YEREVAN.- The Armenian government on Thursday decided to allocate AMD 21.5 million to the Finance Ministry to subsidize educational loans.  

Finance Minister Vache Gabrielyan explained that a loan granted to one student makes AMD 1.8 million. He said tuition fee in universities ranges from AMD 350 to 500 thousand. Thus, the loan will be fully sufficient for paying the tuition fee.

The loan is given for 10 years, only interest rate will be repaid during the first 4 years. Annual interest rate is 12%, with 2-3% subsidized by the government.

The program is implemented by the “Apartment to the Youth” universal credit organization, which will work with selected banks.

Gabrielyan recalled that educational loan was one of the campaign pledges given by the president.