As is known, the Decree of the President of the Republic of Azerbaijan dated June 17, 2021 No. 1367 established the "Education Student Loan Fund" under the Ministry of Education of the Republic of Azerbaijan, as well as the Resolution of the Cabinet of Ministers of the Republic of Azerbaijan dated July 24, 2021 No. 226 approved the "Procedure for granting educational student loans at the expense of the Education Student Loan Fund”.
The ESL mission is to ensure the accessibility of education for all, especially for low-income segments of the population, as well as to create equal opportunities in education and to expand the education scope. This loan is provided with government support at very low interest rates and for a long term (15-22 years, depending on the level of education).
Paid full-time students at the undergraduate and graduate higher education levels are eligible for the ESL.
There are social and standard types of the ESL. Just students to present socially vulnerable families will be able to use the social Education Student Loan, and loans to them are provided on preferential terms.
The stated below students have the right to use the social ESL from the first semester (half-year) of the first academic year of their education:
- Members of families receiving targeted state social assistance (support);
- Those with third degree disability;
- Both parents (if there is a single parent, that person) related to any of categories stated below:
- Persons with 1st or 2nd degree disability;
- Those registered as unemployed;
- Recipients of old-age pensions;
- Recipients of old-age social benefits.
Students not eligible to receive a Social Education Student Loan, as well as those meet below listed conditions, will be able to exercise this right:
- Those whose total score on the student entrance exam for the first semester (half-year) of the first academic year exceeds the minimum threshold established by the Board of Trustees of the Fund, and pays at least 20 percent of the annual tuition fee.
- For other semesters (half-year), those with a GPA of 71 or higher (intermediate assessment score of those studying in vocational education institutions of 71 points and above) and those who pay at least 20% of the annual tuition fee.
To identify the right of students to receive a standard Education Student Loan, the Board of the Fund Trustees has approved the minimum total score required for the first semester (half year) of the first academic year:
- 300-700 points for Bachelor's Degree;
- 50-100 points for Master's Degree;
During the statutory training period, as well as grace and deferral period, no interest is charged on the loan and no repayment of the loan is required.