Higher education loans of up to Rs 10 million are now available from the Commercial Bank of Ceylon to undergraduates of the Open University of Sri Lanka (OUSL) enrolling for Bachelor’s or Master’s degrees from the University of Essex, UK.
A Memorandum of Understanding signed by the OUSL with the country’s benchmark private sector bank paves the way for the latter to provide up to double the standard higher education loan facility at a concessionary rate of interest to second- and third-year undergraduates, exclusively to continue their degree studies at Essex University.
The Bank said these loans would carry a special interest rate, and an extended grace period for the duration of study at the university.
This unique partnership between the OUSL and Commercial Bank is a milestone in the higher education system in Sri Lanka and widens the scope of the study field, further opens up the prospects for overseas studies and enhances the quality of education, benefitting the students and improving the overall education system in Sri Lanka, the Bank said.
Commercial Bank has also introduced a special loan scheme for students who wish to follow the degree programmes offered by the OUSL under this MOU.
Commercial Bank is a consistent supporter of the higher education aspirations of young Sri Lankans and spends more than 75% of the funds allocated to the Bank’s Corporate Social Responsibility Trust on enhancing computer literacy and expanding digital education. The Bank has donated 298 IT labs to date under its flagship community initiative to take digital literacy to even the most rural towns in the country.
The Open University through its extensive outreach capacity with the main campus at Nawala, Nugegoda is the pioneering state university that has been offering higher education in flexible, open and distance mode learning across Sri Lanka.
The OUSL is one of the 17 national universities enjoying the same legal, institutional, and academic status as any other national university in Sri Lanka.
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