The state university system of Sri Lanka is able to serve only 25% of the university qualified students based on the G.C.E (A/L) results.
Majority of the students who are unable to enter into State Universities cannot afford foreign universities, foreign university affiliated local institutes or local non-state degree awarding institutes recognized under Section 25A of the Universities Act No. 16 of 1978. In order to fill this lacuna, Interest Free Student Loan Scheme (IFSLS) is being implemented by the Ministry of Education, Higher Education and Vocational Education as per the direction of budget proposal in the year 2017 with the objective of increasing higher education opportunities for the students partnering with Non State Higher Education Institutes (NSHEIs).Accordingly, the government provides an interest free loan to students to pursue degree programs with higher market demand and professional value, which are approved by the Ministry of Education, Higher Education and Vocational Education. Further, an interest free loan subject to a maximum of Rs. 300,000/- can be obtained by the students at their discretion to cover the additional expenses. The interest will be borne by the government on behalf of the students during the entire loan period which is twelve (12) years. The principal loan amount should be paid by the students within seven (7) or eight (8) years after completing the degree programme. The students are given a grace period of one (1) year after completion of the degree programme prior to commencing repayment. It is a compulsory to register and submit applications through IFSLS online system.
Students who sat for the GCE (A/L) examination in 2021,2022 and 2023 can apply for this.
The prospective students of IFSLS are advised to read this hand book thoroughly, before filling their online applications.
Online application available since 2025.01.22
Deadline: 2025.02.22
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