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Education Ministry Increases Interest-Free Loan for Private University Students to Rs. 1.5 Million

May 31, Colombo (LNW):Education Ministry’s Additional Secretary, Chandima Janaki, announced yesterday (30) that steps have been taken to increase the interest-free loan given to students aspiring to pursue higher education in private universities from Rs. 800,000 to Rs. 1.5 million. The Cabinet has approved this increase, benefiting seven groups of students since the scheme’s inception in 2017.

Janaki noted that while loans had been provided without a guarantor, recent attempts by two groups to evade repayment have prompted the introduction of a guarantee requirement to secure these loans.

The revised loan amounts are Rs. 1.5 million for an engineering degree, Rs. 1.2 million for a chemistry degree, Rs. 1 million for a technology degree, and Rs. 900,000 for freshmen. Additionally, the loan scheme, initially facilitated by state banks, will now also include private banks.

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