The Maldives Ministry of Education on Thursday confirmed deferment on the student loan scheme by a period of 06 months.
Statement from the ministry on Thursday attested President Ibrahim Mohamed Solih's confirmation of current administration promising a relief for students studying with the assistance of state provisioned loan scheme.
The ministry confirms an approximate of over 4,000 students currently attending for various academic programs with the backing of state provisioned student loan will receive a convenient deferment period.
Student loans are provisioned through Bank of Maldives or Bank Of Ceylon under the National Student Loan Scheme initiated by the state, along with Educational Assistance Loan Scheme provisioned in similar fashion.
Moreover, the ministry confirms the deferment period will be included into the student loan agreement without amendments on due while the monthly installment will remain unchanged post deferment period.
While Maldives government has declared deferment on student loans, housing loans have been deferred on its payments by six months as well.
Meanwhile Bank of Maldives announced moratorium on loan repayment for a duration of six months for individuals who had acquired personal, housing or business loans.
Maldives government has been stern action in order to reduce economic distress on the public as the country's economic drive have slowed down significantly in light of the COVID-19 viral pandemic; which has severely affected the island nation's tourism industry.
