Student Loan Applications to Remain Open Year-Round, Minister Says

Higher Education Minister Ali Haidar has announced that student loan applications will no longer be subject to a deadline and will instead remain open throughout the year.

Speaking at a press conference yesterday, the minister said fixed deadlines had posed challenges for students, with some reporting that they missed the opportunity to apply for loans due to late submissions. He expressed hope that removing the deadline would make the process more accessible and flexible for applicants.

The minister also noted changes to documentation requirements. In addition to the standard documents, applicants will now be required to submit a university placement letter and an MQA intended programme letter at the time of application. A detailed fee structure must also be provided, he said.

He said the ministry will reopen for student loan applications after the upcoming holidays and urged prospective applicants to prepare the necessary documents in advance to streamline processing. He assured that loan approvals and disbursements would take significantly less time compared to previous years.

The government allocated MVR 768 million for the student loan scheme in 2024. According to the Ministry of Finance Weekly Fiscal Developments report, MVR 540.8 million had been spent as of 11 December, representing about 70 percent of the total allocation. This marks a 20.4 percent decrease from the MVR 672.3 million spent during the same period last year.

Statistics released by the Ministry of Higher Education in September show that more than MVR 1 billion has been disbursed under the student loan scheme since 2024. A total of 964 students have completed their studies with support from the programme, including 382 graduates this year. Meanwhile, 1,733 students are currently pursuing studies under government loan schemes across 40 countries, including the Maldives.