The College Council has approved the introduction of a Student Finance Scheme for students who may be facing financial difficulties. This scheme will be operated in collaboration with the Maldives Islamic Bank (MIB).
Students who participate in this scheme will be paying their fees in affordable instalments, over a period of four years. For the first semester, students will be paying instalments in the range of 500 Rufiyaa per month, and 1000 Rufiyaa per month from the second semester onward.
The College came to this arrangements with the MIB in view of increasing financial difficulties faced by students, which makes study less accessible to students. The College Council hopes that this scheme will allow more students to participate in higher education.
In addition to tuition fees, students will also be eligible to apply for a monthly stipend to cover costs related to their study.
Any student who is a Maldivian national who enrols in a course at Level 5 (Diploma) or higher will be eligible to apply for student finance.
Following is a list of criteria for eligibility:
Note: Co-applicant is required in case the actual customer’s (student) income is not enough to service the payment of the instalment. The eligibility criteria should be fulfilled by either the applicant or co-applicant as both of them will be treated as one customer.
No mortgage is required.
Students who apply for student financing under this scheme will be required to enter into an agreement with the MIB regarding the payments of fees in instalments.
WHAT IS THE METHOD OF PAYMENT FOR THE FACILITY?
The following process will be followed in providing assistance under the Student Finance Scheme.