Overview of Student Loan

INTEREST-FREE STUDENT LOAN SCHEME

1. Introduction

The Interest-Free Student Loan Scheme has been implemented since 2017 under the Ministry of Education, Higher Education, and Vocational Education, in accordance with the budget proposal with the primary objective of expanding higher education opportunities for the generation of students who have successfully completed the G.C.E. (Advanced Level) examination in Sri Lanka, by engaging Degree Awarding Institutes (DAIs) approved under Section 28(a) of the Universities Act No. 16 of 1978 for the conferment of degrees.

Under this scheme, the government provides an interest-free loan to study degree programs approved by the Ministry of Education, which are of high market demand and professional value. In addition, students may, at their discretion, obtain an interest-free stipend loan of up to a maximum of Rs. 300,000/= to cover their daily expenses. The government bears the interest for the entire loan period of 12 years, and the loan amount obtained can be repaid in equal monthly instalments over 8 or 7 years (96 or 84 instalments) after completing the degree in 3 or 4 years, respectively, following a grace period of 1 year.

2. Degree Awarding Institutes (DAIs)

At present, 16 Degree Awarding Institutes approved under the Universities Act No. 16 of 1978 (as amended) have been affiliated with this scheme. They are:

1	SLIIT	Sri Lanka Institute of Information Technology Guarantee Ltd
2	NSBM	National School of Business Management
3	CINEC	CINEC Campus (Pvt) Ltd
4	SIBA	Sri Lanka Institute of Buddhist Academy
5	ICASL	Institute of Chartered Accountants of Sri Lanka
6	HORIZON	Horizon College of Business and Technology (Pvt) Ltd
7	KIU	KIU Campus (Pvt) Ltd
8	SLTC	SLT Campus (Pvt) Ltd
9	SAEGIS	SAEGIS Campus (Pvt) Ltd
10	ESOFT	ESoft Metro Campus (Pvt) Ltd
11	AQUINAS	Aquinas College of Higher Studies
12	ICHEM	Institute of Chemistry Ceylon
13	ICBT	International College of Business & Technology
14	BCI	Benedict Catholic Institute of Higher Education Private Limited
15	NIIBS	Nagananda International Institute for Buddhist Studies
16	BMS	Business Management School
17	LYCEUM	The Lyceum Campus
18	GATEWAY	Gateway College

3. Maximum Loan Amounts

Under the Interest-Free Student Loan Scheme, the maximum loan amount granted for pursuing a four (4) year degree program varies depending on the field of study. These limits are shown in the Table below.

	Subject Stream	Maximum Loan Amount (Rs.)
1	Humanities and Social Sciences	800,000
2	Management and Commerce	900,000
3	Science (Biological / Biomedical)
	i. Science (Chemical)	1,200,000
	ii. Science (Physical)	1,000,000
4	Engineering and Technology
	i. Engineering	1,500,000
	ii. Biotechnology	1,000,000
	iii. Engineering Technology	1,000,000
5	Information and Communication Technology
	i. Bachelor of Computer Science	800,000
	ii. Bachelor of Science	1,000,000

Under the Interest-Free Student Loan Scheme, the maximum loan amount granted for pursuing a three (3) year degree program is shown in the Table below.

	Subject Stream	Maximum Loan Amount (Rs.)
1	Humanities and Social Sciences	600,000
2	Management and Commerce	600,000
3	Engineering and Technology	800,000
4	Information and Communication Technology
	i. Bachelor of Computer Science	600,000
	ii. Bachelor of Science	800,000

4. Minimum Qualifications for Admission

For admission to Non-State Higher Education Institutions, candidates who have sat for the G.C.E. (Advanced Level) Examination in 2022, 2023, and 2024, as certified by the Commissioner General of Examinations of the Department of Examinations, Sri Lanka, and have been declared eligible for university admission, will be considered qualified under this scheme. Applicants must meet the following minimum qualifications.

(i) Having obtained simple (S) passes for all three subjects in the same sitting and not exceeding three sittings, and

(ii) Having a minimum of 30 marks for the Common General Test at any sitting without exceeding three sittings (The result must be obtained at the time of interviews conducted), and

(iii) Minimum of simple (S) pass for General English at the G.C.E (A/L) Examination or Minimum of simple (S) pass for English Language at the G.C.E (O/L) Examination, and

(iv) The age of the candidates should be 25 years or below.

Contact for Updated Information

(i) Updated information regarding eligibility for this scheme for the relevant year can be obtained by reviewing the student handbook available on the website www.studentloans.mohe.gov.lk

(ii) In addition, updated information can also be obtained via the telephone numbers given below, by written requests sent to the address provided, or by emails sent to the given email address.

Address

Director (Student Loan)
Non-State Higher Education Division
Ministry of Education, Higher Education & Vocational Education
980/4A
Wickramasinghe Place
Ethul Kotte

Telephone Numbers & Email

Director (Student Loans) +94-11-2879724 Student Loans Division +94-11-2879727
Assistant Director (Student Loans) +94-11-2879718 Subject Officers +94-703555971-79

Assistant Director (Admin) +94-11-2879723

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