At first glance this student loan program looks like similar programs around the world. Selection is based on need, there is a year's grace after graduation, interest rates are kept reasonably modest, assets or cosigners are not required, and the loans target students who have already shown academic promise. But where the program is different is in the capitalization. The loans are funded through in-kind contributions from the higher education institutions (HEI) involved. "Each of the HEIs pledged a small number of study places at their respective institution as an in-kind contribution.... eliminate necessity of upfront investment from government or private sources." This greatly reduces the cost of providing the loan.
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