Student loan relief extended until year’s end
All student loan repayments deferred until December
(file photo) from a convocation ceremony at the Maldives National University
The Ministry of Higher Education has extended its deferment on student loan repayments.
While the ministry had initially announced a six-month deferment until September, it has since revealed the decision to extend it to the end of the year.
The higher education ministry said that the decision was based on the current Covid-19 pandemic, which it noted has had great financial impact on a number of people.
Taking this into account as well as that time will be required to overcome the economical impacts of the virus, the ministry said that student loans have been deferred until the end of the year.
As such, student loans and educational assistance loans from Bank of Maldives and Bank of Ceylon have been deferred until December, as well loans to be repaid through Maldives Inland Revenue Authority (MIRA).
The ministry assured that interest will not be charged for the deferral period.
Authorities said that the decision to defer student loan repayments will ease things for over 4,000 individuals.
According to the ministry, over MVR 340 million was spent on higher education opportunities from November 2018 to July 2020, including a total of MVR 135.7 million to grant first-degree programmes without charge to a total of 6,155 students.
