Further Studies Made Affordable

The Further Studies Made Affordable (FSMA) financial instrument (BOV Studies Plus+) is a new financing solution providing €5.5 million in soft loans, targeted for individuals seeking further studies. This facility is being offered through the collaboration between the Malta Development Bank, Bank of Valletta and the Managing Authority for EU Funds. The Financial Instrument is financed under the Operational Programme II – “Investing in human capital to create more opportunities and promote the wellbeing of society” which is co-funded by the European Social Fund Programme 2014-2020.

The initial fund allocated by the Managing Authority to this financial instrument has been set at an amount of up to €2 million with the possibility of increasing this amount to €3 million should there be a demand.
 
The objective of the financial instrument is to support the development of human capital and is aimed to meet the financing needs of students seeking to pursue a study programme for accredited courses in MQF levels 5, 6, 7 and 8 as well as other internationally-recognised certificates. The eligible students shall be entitled to receive support for the activities related to tuition fees, accommodation costs, subsistence expenses and other expenses to further their studies in Malta and abroad.

Loans under this facility can be up to a maximum of €100,000 with a term of up to 15 years including a maximum moratorium period of 5 years. Students benefit from a subsidy on all the interest payments during the moratorium period which is being financed through a grant, and an attractive interest rate thereafter. Due to the guarantee of 80% provided by the MDB, no collateral or up-front contribution will be requested from the student.

The facility is available through Bank of Valletta, acting as implementing partner of the MDB.

Link to the Q&A provided by Bank of Valletta which can be accessed from this link.

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