YEREVAN, March 14. /ARKA/. Armenia’s government approved Thursday subsidiary programs within the frames of State education advancement program 2011-2015.
Thus, some 21.5 million drams will be allocated from the reserve fund for subsidized student preferential loans in the first quarter of this year.
Finance Minister Vache Gabrielyan said students will be able to get a loan four times, and the maximum amount of all loans should not exceed 1.8 million drams.
“The maximum amount is 450,000 drams per year, and the students will be able to pay their tuition,” he said and noted an average tuition is 350,000-500,000 drams a year in Armenia.
The student loans’ annual interest rates will stand at 12 %, and 2% of it will be subsidized by the government (3% for students with an excellent academic performance).
“The loans will be given for 10 years with a 4-year grace period. During the first four years the students will be obliged to repay the interest rates, and afterwards the whole sum,” he noted. ($1 – 412.75 drams).—0-
