According to the cabinet paper submitted by the Ministry of Education on 31.08.2022 the approval has been expressed to pay the full interest by the treasury for the loans for the study period and the concessionary period of 4 or 5 years for students who were selected for degree courses under student’s loan scheme this year. This program, implemented with the aim of increasing the number of students for higher education, provides the opportunities for advanced level passed students to follow a degree course recognized by the government in non-government higher education institutions in this country. This loan facility is provided to the students giving them the opportunity to repay the full amount of loan and the interest based on the floating interest method during the coming 7 or 8 years period of time.
Furthermore, the government has also decided to give the opportunity to the students who have expressed their willingness to pursue their studies under this loan scheme paying the full course fee eight hundred thousand rupees biannually by themselves. These facilities are provided to the students who are from the nearly two hundred thousand advanced level passed and not selected to universities after selecting only forty thousand to the universities. This student loan scheme has been started by the government as an opening the opportunities for them to follow a government recognized degree course in non-government higher education institutions in this country depending on their achievements in the advanced level results and it is also a minimizing the high expenditure born by the parents for this purpose