The Further Studies Made Affordable (FSMA) scheme and its successor, FSMA+, have created a financial lifeline for nearly 530 Maltese students over four years, offering loans amounting to around €20 million.

The initiative, a collaborative effort by the Malta Development Bank (MDB) and Bank of Valletta (BOV), supported by the European Social Fund Plus, has opened doors for students that once seemed firmly shut.

Marisa Said, at the helm of the Consumer and Microbusiness Finance Department at BOV, sees the scheme as a cornerstone of the bank's commitment to education: ‘The BOV Studies Plus+ subsidised loan has emerged as our flagship product for students needing substantial funding for their studies.’

These schemes aren't just about numbers; they're about potential. They've enabled students to pursue courses in innovative fields like environmental economics, climate change, and health management. 

Silvio Attard, a Senior EU Affairs Officer at MDB, sees this as an investment in Malta's future workforce. ‘The schemes have opened possibilities for students to chase their ambitions and ultimately contribute to a skilled workforce,’ he notes.

The financing model stands out for its comprehensive support, covering not just tuition fees but also accommodation, living, and travel expenses for overseas studies. This holistic approach eases the financial burden on students, allowing them to focus on their education.

With popular courses ranging from aviation to economics, the scheme has catered to a diverse array of academic interests. The approach taken by the MDB and BOV reflects a broader vision: to empower Maltese students to pursue their academic goals, irrespective of their financial background. Paul V. Azzopardi, CEO of the Malta Development Bank, summarises this ethos: ‘We are enabling students to follow their academic dreams, regardless of their family resources.’ 

In the broader scope of Malta’s educational narrative, the FSMA and FSMA+ schemes represent a significant milestone. They exemplify how targeted financial support can unlock the potential of students, paving the way for a more skilled and innovative workforce. This story is not just about loans and subsidies; it's about nurturing ambition and enabling a generation to build their future.