Applications to be called for interest-free student loan scheme from tomorrow

The calling of applications for the interest-free student loan scheme to 5,000 students who have faced the G.C.E Advanced Level examination in the years 2019, 2020 and 2021, for their higher education in private universities, will commence from tomorrow (July 04), says the State Minister of Finance Ranjith Siyambalapitiya.

The State Minister pointed out that the students who obtain the relevant loan facility need to follow job-oriented courses.

“The project to provide interest-free loans to 5,000 students for their higher studies in private universities for the years 2019, 2020, and 2021 has been approved. It is currently scheduled to be announced by the Ministry of Education”, the state minister emphasized.

Accordingly, the students who have faced the G.C.E. A/L examination in the years 2019, 2020 or 2021, can apply for this loan scheme from July 04 to July 07, Siyambalapitiya said.

He further expressed that this is a special decision taken by the government for the need for higher education in the country, adding that the entire interest for this program is borne by the government for the education of the students.

“There, the priority is given to job-oriented courses,” the state minister highlighted.

“As per our previous experiences, even if such loan facilities have been provided before, more than 90% of the students have followed courses that are in demand for employment immediately after leaving the university.”

Furthermore, Siyambalapitiya emphasized that if any competition arose for the loan scheme, it will be decided according to the Z-Score of the students.

“Accordingly, the students who go to private universities with integrity and are ready to study special job-oriented courses will receive this loan facility,” he pointed out.