pm, March 3.