ArmInfo.Conditions of student loans will improve in Armenia. The government of the Republic of Armenia at its March 21 meeting amended its decision of March 14, 2013 on subsidizing the interest rates of student loans.
Presenting the project, RA Minister of Education and Science Arayik Harutyunyan noted that at present, 10 commercial banks of the country are providing student loans. As of February 15 of the current year, 14,321 loans worth a total of 4.258 billion drams have already been issued.
With today's decision, the maximum threshold of student loan has been raised to 700 thousand drams, against the current 450 thousand drams. For the entire period of study, the state will send 2.8 million drams to co-finance this project for each student who attracts a loan, against the current 1.8 million drams. Moreover, the loan rate will be reduced by subsidizing by 3% and will be 9%, instead of the current 12%. This measure, as the minister noted, will help improve the financial condition of Armenian students.
In turn, Head of the Central Bank of Armenia Artur Javadyan stressed that for excellent students the interest rates will be reduced by another 2-3%.