Emin Əmrullayev
Baku/18.06.21 / Turan: The Student Educational Credit Fund (SECF) has been set up to finance the education of young people from low-income families, according to the Minister of Education, Emin Amrullayev.
Note that the SECF will be funded mainly by the state.
Its authorized capital is set at 80 million manats.
Loans will be provided in two types – for socially sensitive groups at 2 percent per annum, and those not belonging to this group – at higher interest rates.
According to the Minister, loans will be issued to pay for training at a cost from 900 to 9,000 manats.
It is worth reminding that the amount of interest and payments will be dependent upon students ' entrance and transition points.
The loans will be allocated for a period of 20 years.
In case of non-solvency of borrowers, the fund can provide deferrals.
The Minister explained that the funds will not be issued to students personally but be transferred to the account of the university where they receive their education. –06D-
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