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Educational Loan Program for Seychellois Students

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Educational Loan Program for Seychellois Students

Financial support for students in their final cycle of studies

Seychellois students who wish to pursue higher education but do not qualify for fully-funded university scholarships can now do so with a student loan under the new Education Loan Scheme.

During his address to the National Assembly on March 27, 2024, Seychelles’ Education Minister, Justin Valentin, highlighted a notable trend: a consistent rise in both student and employee applications for university education, including opportunities abroad. Minister Valentin emphasized the challenge faced by the Ministry of Education due to a decrease in scholarships received from other countries or organizations, attributed in part to Seychelles’ classification as a high-income nation. This circumstance necessitates a more strategic and efficient allocation of the scholarship budget.

Under the Education Loan Program, student loans are capped at 800,000 SCR (58,500 USD), aimed at supporting studies in priority areas for Seychelles. These loans will be subject to prevailing interest rates set by respective banks, with the government subsidizing the interest rate by 4 %. The scheme, facilitated by five commercial banks, the Seychelles Credit Union, the Central Bank of Seychelles, and the Seychelles Bankers Association, requires final approval from the banks. Notably, students may access these loans for studies at universities beyond those endorsed by the Ministry of Education. Additionally, adjustments to the bursary policy are anticipated to broaden eligibility for fully-funded bursaries, offering more students financial support for their education endeavors.

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