Sunday Nov 24, 2024
Sunday Nov 24, 2024
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SLIIT will continue its subsidies to undergraduate students who are on student loans. The student loan scheme, initiated by the Ministry of Higher Education (MoHE) in 2017, provides students with a maximum interest free loan of Rs. 800,000 to pursue a degree program approved by the MoHE.
SLIIT which is MoHE and UGC approved, offers several undergraduate programs under the loan scheme, including a Bachelor of Education (Hons) in English, Bachelor of Education (Hons) in Biological Sciences, Bachelor of Education (Hons) in Physical Sciences, Bachelor of Business Administration (Hons) and Bachelor of Science (Hons) in Information Technology.
Since the State loan of Rs. 800,000 to cover tuition fees over a four-year period is less than the usual cost for these degrees, SLIIT has stepped up by providing an outright grant to students who are on loans in order for them to continue their studies uninterrupted.
The State student loan scheme which is entirely free of interest, combined with the SLIIT grant is a boon for students who can pay back the Rs. 800,000 capital over a period of seven to eight years. Another concession offered to students by the State is a year’s grace period from graduation to begin their pay back.
SLIIT Academic Development and Quality Assurance Director Prof. Colin N. Peiris said: “Post Advanced Levels is a critical point in any student’s life and the loan scheme introduced by the Ministry of Higher Education provides students with a window of opportunity. SLIIT has recognised the need to support these students further to take advantage of the different degree options we offer and that is why we are providing the additional grant. At SLIIT we believe in providing every opportunity for our students to realise their full potential.”
The interest free student loan scheme was first introduced by the State in 2017, in line with a budget proposal to expand higher education opportunities for students. It is being reintroduced this year, with the goal of producing 10,000 graduates, who will add to the human capital needed for the nation’s economic and social development.
In 2019 alone, SLIIT pledged Rs. 125 million as the top-up value for 306 students waiting to follow their higher education plans. Students who wish to avail of the facility should have achieved three simple (S) passes in their respective A/L subjects, and their qualification should be in line with the UGC university entrance requirements.
Over time, SLIIT has widened higher education opportunities for Sri Lankan youth, with over 1,500 highly employable young professionals passing out every year. The university’s affiliations with leading foreign universities and Sri Lanka’s top private/public organisations, promises a well-rounded higher education experience to every student they enrol.
