The Education Ministry may be unable to issue loans to 1000 students due to its “significantly lower” budget, Education Minister Dr Asim Ahmed has told local media.
Ahmed emphasised that the Education Ministry would continue to issue loans, while students selected for the loan scheme in 2012 would still receive funds. Only 526 students applied in 2012, reported Haveeru.
The number of student loans available in 2013 remains unclear, as discussions with the Finance Ministry are ongoing. The Education Ministry previously announced loan applications would become available in February.
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Student debt is stunting the growth of the economy. Student loans have increased by 275% over past decade. As the next generation graduates from college, they are plagued by insurmountable debt that places demands on their income, limiting their ability to spend their earnings in ways that stimulate the economy.
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