11 - 17 May 2000

Financial scheme for overseas study expanded

by Greta Borg Carbott

Young people who wish to study abroad may find their expenses easier to handle due to a newly expanded scheme offering more students financial assistance. As from this year, more students will be able to qualify for the Youth Specialisation Studies Scheme. The scheme was launched by APS Bank and the parliamentary secretariat for youth and sport last year.

Those who meet the scheme's requirements can benefit from loans of up to Lm10,000, paying a subsidised interest rate of only one per cent and paying a minimal or no collateral to the bank.

In addition, the students can begin paying their loan back after three years and are then allowed 10 years to repay their loan completely. The minimum loan is Lm5,000.

This year, the benefits of the scheme are not restricted only to those students wishing to pursue post-graduate courses which are not available in Malta. People wishing to follow cultural or sports courses not available locally will also be accepted. All applicants will be vetted by a Credentials Committee which will choose those most qualified for the scheme, parliamentary secretary Jesmond Mugliett said. However, as from this year, APS bank is now also financing studies on the same lines even for students rejected by the committee, and even if the courses chosen by applicants are available in Malta.

The only main difference is that these applicants will not qualify for the secretariat's subsidy on their interest rates, so they will be charged interest at seven per cent instead.

The Youth Specialisation Studies Scheme was first introduced in 1993, but was then re-launched last year and expanded this year, Mr Mugliett said. A total of 60 students applied for the scheme to follow postgraduate studies in 1999 and 15 benefited. Students were offered financial assistance to study restoration, veterinary medicine, dental surgery, music, aviation, psychology, post-graduate law and Information Technology, among other courses. To benefit from the Youth Specialisation Studies Scheme, students must present a letter of acceptance from the foreign educational institution they applied for, Mr Mugliett said. When necessary, students' academic performance and certificates will also be taken into account. The Credentials Committee is apolitical and includes representatives from the youth studies course at university, NSTS and the National Youth Council, he said.

The committee will assess applicants for their proven ability, future potential, past performance and the overall benefit to the nation.

APS chairman Emanuel Delia explained that applicants must be between 16 and 35 years old and wish to follow post-graduate or cultural courses which are between one year and three years long, although longer courses may be considered.

Applications should be given by hand to the Parliamentary Secretariat in the Ministry of Education by 10 June. Students not selected by the secretariat or wanting to apply after the closing date are requested to apply directly to APS bank.