The Higher Education Ministry has claimed that the main reason for delays in depositing funds for student loans and scholarships is incomplete bank account information.
The ministry said this in response to a written question sent by Hithadhoo Central MP Ahmed Azaan Marzooq to clarify the reason for the delays in disbursing student loan funds.
The ministry acknowledged the problem, but insisted that that it was caused by the students and universities.
According to the ministry, students who pursue higher education abroad under scholarships can get a two-month stipend and some other expenses in dollars if they notify the ministry ahead of their departure date.
The remaining funds are deposited into the account after students go to the country of study and share the details of the bank account opened in that country with the Finance Ministry. The stipend is paid twice a year, the ministry said.
The course fees are paid to the university where the student is enrolled. The ministry said the money is deposited directly to the university as foreign payments upon receipt of the invoice. However, delays in sending invoices and incomplete bank account information can cause delays in depositing funds, the ministry said.
In cases where this information is incomplete, the ministry asks the university and the student to complete the information. However, it takes time to complete the information and submit it back to the ministry, which is the main reason for the delay in depositing the money, the ministry said.
The ministry added that a sheet with guidance on how to complete bank information has been shared with students in order to resolve the issue. Students have also been informed to share a schedule of payment of tuition fees.
Other expenses of students are deposited into the MVR account in the loan agreement. It is deposited six months after the first payment upon submission of a document stating that the student is enrolled in the university.
The ministry has been criticized for delays in disbursing funds to students studying abroad on government scholarships. Some students have posted on social media about the challenges caused as a resulf of the delays.
