Student loans postponed till the end of 2020

Graduation of Maldives National University (MNU). Photo: President’s office

Malé, Maldives — The Ministry of Higher Education reveals on Wednesday, that the students loans have been postponed till the end of 2020 due to the financial repercussions of the COVID-19 pandemic.

The deferment of the student loans are applicable to National Loan Scheme arrangements facilitated via Bank of Maldives (BML) and Bank of Ceylon, Education Assistance Loan Scheme arrangements and also loans that must be repaid to the Maldives Inland Revenue Authority (MIRA).

The loan holders are not required to amend deadlines set in their agreements for the deferral to apply, according to the higher education ministry.

Initially, the payment of student loans were postponed for a six-month period in March by the government, however, they later extended it till September.

Despite the postponement of the student loans, the government of Maldives has continued to issue payments for loan holders as well as students on scholarships or enrolled in any of the ministry’s various educational schemes.