CALLING APPLICATION FOR THE 9TH INTAKE OF INTEREST FREE STUDENT LOANS SCHEME
For Students who have passed G.C.E.(Advanced Level) Examination in 2021, 2022 and 2023
The Student Loans Division in the Ministry of Education, Higher Education and Vocational Education implements the Interest Free Student Loans Scheme (IFSLS) for the Sri Lankan Students who have passed G.C.E. (Advanced Level) Examination, conducted by the Department of Education, in Sri Lanka.
The opportunity is given for students to follow selected degree Programmes conducted by the Non State Higher Education Institutes which are recognized by the Ministry of Education, Higher Education and Vocational Education.
Application procedure
Eligible applicant should apply online through the link available at www.studentloans.mohe.gov.lk
Degree Programmes
All the degree programmes are conducted in English medium. The list of degree programme is available in the student Handbook available at www.studentloans.mohe.gov.lk
Submission period of Applications
Starting Date :22.01.2025
Closing Date: 22.02.2025
Eligibility Criteria
i. Having obtained simple (S) passes for all three subjects in one and the same sitting and not exceeding three sittings in G.C.E.(A/L) examination in 2021, 2022 and 2023 and
ii. Having Minimum of 30 marks for the Common General Test at any sitting described in above (i), and
iii. Simple (S) pass for General English G.C.E.(Advanced Level) or Simple (S) pass for English in G.C.E. (Ordinary Level), and
iv. The age of the Candidates should be 25 years or below as at 22.02.2025
Other Qualifications
Please refer the Student Hand Book in www.studentloans. mohe.gov.lk to find the other entry qualification of particular degree Programmes.
Selection Criteria
Selection of students for a degree programme, it is based on
i. The minimum qualification that the applicant has to fulfill
il. The order of preferences given by the applicant for degree programmes
ill. Number of seats granted for each degree programme by the relevant Non-State Higher Education Institutes
iv. When the number of applications received exceeds the seating capacity for each degree programme of the relevant institute, the selection will be done on the merit order of Z-Score obtained at the G.C.E. (Advanced Level) Examination by the applicant.
Maximum Loan Amount Rs.1,500,000.00
The maximum loan amount depends on the stream of study. Please refer the Student Hand Book in www.studentloans.mohe.gov.lk to find the Maximum Loan Amount to stream wise Limitations. It is possible to complete the degree programmes with this loan amount.
In addition, a stipend loan of Rs 75,000 per year can be obtained at the discretion of the student, which is interest free.
For Further details
Student Loans Division, Non-State Higher Education Division, Ministry of Education, Higher Education and Vocational Education No. 980-4A, Wickramasinghe Place, Ethul Kotte.
Loan disbursement
Ministry of Education, Higher Education and Vocational Education recommends selected students to the Bank to grant loans and the students should submit their loan application with two guarantors. (First guarantor is one of the parents or guardian and the second guarantor is a person with the level of income stipulated by the bank.
Payments will be done semester wise as per the recommendation of the Ministry of Education, Higher Education and Vocational Education considering the progress of studies.
Responsibilities of the Students
All the students who are facilitated under the Interest Free Students Loan Scheme should get minimum of credit (C) pass for each and every compulsory subject of the degree programme and have to maintain 80% of attendance.
Loan Repayment
The total loan period is 12 years. The interest will be borne by the Government. The repayment of the loan starts after the study period (3/4 years) and one-year grace period. The repayment should be completed by paying in 84/96 equal installments for 4 years / 3 years degree programmes respectively.
