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 7th Intake

Students who have passed G.C.E. (Advanced Level) Examination in the years 2019 , 2020 & 2021.

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 04th July , 2023 to 12.00 p.m. on 07th August, 2023.

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 26 years or below by 07th August, 2023

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                  

 *  Rs. 800,800/= for 4 Year degree programmes

*  Rs. 600,000/= for 3 Years degree programmes

Stipend loan of Rs. 75000/=.

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.

  

Period of Degree Programmes                         Grace Period                   
 
      Commencement of repayment and
                Number of Installments                     
3- years 1- years After 4 years 96 equal installments
      within 8 years
4- years 1- years After 5 years 84 equal installments
     within 7 years

 

 Non State Higher Education Institutes under IFSLS

  No                                   Non State Higher Education Institutes                    
     1.  Sri Lanka Institute of Information Technology Guarantee Ltd- SLIIT (Malabe & Matara Branch)       
    ii.    National School of Business Management- NSBM
     iii.   CINEC Campus – CINEC
     iv.  Sri Lanka Institute of Buddhist Academy -SIBA
     v.   Institute of Chartered Accountants of Sri Lanka- ICASL
     vi.   SANASA Campus Ltd- SANASA
    vii.  Horizon College of Business and Technology Ltd – HORIZON
     viii.  KAATSU Highly Advanced Medical Technology Training Centre-KIU
     ix.  SLT Campus (Pvt) Ltd., - SLTC
     x.   SAEGIS Campus (Private) Limited– SAEGIS
     xi.  Esoft Metro Campus (Pvt) Ltd., -ESOFT
     xii.  Aquinas College of Higher Studies – AQUINAS
     xiii.  Institute of Chemistry Ceylon –ICHEM
     xiv.  International College of Business Technology – ICBT (Colombo & Kandy Branches)
     xv.  Benadict XVI Catholic Institute – BCI
    xvi.  Royal Institute Colombo (Pvt) Ltd. - RIC
    xvii. Nagananda International Institute of Buddhist Studies -NIIBS

 For more information visit www.studentloans.mohe.gov.lk

 

News Events