2018/19 Budget: 300-plus new TELS scholarships
28 June, 2018, 8:22 pm
A TOTAL of 340 new Tertiary Education Loan Scheme (TELS) scholarships will be up for grabs in 2019.
Attorney General and Minister for Finance Aiyaz Sayed-Khaiyum announced this in his 2018/2019 National Budget address being delivered this hour.
Another 20 scholarships have been allocated for students with special needs.
A total of $206m has been allocated for the next financial year to cater for up to 25,000 students.
Students currently under TELS scholarship have been given incentives if they pay off their loans ahead of time.
For example, if a student owes $39,000 and is able to clear half the amount in the first three years after completion of studies, his or her remaining balance will be cleared, eventually getting a discount of 50 per cent.
Students will also be getting statements on phone for the TELS loans.
The bus fare allowance for TELS scholars has been increased from $15 a week to $30 a week.