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Higher education loan? Easy!

March 15 2005

The idea of an educational loan, which allows to get paid higher education to many young people, by chance or lack of training is to get to the entrance exam score, you want to train on a budgetary basis, has been the past few years, literally in the air. And, finally, gained shape.

It is about boys and girls who have great desire and the normal potential for decent professional knowledge and skills but are unable to fully pay for their education. And these young people in our homeland free from well, very low income of most people, just "a dime a dozen." Talents of a Russian land is still not skudeet, but the money for proper clearance and to be able to later use of these talents is not all.

So that's retarded good impulses of the best sons of Mother Russia to make a worthy contribution to its development and prosperity. So here and hang out "failed Plekhanovs, University and Ziolkowski in this life between heaven and earth, while money does not accumulate (that not everyone can), if not involved in any nonsense and a complete" destroem. And the country loses, and loses all kinds of wealth and profit from the normal realization of his same creative and intellectual potential.

Now, however, the horizons of expectations of trying to light the knowledge guys, finally cleared up. Beginning in February 2004., So far only two major Russian cities - Moscow and St. Petersburg, in the most prestigious high schools began to operate the program, "Credo." "First signs" was a joint experiment of the Moscow company "Crane", Bank Soyuz and the Russian Academy of Economics (CEA) named after Plekhanov. And with the beginning of the academic year 2004 to 2005. "Credo" sell for four of the leading Russian universities: Moscow State University, St. Petersburg State University, MSHA and CEA. The program covers all the faculties of these institutions.

All today on the program "Credo" is trained 358 people, representing approximately 2-3% of the total number of students.

What kind of innovation and how it is good? First of all, it is good for its conditions. Any young man who dreams of higher education in prestigious universities and has successfully passed the entrance exams, but does not achieve the required number of points can be credited to paid training, as it were "in debt". Namely: the candidate who wrote the necessary application and passed the interview at the bank "Union" is given credit for training for up to 10 years. The loan amount can be up to 25.000 U.S. dollars - that within this figure varies fee for the entire period of study at major universities in our country. Thus, for their own education student will not "pull the money" with their parents and will pay for themselves - not least with the material and ethical concerns, and just makes him more responsible and independent.

Thus, the eligibility requirements "Credo":

1. Age of 16 years.
2. Academic ability, confirmed by a certificate of secondary (full) general education;
3. Positive results on the basis of competitive tests in high school in 2004;
4. Citizenship of the Russian Federation;
5. Permanent residence on the territory of the Russian Federation;

The only capital that an applicant has - it is his knowledge. Loans under the "Credo" takes into account the socio-economic status of borrowers, or loans will not demand, or create a problematic situation with the return. Accordingly, when granting educational loans is a major target of the future intellectual capital of the borrower, rather than financial.

p align = "justify"> So, unlike conventional loans issued by other banks in Russia, the percentage of the loan is at least - 10%, and the loan does not require otherwise, collateral or guarantee. For loan repayment and the interest thereon, if necessary given to the postponement of the training (so-called "grace period"). That is our Credo-student "may be quietly without distractions, 5 years studying full-time favorite high school, and money to pay for it gradually, after already when it begins in full force to work as a well-trained specialist. While the grace period for any loan is usually only a year or slightly more, and even during this time the borrower must repay the interest ascended.

Also, the hallmark of "Credo"-a loan is the target (only tuition) and not lump, and posemestrovaya payment of money in tranches - the bank "Union" together with "Crane" and the leadership of the university evaluated a "ward" for academic success of each session and decide to transfer the necessary sums for the next semester. Total fees (U.S. $ 25.000 loan plus interest) over 10 years will be about 38.000 U.S. dollars.

However, students have the opportunity to begin a partially repay its debt after the first year of study - say, at the expense of some additional work. In this case, the bank will make recalculation of the loan and interest payments, so the total payout will decrease. Thus, after 5 years from the date of issuance of the first tranche of the loan of 15.000 dollars (at a cost of education 3.000 per year) the amount of debt will amount to 15.000 U.S. dollars, plus interest - 4.125 dollars. Total 19,125 U.S. dollars. In the case of a loan to 25.000 dollars (at the cost of training 5,000 dollars a year) after 5 years from the date of issuance of the first tranche of the loan amount owed will be 25.000 plus 6.875. Total 31,875 U.S. dollars.

In many cases, based on information about the progress of the student, his abilities, etc., the bank may decide to change the credit terms. For example, if a high level of achievement in the process of student learning can be lowered interest rate.

So, we introduced the general situation and are so new to our country a convenient and promising educational courses "Credo" is already successfully operating in the most prestigious universities in Moscow and St. Petersburg. Already in the next academic year will be a sizeable expansion of geography and a professional orientation program.

We continue to discuss implementation of the "Credo" and soon will provide you with experiences of the participants in our next publications. We suggest you join us to participate in the discussion on the pages of our publication of this acceptable to people with low levels of wealth ways to get the desired education.

You can discuss the program of "Credo" and its conditions on our forum .


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