On June 17, 2021, the Education Student Loan Fund was established. Thanks to the Fund, the annual tuition fees of students with high academic performance are paid. After graduation, the student must repay this amount to the fund within 10 years. This mechanism helps the student pay tuition fees on time, but at the same time keeps the graduate under a loan obligation for a long period.
In this case, the question arises: Does the Education Student Loan truly support the student, or does it burden them with debt?
Regarding the topic, to AzEdu.az, Gunay Akbarova, Secretary of the Public Council under the Ministry of Science and Education spoke.
Our interviewee noted that today the reality is that thousands of families want their children to continue their higher or vocational education, but face difficulties in paying the annual tuition fee in a lump sum:
"When answering this question, I believe the main issue is to look at the intention and philosophy of the mechanism. The main goal in establishing the Education Student Loan Fund was not to indebt young people, but to prevent them from being excluded from education. Today, the reality is that thousands of families want their children to continue their higher or vocational education, but face difficulties in paying the annual tuition fee in a lump sum. It is at this point that the Fund creates a breathing space for students and parents.
The Education Student Loan primarily saves the student time. Young people study by focusing on mastering their chosen specialization, rather than being stressed by 'How do I pay the tuition fee now?' For parents, this mechanism transforms a large financial burden that could instantly shake the family budget into a long-term and planned obligation. This is a very significant advantage, especially for low-income and socially vulnerable families."
The Fund does not leave the student alone even after graduation:
"Looking at international experience, we see that this model is not a new or risky approach. For example, in countries like the USA, Great Britain, and Australia, student loans have been applied for decades and are considered one of the main tools in the massification of higher education. In these countries too, graduates do not start repayments for education immediately, but only after they start earning an income. In other words, the philosophy is the same: first education, then gradual responsibility.
However, in the reality of Azerbaijan, the distinguishing feature of the Education Student Loan Fund is its social orientation. The forgiveness of a certain part of the loan amount for students with high academic performance, the availability of social loans, the absence of age restrictions, and the ability for several children from the same family to benefit from this opportunity – all these indicate that the mechanism is structured not only as a financial tool but also as a tool for social justice.
Another important point is that the Fund does not leave the student alone even after graduation. Support for graduates' employment, financial literacy training, career and internship programs prove that this mechanism does not operate merely on the principle of 'give money, then take it back'. This approach also creates trust for parents: their child's future is considered not only with a loan obligation but also with a support mechanism."
Therefore, I view this question as follows:
The Education Student Loan exists not to burden students with debt, but to ensure access to education and create opportunities for the future. If this mechanism did not exist, thousands of young people today would either drop out of their education or be excluded from higher and vocational education altogether.
In conclusion, I would like to say that the Education Student Loan is not a 'debt story,' but a story of faith in education. When used correctly, this mechanism is a strategic investment in human capital for the student, the parent, and society as a whole."
