1 billion rubles will be allocated for preferential loans for students in Russia

The Russian government will allocate over 1 billion rubles to support the educational loan program, with state support at 3%. Prime Minister Mikhail Mishustin announced this at a government meeting the day before.

Funding has already been provided for in the federal budget. More than 145 thousand preferential loans for college and university students will be subsidized with additional funds.

Recall that, by order of the president, in 2020, the rate on educational loans with state support was reduced to 3% per annum. You can take out a loan to obtain secondary vocational and higher education starting at 14. The difference between the preferential and market rates is reimbursed to banks by the state. At the same time, only interest on the loan can be paid for the entire study period plus 9 months after its completion, and the rest of the debt must be repaid within 15 years. If desired, the loan can be repaid early and without commission.

Author: Laysan Zakirova