Press briefing of Cabinet Decision taken on 2023-02-20

Revising the terms of the Memorandum of Understanding of Interest Free Loan Scheme provided to students to follow degree programmes at Non-State Higher Education Institutes

- In terms of the Cabinet decision dated 2022‑08‑22 taken in this regard, discussions have been conducted by the Bank of Ceylon, the General Treasury and the Ministry of Education regarding the continuous implementation of the Interest Free Student Loan Scheme provided to students to follow degree courses in the Non-State Higher Education Institutes. Accordingly, the Cabinet approved the proposal made by the Minister of Education to amend the Memorandum of Understanding entered into at present between the relevant parties, so that the course fees can be paid in installments within 8 years after completing the relevant course and to pay the prescribed interest at the monthly rate of 1% added to the prevailing Average Weighted Lending Rate (AWPLR+1%) of the coming year after completion of the course, as agreed upon by the relevant parties during the ensued discussions.