Education Student Loan Fund – a 4-year path to success!
On June 17, 2021, the Education Student Loan Fund was established by Decree No. 1367 signed by the President of the Republic of Azerbaijan, Mr. Ilham Aliyev. The main goal of this Fund, operating under the Ministry of Science and Education, was to improve the social well-being of young people studying in our country, expand access to education, and support students who have been excluded from higher education due to limited financial resources.
The Fund, which is not commercial in nature and does not aim to generate income or profit, is not satisfied with financial support alone, but also aims to contribute to the well-being and future success of students. During its four years of operation, the Fund has become a positive turning point in the lives of thousands of students. Unlike the experiences of other countries, the Azerbaijani model of education student loans has become an exemplary system for the region, distinguished by its lower interest rate, longer repayment period, and student-oriented social approach.
One of the main principles of the Fund's activities is to support students who want to study but have financial difficulties and at the same time reduce the financial burden on families. In order to implement this mission, the Fund offers two types of educational student loans: social educational student loans and standard educational student loans. Social loans are offered to children from low-income and special category families at an annual interest rate of 2%. In general, educational student loans are primarily granted to students who are eligible for social assistance. If a student does not fall into this category, he or she can apply for a standard educational loan at an annual interest rate of 6% and benefit from this opportunity if he or she meets the specified conditions.
Loan repayment begins after the student completes his or her education and is employed. This is a socially oriented approach designed to prevent the student from facing additional financial burdens during his or her education. The fact that applications are accepted through the fully electronic platform e-ttkf.edu.az portal in a transparent, simple and fast manner has also made the process more accessible.
To date, thousands of students from different regions of the country have benefited from educational loans through TTKF. The Foundation's partnerships with higher, secondary and vocational education institutions and the positive attitude shown by the public once again confirm the social importance of the Foundation. During the 4-year period of its activity, more than 30 Memorandums of Understanding were signed, as a result of successful partnerships established, 1,522 students who benefited from student loans were involved in trainings through the Foundation, 611 students and graduates were directed to internships, and more than 300 graduates were mediated in finding jobs.
The Foundation’s activities are not limited to financial support only – it also changes the society’s perspective on education and plays an important role in promoting the lifelong learning model. As a clear example of this approach, a total of 2,207 students from 1,092 families benefited from education loans due to two or more students from the same family receiving higher education.
Thousands of young people who have benefited from the TTKF over these years have already taken their place in the labor market as graduates. Among them are teachers, engineers, lawyers, and entrepreneurs, which demonstrates the real and long-term social impact of the Foundation.
From the day the Fund started its activities to the present day, out of more than 70 thousand applications received on the electronic portal, the formalization of student loan agreements with more than 57 thousand can be considered as the result of the successful step taken by thousands of young people on the path to education. 34.6% of them are social, and 65.4% are standard student loans. In terms of gender distribution, 61.6% of loan agreements are for female students, and 38.4% are for male students. Of the formalized loans, 69.3% are for bachelor's degrees, 24.7% are for master's degrees, 5.5% are for secondary specialized education, and 0.5% are for vocational education. To date, a 50% discount has been applied to 428 social loans that have begun repayment and have high academic performance, and a 25% discount has been applied to 990 standard loans. In total, a little more than 466 thousand manats have been donated.
As a result, the Education Student Loan Fund has not only been an institution providing loans in the last 4 years, but also a place of hope for hundreds of families and a social project that has changed the future of thousands of young people. All these achievements are the result of the value and support given by our state to education. On this occasion, we express our deep gratitude to all employees of the Fund, partner institutions and all students who have walked the path of education with us. We will continue to stand by our young people with the same determination and responsibility in the coming years.
Education Student Loan Fund – a 4-year path to success!
On June 17, 2021, the Education Student Loan Fund was established by Decree No. 1367 signed by the President of the Republic of Azerbaijan, Mr. Ilham Aliyev. The main goal of this Fund, operating under the Ministry of Science and Education, was to improve the social well-being of young people studying in our country, expand access to education, and support students who have been excluded from higher education due to limited financial resources.
The Fund, which is not commercial in nature and does not aim to generate income or profit, is not satisfied with financial support alone, but also aims to contribute to the well-being and future success of students. During its four years of operation, the Fund has become a positive turning point in the lives of thousands of students. Unlike the experiences of other countries, the Azerbaijani model of education student loans has become an exemplary system for the region, distinguished by its lower interest rate, longer repayment period, and student-oriented social approach.
One of the main principles of the Fund's activities is to support students who want to study but have financial difficulties and at the same time reduce the financial burden on families. In order to implement this mission, the Fund offers two types of educational student loans: social educational student loans and standard educational student loans. Social loans are offered to children from low-income and special category families at an annual interest rate of 2%. In general, educational student loans are primarily granted to students who are eligible for social assistance. If a student does not fall into this category, he or she can apply for a standard educational loan at an annual interest rate of 6% and benefit from this opportunity if he or she meets the specified conditions.
Loan repayment begins after the student completes his or her education and is employed. This is a socially oriented approach designed to prevent the student from facing additional financial burdens during his or her education. The fact that applications are accepted through the fully electronic platform e-ttkf.edu.az portal in a transparent, simple and fast manner has also made the process more accessible.
To date, thousands of students from different regions of the country have benefited from educational loans through TTKF. The Foundation's partnerships with higher, secondary and vocational education institutions and the positive attitude shown by the public once again confirm the social importance of the Foundation. During the 4-year period of its activity, more than 30 Memorandums of Understanding were signed, as a result of successful partnerships established, 1,522 students who benefited from student loans were involved in trainings through the Foundation, 611 students and graduates were directed to internships, and more than 300 graduates were mediated in finding jobs.
The Foundation’s activities are not limited to financial support only – it also changes the society’s perspective on education and plays an important role in promoting the lifelong learning model. As a clear example of this approach, a total of 2,207 students from 1,092 families benefited from education loans due to two or more students from the same family receiving higher education.
Thousands of young people who have benefited from the TTKF over these years have already taken their place in the labor market as graduates. Among them are teachers, engineers, lawyers, and entrepreneurs, which demonstrates the real and long-term social impact of the Foundation.
From the day the Fund started its activities to the present day, out of more than 70 thousand applications received on the electronic portal, the formalization of student loan agreements with more than 57 thousand can be considered as the result of the successful step taken by thousands of young people on the path to education. 34.6% of them are social, and 65.4% are standard student loans. In terms of gender distribution, 61.6% of loan agreements are for female students, and 38.4% are for male students. Of the formalized loans, 69.3% are for bachelor's degrees, 24.7% are for master's degrees, 5.5% are for secondary specialized education, and 0.5% are for vocational education. To date, a 50% discount has been applied to 428 social loans that have begun repayment and have high academic performance, and a 25% discount has been applied to 990 standard loans. In total, a little more than 466 thousand manats have been donated.
As a result, the Education Student Loan Fund has not only been an institution providing loans in the last 4 years, but also a place of hope for hundreds of families and a social project that has changed the future of thousands of young people. All these achievements are the result of the value and support given by our state to education. On this occasion, we express our deep gratitude to all employees of the Fund, partner institutions and all students who have walked the path of education with us. We will continue to stand by our young people with the same determination and responsibility in the coming years.
