"Education is a value for every state.
Educated citizens are the Foundation of any state"
The head of state annually in his Address to the people of Kazakhstan notes the need for education, instructs the development of new programs that contribute to improving the level of education of young people in Kazakhstan.
One of these programs was the introduction of a system of guaranteeing educational loans, through which applicants and students have the opportunity to get a loan to pay for their education in commercial banks. The guarantee of the state in the person of JSC “Financial center”, which is a subordinate organization of the Ministry of education and science of the Republic of Kazakhstan (Fincenter), acts as security for these loans to banks.
As you know, in the Republic of Kazakhstan, educational loans have been offered by commercial banks for a long time, but let’s try to clarify the difference between educational loans offered by banks without a state guarantee and state-guaranteed educational loans.
So what are the main differences between educational loans guaranteed by the state from ordinary consumer or unsecured loans? First, the interest rate and loan term-under the guarantee of the state loans are issued on more affordable terms. Secondly, bail is required only in certain cases. However, to obtain a loan under the guarantee of the financial Center requires the presence of one or two social borrowers / guarantors (any individuals – citizens of Kazakhstan).
The loan amount is not limited, as long as it does not exceed the cost for the entire period of training. This takes into account the solvency of the co-borrower / guarantor, i.e. income received at the main place of work. It is also necessary to add that there is a grace period, i.e. during the training period and 6 months after its completion, the loan payment is deferred. Early repayment of the loan is carried out without charging penalties.
The geography of the program is wide, these partner banks operate in all regions of the country. The mechanism for issuing loans is the same: the borrower applies to the Bank, receives advice, collects the necessary documents for registration and submits them to the Bank.
Now the student can plan his own future by his own efforts, deciding where to go, what specialty to acquire. We would also like to hope that the term set for employment and the established schedule for debt repayment will be an incentive for the student to study well and more actively seek employment opportunities, and will serve as a kind of life test for the young person, which will have a positive impact on his future life.
Getting a loan as a source of funding for education allows you to more effectively plan the family budget, as the family does not need to find a large amount in a short period of time to pay for education and significantly change the established order of expenses.
It should also be noted that such student Finance programs exist and successfully operate in many developed countries. We hope that the program will receive more and more positive responses and develop for the better in our country.
Thus, our state, supporting the main human potential of the country, actively creates conditions that do not give young people a chance to hope for their fate, but serve as a new opportunity for a successful future. Successful, modern and competitive professionals are what the state wants its successors to be.
JSC “Financial center” was established in accordance with the decree of the Government of the Republic of Kazakhstan dated June 1, 2005 No. 541 by transforming the state institution “Financial center” of the Ministry of education and science of the Republic of Kazakhstan.
The main subject of activity of JSC “Financial center” is the issuance of guarantees for educational loans provided by financial organizations, providing for the execution in cash, as well as ensuring the return of previously issued state educational and student loans.