The recommendations on revising the fees payable to non-governmental higher education institutes for the relevant courses provided under the 8th stage of the interest-free student loan scheme have received Cabinet approval.

According to the government, the interest-free loan scheme was started in 2017 for students to follow degree programs conducted by non-governmental higher education institutes.

At the cabinet meeting in April 2023, it was decided to appoint a committee under the chairmanship of the deputy secretary of the Treasury to submit the recommendations in respect of revising the fees payable to the non-governmental higher education institutes for the relevant courses under the said loan scheme. 

Thereby, the Cabinet of Ministers has approved the proposal presented by the Minister of Higher Education to implement the following recommendations submitted by the said committee.

• To revise the course fee from the 8th stage of the interest-free student loan scheme as per the recommendations of the technological consultative committee appointed by the Ministry of Education.
• To obtain the collaboration of the National Savings Bank in addition to the Bank of Ceylon and Peoples Bank for the above loan scheme to minimize the financial risk bearable to one bank. 
• To Implement the loan scheme subject to the minimum loan interest rate of 13% and 06 months AWPLR+1% percentage having conducted an annual review. 
• To enroll 7000 students per stage from the 8th stage of the student loan scheme.