Accessible student loans scheme extended

The Malta Development Bank (MDB) has announced that the Further Studies Made Affordable Plus (FSMA +) scheme has been topped up by the Ministry for Finance, to ensure continued access to concessional student loans.

Launched with the objective of easing access to subsidised finance for students undertaking post-secondary and tertiary studies, the FSMA schemes have already played a key role in enabling individuals to pursue their educational goals.

This increase in funding ensures that no eligible student currently awaiting financing is impacted by the Scheme’s highly successful take-up. The current FSMA+ scheme is being intermediated through Bank of Valletta plc.

Moreover, a new Scheme will be launched shortly, supported by fresh EU funds under the new programming period and additional national resources. A new call for expression of interest will be issued for intermediary banks to operate the new Scheme.

Since its inception, the FSMA schemes have benefitted close to 750 students, with a total support of nearly €33 million.

The average loan amount per student was around €40,000, enabling students to cover tuition fees, accommodation expenses, and other education-related costs. The Scheme also helped to reduce the financial burden on families and incentivised young people to pursue further studies locally and abroad.

Alison Micallef, MDB’s Chief Executive Officer, welcomed the progress of the scheme: “It is highly encouraging to witness so many students benefiting from this initiative to pursue studies aligned with their professional aspirations. It is promising to see a growing number choosing interesting disciplines that mirror the shifts in our economic landscape.”