With reference to the Prime Minister’s Special Scholarship Scheme (PMSSS), consider the following statements:
1. It aims to provide funding to 5,000 meritorious students each year to study in private and government educational institutions across the country.
2. The term of the scheme was due to end last year, but the Central government decided to extend it for another five years for the benefit of students.
Which of the statements given above is/are correct?