• Rs. 900,000 for studies, Rs. 300,000 for daily expenses, 2-yrs to repay upon completion of studies  

State Minister of Finance Ranjith Siyambalapitiya said that a Cabinet paper will be submitted this week, seeking the Cabinet of Ministers’ approval to resume the interest-free loan scheme given by the Government for those who wish to study in private universities.

Speaking to The Daily Morning yesterday (29), he said that 5,000 students who are not eligible to enter State universities will be benefited by this loan scheme.

Siyambalapitiya also said that an interest-free loan amounting to Rs. 900,000 will be available for studies under this loan scheme. He further noted that an amount of Rs. 300,000 will also be available for daily expenses of students. “After the completion of studies, another two years will be available for the students to repay this loan without interest,” he said.

“There are many students who are not eligible to enter State universities even though they have completed almost all the required qualifications. A considerable number of students lose the opportunity to study in a State university as a result of the Z-score system and the lack of space in State universities. Taking all these issues into consideration, the Government decided to re-establish this loan scheme as soon as possible,” he said.

He further noted that similar programmes had also been implemented by the previous Government but it could not continue due to the economic crisis affecting the country from the beginning of last year (2022).

“The previous Government had started a similar programme but could not continue with it because of the financial burdens that they had. Even though we also have similar problems, the Government cannot cut expenditure on education as it is a need of the country,” he said.