The savings Bank has stopped issuing education loans

The savings Bank has stopped issuing education loans on favorable terms to students, it is reported “Kommersant” with reference to his press service. The Bank explained that this decision is connected with the optimization of the Ministry of education state programme for the support of educational crediting.

“In connection with the optimization program of support of educational crediting, the Ministry of education and science of the Russian Federation Sberbank has temporarily suspended the provision”, — said in response to Sberbank. The Bank said that the timing of the resumption of acceptance of applications depends on how quickly the Ministry will make changes to the legislation. Sberbank added that they are interested in “the completion of legal procedures before the start of the new academic year.” Provision of trenches for contracts concluded until 31 December 2016, shall be made without restrictions.

The Ministry of education assured that the optimization program does not provide for the reduction of its funding. According to the representative of the Ministry, the savings Bank has stopped issuing student loans, as entered into force the government decision No. 702 of July 20, 2016 “On the application of the underlying indicators in the calculation of the parameters of the interest rate subsidies at the expense of Federal budget funds on loans”. Under the new rules in the documents guiding the implementation of the program, you must make changes, otherwise it will increase risks for recipients of the loan, said the Ministry.

To support the program of educational crediting banks may issue educational loan of up to 100% of the training period the training period plus ten years. The rate on this loan is 7.5%, while the government subsidizes 3/4 of the refinancing rate. The program involved two banks — Sberbank and Bank, but the second in September 2016 has been revoked license.

According to the data of the savings Bank from July to September 2016, the program issued about 480 million rubles, which is twice the volume of lending over the same period of 2015.