CREDITS ON EDUCATION

The state support of providing students of higher school with educational credits

       On February, 1, 2008, the realization of the experiment on state support of providing students of educational institutions of higher professional education, which have state accreditation, with educational credits started.

       It was provided that the borrower would sign an agreement with the university on rendering educational services, and with the guarantor - an agreement on providing the guarantee. Then the borrower would apply to the bank - a member of the experiment - and sign an agreement of educational credit with it. The maximal percentage rate on an educational credit could not exceed 10%. The borrower was granted with delay on repaying the main debt and paying the percentage for the whole term of study in the university plus three months.

       The guarantee was the only means to ensure the fulfillment of obligations by the borrower. The reimbursement of expenses to the guarantor, which were connected with fulfillment of agreements of guarantee on educational credits, should have been realized in case of non-execution by the borrowers of obligations for their guarantors (with impossibility to exact funds from the borrower in favor of the guarantor). At this the state guaranteed reimbursement at non-return in the volume of 10% from the sum of the given credits. In total within the program "Credo" and the experiment more than 5 thousand credits were given.

       Since September, 1, 2009, according to the decree of the Government of Russia a new experiment on state support of educational credits, has been started. The term, during which agreements on new conditions of the experiment will be signed, is established until December, 31, 2013.

       A student (entrant) is provided with educational credits on privileged conditions. During the whole term of study in the university plus three months after its leaving a student does not pay the main debt of the credit to the bank; during the first and second year of using the educational credit a student pays only part of the percentage rate (40% and 60% correspondingly). At this the term, during which the credit is returned after finishing education in the university, is 10 years. Besides, a student does not have to provide guarantees for the credit (security or guarantee), and with advanced repayment there are no penal sanctions.

       According to the rules of the experiment university students will be able to receive credits for paying education under the state's guarantee, which will subsidize the functioning percentage rate of the creditor on ¾ of refinancing rate of the Central Bank. The maximal percentage rate on such credits, concluded between the bank and the student, cannot be higher than ¼ of refinancing rate, increased on 3% (at present 5,0625% per annum).

       The credit receiver can be a university student, who is the citizen of the Russian Federation at the age from 14 to 18 years old, or a full-aged citizen of the Russian Federation, who fits the criteria on progress in studies, stated by the Ministry, and who has signed an agreement of educational credit with the bank - participant of the experiment. The credit is given taking into account the receiving education and demand for specialists of the corresponding profile on labor market, starting from the prediction demand for specialists for the period up to 2013 and state plan for training research workers, specialists and labor force for organizations of military-industrial complex for 2007-2010.

       The list of universities is defined annually on the basis of selection, carrying put by the Ministry of education and science of Russia. In 2009-2010 56 accredited institutions of higher education participate in the contest (both state and non-state).

       At present the banks-participants of the contest are JSC "Sberbank of Russia" and JSCB "Soyuz". Within the experiment the state subsidize sums of non-returned educational credits to the banks in the size of up to 20% from the total volume of the given educational credits, and also the drop-down income in the size of ¾ of refinancing rate of the Central bank of Russia, actual on the date of signature of the agreement on educational credit, during the whole period of using the credit.

       Besides, university students, who previously took part in the program "Credo", also can express their wish with to participate in this experiment on conditions, provided by the decree of the Government of Russia of August, 28, 2009, N699 (except requirement to the progress in studies, and, correspondingly, to the university, in which they study).