The government has decided to resume the loan amount of Rs. 800,000 given to students who could not admit to the government universities after passing the GCE A/L.
Apart from this, another amount of Rs. 300,000 will also be given for their daily expenses.
Minister of State for Finance Dr. Ranjith Siambalapitiya says that the government is ready to provide the relevant loan without interest.
He pointed out that since the loan interest rates in this country have reached a value of 25% higher, he decided to provide that facility to the students.
Siyambalapitiya also claims that this loan facility will be given to 5,000 students per President Ranil Wickramasinghe’s instructions.
In addition to this, the minister mentioned that this credit facility, which is currently provided only by the Bank of Ceylon, will also be provided by the People’s Bank and the National Savings Bank in the future.
However, the minister further mentions that the Z score and the time value of the course that is expected to be followed by the student will be considered in granting this loan.
It is notable that the relevant loan amount is given up to one year after leaving the university, and the repayment should be made after getting a job.