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Student Finance Scheme

Student Finance Scheme

Student Finance Scheme

 

Download Application Form

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.

ELIGIBILITY

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:

  • Open to Maldivians only, age between 18 to 50
  • Has been employed on full time basis for a minimum period of two
  • Currently in the employment of companies/ministries/agencies which have signed MoU for salary deduction scheme with MIB for the last 12 months
  • Earning a minimum confirmed income of MVR4,000.00. Total average gross salary for the past six months should be a minimum of MVR 6,000
  • Monthly payment should not exceed 34% of six months’ average
  • Total deductions (including other banks) should not exceed 50% of confirmed income excluding statutory

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.

FINANCING LIMITS

  • Maximum: MVR 250,000
  • Minimum: MVR 30,000

Guarantors

  • The guarantor must be a Maldivian between the age of 21 to 60 years old who is working in Maldives.
  • Guarantor must be employed for the last 12 consecutive months with MIB accepted employer and earning a minimum average gross salary of MVR5,

Mortgage

No mortgage is required.

REQUIREMENTS

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.

 

INSTALMENT PERIOD

  • Maximum: 4 years
  • Minimum: 1 year

WHAT IS THE METHOD OF PAYMENT FOR THE FACILITY?

  • Salary deduction or salary transfer by employer to

 

PROCESS

The following process will be followed in providing assistance under the Student Finance Scheme.

 

  1. Once student receives the Offer of Place from the College, student should submit the acceptance of the Offer and pay the initial registration fee.
  2. Once the registration fee is paid, student should submit the Student Financing Application Forms and all required documents to the College. PLEASE NOTE THAT STUDENT FINANCE APPLICATIONS WILL NOT BE ACCEPTED UNLESS ALL THE REQUIRED DOCUMENTS ARE ATTACHED
  3. It will usually take 3 – 10 working days for the application to be processed and arrangements to be made.
  4. Once student is determined as eligible for the scheme, the student will be contacted by the MIB to outline the next steps.
  5. Documents to be signed by students and/or guarantors may be signed when students come for the Orientation Programme of the College, or it can be done at the nearest branch of the MIB.

 

Download Application Form

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