Cabinet approves student loan repayment scheme
View(s):The Cabinet accepted a proposal on the amendment of the terms of the Memorandum of Understanding (MoU) concerning the payment of non-government higher education degree course fees in installments.
According to a Cabinet decision dated August 22, 2022, discussions were held between the Bank of Ceylon, Treasury and Education Ministry concerning the continuation of the Interest-free Student Loan Scheme for pursuing degree courses in non-government higher education institutions.
The Cabinet approved the proposal presented by the Education Minister to amend the MoU as agreed by the relevant parties in the discussions, so that the course fees can be paid in instalments within 8 years of completing the relevant course, with a prescribed interest at the monthly rate of 1% added to the prevailing Average Weighted Lending Rate (AWPLR+1%) of the year after completion of the course. – SAJ
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