At the beginning of 2021, President Bashar al-Assad of Syria provided a subsidy to the Student Loans Fund worth 5 billion Syrian pounds. Assad aimed to increase the amount of monthly and personal loans to university students across the Syrian governorates, thereby reducing the material burdens on the students and their families. This endowment came after legislative decree number 4 was issued, which exempts student loans from all fees and duties.
Ms. Asma al-Assad follows the fund’s work closely. She discussed the plan to provide the fund’s treasury with additional resources during a meeting with the board of directors for the fund’s general authority, as well as the heads of governorate branches. The additional funds will ensure that it can increase its financial portfolio and help deliver services to more students in the coming period.
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The fund provides financial aid to students to pursue their studies and educational qualifications by granting one loan type (either monthly or personal).
Mazen Asaad, director of the General Authority of the Student Loans Fund, revealed that this year, students submitted around 15,307 loan applications, amounting to a total value of 4,374,600,000 Syrian pounds. So far, 77 percent of the total amount applied for has been granted, equivalent to 3 billion Syrian pounds.
Asaad distinguished between the two types of student loans given in Syria. Under the personal loan, students start repaying two months after receiving the money and must repay within 30 months, at the rate of 10,000 Syrian per month. The monthly loan, on the other hand, requires students to start making repayments after graduation in 40,000 Syrian pound monthly installments. Students must repay the monthly loan in full within two years.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.