Ministry of Higher Education states that upto 1,507 students have applied for loans opened under the government student loan scheme.

Higher Education Ministry opened the opportunity for student loans on February 15. The deadline was set at 01:30 pm, March 15.

Under the loan scheme, opportunities have been offered for both new and present students. Ministry of Higher Education adds that slots were increased in areas where the demand is higher, after considering the applications they received in the previous years.

This year's financing scheme allows students to undertake Diploma level courses in the Maldives.

All undergraduate students pursuing degrees through the government's free degree program are encouraged to apply in their respective fields of study and recover any other fees not covered by the plan.

In addition, under the loan aid for higher education and training, top-up loans are also available for students who were not able to complete the program during the given period, owing to factors beyond the control of the students.

Furthermore, PhD-level positions are available to train professors in universities, colleges, and polytechnics.

The loan scheme allows students to travel to any country for education and training. Hence, all loan expenses for studying in the indicated countries will be covered. However, Loans for studying in other countries will be granted at the rate set for the student's preferred country from the list of the countries indicated by the government.

The government has also opened up opportunities for Individuals who have impairments.

In his Presidential Address on February 06, 2023, President Ibrahim Mohamed Solih emphasized that a nation's most crucial investment is in the education of its youth. As such, highlighting that the number of students applying for the student loans to pursue higher education abroad, the President said that the administration has drastically increased the number of loans they issue. President Solih stated that a total of 1,986 students have been provided with loans so far.

The President also noted that the student loans have been restructured. As such, the administration reduced the administration fee from five percent to one percent and increased the repayment period to 20 years.

President Solih stated that the amount paid for the loan so far has been deducted from the total amount of the loan, following the changes brought to the fee.

Furthermore, noting that still there are concerns of students who had previously taken student loans, President Solih stated that his administration will attend all such concerns raised by the youth.