INTEREST FREE STUDENT LOAN SCHEME

INTEREST FREE STUDENT LOAN SCHEME

The Student Loans Division in the Ministry of Education implements, Interest Free Students Loan Scheme (IFSLS) for the Sri Lankan Students who have passed G.C.E (Advanced Level) Examination.The opportunity is given to follow selected degree Programmes accredited and at all the Non State Higher Education are approved by the Ministry of Education.

Qualified Applicants for 6th Intake

Students who have passed G.C.E. (Advanced Level) Examination in the years 2018 , 2019 & 2020.

How to Apply

Qualified applicants should use the online system facilitated through www.studentloans.mohe.gov.lk website for submission of applications.
Online Applications can be submitted from 21st December, 2021 to 12.00 p.m. on 31st January, 2022.

Minimum Eligibility Criteria

1. Having obtained simple (S) passes for all the three subjects in one and same sitting and not exceeding three sittings, and
2. Having minimum of 30 marks for the Common General test at any sitting described in above (i) or re-sitting for the Common General Test in the year 2020 subject to the condition of maximum three sittings.
3. a) Simple (S) pass for General English in G.C.E (Advanced Level) or Simple (S) pass for English for G.C.E (Ordinary Level).
         Or
   b) Pass for English and Communication Skills subject in any of the bridging courses mentioned in the Student Guide Book.  

4. The age of the Candidates should be 25 years or below as at 31st January, 2022 

Other Qualifications

Please refer the Guide Book in www.studentloans.mohe.gov.lk

 Selection Criteria

Selection of students for relevant course is based on,

1. The minimum qualifications that the applicant has to fulfill.
2. The preferences given by the applicant for degree courses
3. Number of seats granted for each degree programme by the relevant Non-State Higher Education Institutes
4. When the number of applications received exceeds the seating capacity for each degree programme at the relevant institute, the selection will be done on the merit order of of Z-score obtained at the G.C.E (A/L) examination by the applicants.

                                                                                   Maximum loan amounts                  

* Total course can be followed with the loan amount mentioned above.

** Stipend money is paid to the students quarterly with the amount of Rs. 18,750/- (Rs. 6,250/- per month)

How to obtain loans

Ministry of Education recommends selected students to Bank of Ceylon to grant loans and the students should submit their loan application with two guarantors. (One of the parents and a close relative). Economic status of the guarantors will not be considered for this loan scheme.
Payments will be done semester wise as per the recommendation of the Ministry of Education considering the progress of studies.

Responsibility of Students

 All the students who are facilitated under the Interest Free Students Loan Scheme should get minimum of general pass (“C” pass) for each and every subjects of the degree programme and have to maintain 80% of attendance in their study hours.

How to repay

The total loan period is 12 years.
The repayment of the loan should be started after study period and one-year grace period.

 Non State Higher Education Institutes under IFSLS