Moves are afoot to establish a student loan fund to enable students who are not selected to universities to continue higher studies in private education institutions, Finance Minister Mangala Samaraweera said yesterday.
He said the government is set to provide loans up to Rs 1.1 million per student, under the new student loan programme.
“It is unfair to compel some students to forego higher studies at the release of cut-off marks by state-subsidised universities. It is not the student’s fault that the universities have limited accommodation,” the Minister said.
“Students can start to re-pay the loans after two years and they can settle the loans, which is a concessionary loan, in 15 years, under the programme,” he said.
He said the government is also setting up a fund to sponsor the higher education cost of those students who achieve the best Advanced Level exam results this year in each province and in each subject stream, in top foreign universities.
Fourteen students will get this opportunity this year,” said the Minister. “We have already discussed this with the heads of universities.”
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