Savings Bank and the Bank "Union" will give educational loans on concessional terms

Savings Bank of Russia and the "Union" at the end of April this year will be issued for university students educational loans on concessional terms - about 5% per annum. This was stated today at a press conference on Tuesday, Deputy Minister of Education and Science Minister Vladimir Miklushevsky. Ministry of Education and Science (MES), Russia will soon sign agreements with Sberbank and Bank Soyuz to offset the refinancing rate a quarter of the Bank of Russia. The Government will provide guarantee for 20% of the loan in case of loan default. Note that last year the government planned that students will receive loans on special terms from September 1, 2009. "The maximum rate on loans, which can enter the bank, representing one quarter of the refinancing rate plus 3%, today little more than 5%. The remaining three-quarters of refinancing for student bank compensates the state in the form of grants," - he explained. This is a record low rate, the official said. Borrower will be entitled to delay, that is, he will be able some time to repay the loan. This exemption will be granted for the entire period of study in high school and another three months, which are given to ensure that the graduate could get a job. "On the part of the interest in the first and second year of the loan also provides respite. But the remaining interest for the period of the loan (from the third year) student must pay. It teaches him to payment discipline," - noted the deputy minister. The young person must return all the money in 10 years. It is noteworthy that the student is not required to provide collateral for the loan (bond or guarantee). "In essence, the guarantor of the loan is the state, which provided a special subsidy, which allows you to cover possible losses if loan defaults" - said Miklushevsky. According to officials, not all students will be eligible for such loans. The student must learn well, his profession should be called the economy. In addition, the credit will be issued only under study at universities that provide quality education.