How and who will receive it? – Haqqin

On November 25, Azerbaijan began accepting applications for student loans. To obtain a loan, students can apply to the Student Educational Loans Fund through the website www.e-ttkf.edu.az. Credits will be issued only for tuition fees. Haqqin.az was told about this in the Ministry of Education.

Before introducing the system in Azerbaijan, the Ministry of Education studied the experience of other countries in this area. The student loan system operates in more than 60 countries around the world. The main goal is to ensure students’ access to education, increase state support for the education system, eliminate social barriers, diversify the mechanism for financing education, etc.

To obtain a loan, no guarantees and collateral are required

Only citizens of Azerbaijan who study at public and private universities operating in the country in accordance with the requirements of the legislation can apply for a student educational loan. Student educational loans will be provided by semester. A separate application must be submitted for each semester.

It should be emphasized that full-time students have the right to receive a loan on a paid basis at the bachelor’s, master’s, residency, secondary specialized education and higher technical vocational education levels.

Part-time students will not be able to use the loan. Also, credit will not be given to students with academic debt and students who receive education in excess of the standard period of study. Students who have educational benefits (who have lost both parents, from martyr families, disabled people and internally displaced persons) will not be provided loans, since their education is paid by the state.

Student loans are divided into two categories: standard and social.

Social loans will be provided to persons who are members of a family receiving targeted social assistance, persons with a third group of disabilities, those who have unemployed parents, or parents of retirees, etc.

In the first semester of the first year standard student loans will be awarded to those who have scored 300-700 points at the bachelor’s level, 50-100 points at the master’s level, 110-300 points at the sub-bachelor’s level, who pay at least 20 percent of the annual tuition fee. In the remaining semesters – if the student’s academic performance is at least 71 points.

How to apply for a student loan

First, the student notarizes a number of agreements related to the conclusion of a loan agreement. Then the student enters the portal e-ttkf.edu.az and fills out an application for a loan. The student must enter personal data. Information about your education and parents. After entering all the necessary data, which the student can also edit if necessary, the educational institution approves the application, the system determines the student’s right to receive it. Students who are denied a loan can apply for it again after the reason for the denial has been eliminated.

After approval for a loan, the amount is transferred from the bank to the university.

Student loan interest rate

Also, the Board of Trustees of the Student Credit Fund, in coordination with the Cabinet of Ministers and the Ministry of Education, approved the interest on student loans. This is 2% per annum for the social student loan for education and 6% for the standard student loan for education. The student loan will be insured and issued in manats through banks.

Discounts will be awarded to students who do well during the academic year. According to the student loan policy, if a student receiving a social education loan has an average graded score of 91 or higher in all semesters (an intermediate grade of 91 or higher for students in vocational education institutions), then the student will be exempted from 50 percent of the payment. credit. Students with standard student loans will then receive a 25 percent discount on the loan.

The loan amount per semester is determined for each academic year in the amount of half of the annual tuition fee approved by the relevant orders of the Cabinet of Ministers.

The term for granting a loan depends on the stage and level of education of the student. This period can be 14-22 years for a student studying at the bachelor’s level, 12-18 years at the master’s level, 12-19 years for a sub-bachelor’s degree in secondary specialized education and vocational education.

To return the loan, the student is given 2 years to engage in labor or business activity after graduation. This period is called the grace period, during which the graduate is not obliged to repay the loan, interest for these years is not charged. However, if a graduate finds a job before the end of the grace period, he is obliged to start paying off his loan. Also, a student can close his loan ahead of schedule.

For persons who do not repay the loan in accordance with the payment schedule, payments will be withheld from wages or other income by a court decision.

Benefits of a student loan over a consumer loan

The main advantage of a student loan over a consumer loan is that it allows you to defer payment, in other words, it allows the borrower to get on their feet first, and then gradually begin to pay off the debt.

It also has a very low interest rate. The borrower can be the student himself (if he has reached the age of 18), who does not need to prove his solvency.

These reforms once again demonstrate that the education sector is one of the priority areas for the Azerbaijani state, which is taking important steps to increase the accessibility of higher education and create equal opportunities for all. In this situation, students only need to study well, because good studies are the key to their successful future.

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