MDP proposes one percent interest rate for student loans
28 ޖެނުއަރީ 2019 | ހޯމަ 08:58A legislation limiting interest rates was submitted at a policy workshop
Photograph from the policy workshop held on Sunday, 27th January, 2019
Coalition government partner Maldivian Democratic Party (MDP) has proposed a student loan program that could make higher education more affordable to qualifying students.
A legislation limiting interest rates on student loans to just one percent was proposed at MDP’s policy workshop held on Sunday.
The legislation will be proposed to the new People’s Majlis composition after the parliamentary elections this year, scheduled for April 6th.
The loans will cover education in the Maldives and abroad, along with supplementary expenses for living, travel, study material, as well as health insurance.
The legislation also proposed that the pay-back period for students already on a loan program be extended by 50 percent.
President Ibrahim Mohamed Solih, who was at the panel at Sunday’s workshop, has pledged to cover academic expenses for students enrolled in local institutions for their first degrees.
A total of 16 legislations were submitted at the workshop.
