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Historic Move: President Muizzu Declares Student Loans Free of Extra Charges!
President Dr. Mohamed Muizzu announced that student loans will be made compliant with Islamic financial principles, eliminating the 1% administrative fee and any charges beyond the original loan amount, and directing that past borrowers' balances be adjusted downward. The Higher Education Ministry lent to over 1,000 students last year, while its registry recorded over 2,000 Maldivian students studying abroad on government scholarships and loans as of December.
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Figures in these reports
as written, with the sentence they come from
1%administrative fee on student loans to be eliminatedThe Standardthe government will eliminate the 1% administrative fee currently applied to student loans issued by the Ministry of Higher Education, Labour, and Skills Development
Word for word from the report in The Standard. Open the report
over 1,000students provided loans by the Higher Education MinistryThe StandardLast year, the Higher Education Ministry provided loans to over 1,000 students, facilitating access to education both locally and abroad.
Word for word from the report in The Standard. Open the report
over 2,000Maldivian students recorded in the overseas registryThe Standardwhich recorded over 2,000 students as of December—comprising 915 male and 1,201 female students.
Word for word from the report in The Standard. Open the report
1,201 studentsfemale students in overseas registryThe Standardcomprising 915 male and 1,201 female students
Word for word from the report in The Standard. Open the report
Other events named
no clear day, as worded
President Dr. Mohamed Muizzu announced a policy shift to make student loans free of extra charges and compliant with Islamic financial principles.The StandardPresident Dr. Mohamed Muizzu has announced a major policy shift to make student loans fully compliant with Islamic financial principles, ensuring that no additional fees or interest are charged.
Word for word from the report in The Standard. Open the report
