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 8th Intake
Students who have passed G.C.E. (Advanced Level) Examination in the years 2020, 2021 & 2022.
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 9th September, 2024 to 27th October, 2024.
Minimum Eligibility Criteria
- Having obtained simple (S) passes for all the three subjects in one and same sitting and not exceeding three sittings at the G.C.E. (A/L) held in 2020, 2021, 2022 and
- 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 and
- 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).
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The age of the Candidates should be 26 years or below by 10th October, 2024
Other Qualifications
Please refer the Guide Book in www.studentloans.mohe.gov.lk
Selection Criteria
Selection of students for relevant course is based on,
- The minimum qualifications that the applicant has to fulfill.
- The preferences given by the applicant for degree courses.
- Number of seats granted for each degree programme by the relevant Non-State Higher Education Institutes
- 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
Maximum loan amount for four year degree programmes offered under the Intrest Free Student Loan Scheme from 8th intake.
| |
Subject Stream |
Maximum Loan Amount (Rs.) |
| 1 | Humanities and Social Sciences | 800,000 |
| 2 | Management and Commerce | 900,000 |
| 3 | Science (Biological / Bio Medical) | |
| i. Science (Chemical) | 1,200,000 | |
| ii. Science (Physical) | 1,000,000 | |
| 4 | Engineering and Technology | |
| i. Engineering | 1,500,000 | |
| ii. Bio Technology | 1,000,000 | |
| iii. Engineering Technology | 1,000,000 | |
| 5 | Information and Communication Technology | |
| i. Bachelor of Computer Science | 800,000 | |
| ii. Bachelor of Science | 1,000,000 |
Maximum loan amount for four year degree programmes offered under the Intrest Free Student Loan Scheme from 8th intake.
| |
Subject Stream |
Maximum Loan Amount (Rs.) |
| 1 | Humanities and Social Sciences | 600,000 |
| 2 | Management and Commerce | 600,000 |
| 3 | Engineering and Technology | 800,000 |
| 4 | Information and Communication Technology | |
| iii. Bachelor of Computer Science | 600,000 | |
| iv. Bachelor of Science | 800,000 |
* Stipend loan of Rs. 75000/= per year
How to obtain loans
Ministry of Education recommends selected students to Banks Banks to grant loans and the students should submit their loan application with two guarantors.
First guarantor is one if the parents or guardian
Second guarantor should be a person with income acceptable by the Bank
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 |
| xviii. | Business Management School (BMS) |
For more information visit www.studentloans.mohe.gov.lk
