MIED capped another fruitful year by organizing its annual cheque presentation ceremonies. For the year 2009, two cheque presentation ceremonies were held to hand out loans amounting to RM 2,690,885.00 to 329 students.

The first cheque presentation ceremony was held on 11 February 2009 at the Netaji Hall at the MIC Headquarters. Chairman of MIED, YBhg. Dato’ Seri S. Samy Vellu handed out cheques amounting to RM 1,519,615.00 to 186 students out of which RM 1,232,765.00 exclusively to 144 students who preferred to pursue an education in the field of medicine.

A sum of RM 1,171,270.00 to 143 students was handed out at the second cheque presentation ceremony which was held on 13 May 2009 at the Dynasty Hotel, Kuala Lumpur.

In his speech at both the functions, our chairman emphasized that the study loan program is funded from a revolving fund and, as such, prompt repayment of the loans will enable MIED to give financial aid to other eligible and deserving students. He also stressed that we will not be able to help educate many other deserving Indian students if this revolving fund is not refreshed.

Due to limited resources, MIED has restructured the loan program to allocate funds on yearly basis and not for the whole duration of course. For instance, if a student pursues a three year course in any discipline, MIED would allocate the study loan for the first year only and the other two years must be funded by the student’s parents or guardians. Additionally, students with current loan balance exceeding RM40, 000 will no longer be eligible for further loans. However for those who have already submitted their loan application form in this year were considered on a case to case basis.

This arrangement has been incorporated in the study loan structure with a view to making more students avail themselves of the loan facilities. It would also mean that the additional loans for a particular student for the remaining years would be strictly based on the academic performance of the student. This arrangement is expected to inject in the parents a sense of responsibility towards their own wards.