Ministry of Higher Education has decided to reduce the administration fee of higher education and training loans to just 1%.
Minister of Higher Education Dr. Ibrahim Hassan said the decision to lower the administration fee of student loans to 1% would ease some of the burdens on students repaying the loans. He hopes this would enable students to repay the loans after completing their education. Moreover, repayment of the loans is necessary to ensure higher education loans can be provided to more students in the future, he added.
The higher education ministry will be coordinating with the Bank of Maldives (BML) to bring this change to the repayment amount of student loans. Individuals who have acquired a student loan through the higher education ministry and BML are required to submit an email request to the higher education ministry to implement the reduction of the administration fee.
This is the second time the current administration has decided to reduce the administration fee of student loans, from 5% to 3% and now to just 1%.
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