Apr 01, Colombo: The Sri Lankan government is taking measures to provide financial assistance to the under-privileged students entering the universities for higher education.
The government says students entering universities from low income families currently receive financial assistance through University bursaries or through the Mahapola Scholarship Fund but those funds are inadequate for their academic activities.
Also they face numerous difficulties in obtaining bank Loans for their higher educational needs, the government adds.
To alleviate the problem, Minister of Higher Education S.B. Dissanayake has proposed a new act called Human Capital Development Finance Act to provide bank loans to the needy students.
Under the proposed measure, the students from low-income families could obtain loans from banks for their academic activities.
Once they are employed after graduation, the students are mandatorily required to pay back the loans through their prospective employers from their monthly salaries.
The Cabinet has granted approval to the Minister's proposal and instructed the Legal Draftsman to draft a Bill for the new Act.