Student loan applications to open in the first week following the holidays; no deadline for applications this year: Minister Haidar

Minister of Higher Education, Labour, and Skills Development Dr. Ali Haidar Ahmed has announced that student loan applications will open during the first week following the government holidays for the final ten days of Ramadan. The Minister further clarified that there will be no fixed deadline for submitting these applications.

Speaking at a press conference held at the President's Office on Wednesday, Minister Haidar stated that efforts are currently underway to finalize the governing regulations and develop the application portal for the housing loan scheme scheduled for launch this year.

Minister Haidar stated that significant changes will be introduced to this year's student loan scheme to further enhance the services provided to students.

As part of the efforts to streamline the scheme, the application process for student loans will now remain open year-round, eliminating the previous practice of setting specific deadlines. Minister Haidar noted that the previous system of fixed application windows posed significant challenges for some students, occasionally resulting in missed opportunities to apply for financial aid. He further emphasized that this transition to a rolling application process is expected to provide greater convenience and flexibility for prospective students.

Furthermore, Minister Haidar emphasized that students should only apply for loans once they are fully prepared to commence their studies, noting that the documentation requirements for this round of applications have been revised. He stated that applicants must submit a placement or offer letter from their educational institution indicating a near-term start date, along with the fee structure for the chosen program. Additionally, students are required to provide an Intended Program Recognition letter from the Maldives Qualifications Authority (MQA). For those pursuing fields regulated by specific professional bodies, documentation must also be submitted confirming that the program is officially recognized by the relevant regulatory authority.

Minister Haidar stated that with the upcoming government holidays, the application window for the loan program will be opened during the first week the government resumes operations.

"We are currently working on opening the loan application window. God willing, the opportunity will be opened next week, following the upcoming holidays. Therefore, I urge students interested in applying for these loans to ensure all necessary documentation is complete and ready. Any student who submits a complete application will be granted the loan. Compared to previous years, the process will be significantly faster this year."

Minister of Higher Education Dr. Ali Haidar

The current administration has converted student loans into Sharia-compliant financing. Consequently, no additional service charges will be levied when the loan funds are repaid.

Minister Haidar has announced that further changes will be made to the student loan scheme this year. This comes amid recurring concerns regarding delays in the disbursement of loan funds and the government's failure to settle tuition fees for students studying under state sponsorship.