The Ministry of Education Changes Policy for Student Loans

10 November 2009

KIMEP students will now be able to receive government-backed preferential student loans, according to a recent press release issued by the Ministry of Education.

In a series of sweeping changes, the government program to supply student loans has been overhauled to allow all students, regardless of program specialty or year of study, to receive these loans.  The program was initiated to help students continue their education during the current financial crisis and should positively affect many KIMEP students facing financial hardship.

These loans carry several special terms that make them considerably more attractive than private loans.  Students are given a year-long grace period after graduation.  This should allow students to find jobs and become financially secure before having to begin repaying their loans.

With a repayment period of 17 years, recent graduates should not feel burdened by having to make excessively large payment installments.

In order to qualify for government-backed student loans, students must exhibit financial need.  Also, they must have a gpa of 2.67 or higher, or a UNT score of 65, for first year students.

The KIMEP Corporate Development Department is currently making arrangements with Alliance Bank to issue government-backed student loans to KIMEP students.  Interested students should contact Student Financial Services to check if they are eligible and to begin the loan application process.

The full press release of the Minister of Education can be found here.