The administration fee for higher education and training loans have been lowered to 1% by the Ministry of Higher Education (MoHE) on Thursday.

Previously, administration fee for higher education and training loans were at 3%.

Speaking on the change, Minister of Higher Education Dr. Ibrahim Hassan said that the decision to lower the administration fee for student loans will provide ease in repayments for students. He added that this change would enable students to repay loans in accordance with the student loan agreements upon successful completion of studies.

He further added that loan repayments are necessary to keep providing student loans in the future.

With the change to administration fees, MoHE is working with Bank of Maldives to implement this change for all students who have received higher education loans. As such, students are required to submit an email request with a copy of their national ID cards to [email protected] to implement the change in administration fee.

At present, 9,054 students are studying under the student loan scheme in the Maldives. MoHE made a reduction to administration fees from 5% to 3% in 2019 as well.