There is no quota on the Tertiary Education Loan Scheme and students who meet all the criteria, qualify for this loan.

TSLB Chief Executive Bobby Maharaj says the quota system is only applicable to the National Toppers Scholarship.

The clarification comes after claims were made that the TSLB has run out of money and is no longer funding students.

“Now for TELS we have no restrictions on the number of students we can fund. The criteria is this – depending on which scheme the students are applying for, for instance if they are applying for TELS new – they have to have a qualification of Year 13 and this would have been done in 2011 or thereafter and if they can secure a place at the Universities we will fund them. So there is no restriction on the number of students we can fund under TELS.”

The Board was allocated over $41m in the current budget and Maharaj says this will cater for all the new and existing students.

More than 3, 600 applications for student loans have been processed as of last week.