- Last Update 2024-07-06 17:14:00
Loan facility for undergraduates to be launched this year
The loan facility as proposed in this year's budget for students hoping to pursue higher education at non-state universities will be implemented this year, a higher education ministry official said.
Higher Education Ministry Additional Secretary K. R.Uduwawala told Times Online that students who had passed the G.C.E. Advanced Level would be able to obtain loans of Rs 800,000 with 12 years for repayment and a four-year grace period.
He noted that only 5000 students will be able to obtain the loan as approved by the Finance Ministry.
However, the annual budget put forward by Finance Minister Mangala Samaraweera stated that students hoping to pursue higher education in non-state universities could obtain interest-free loans upto Rs 1.1 million with a 12 year repayment period.
The loans would be issued under the Enterprise Sri Lanka loan scheme.
(Reporting by Damith Wickramasekara)
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