Turkish President Erdogan says government has decided to waive interest on student loans
Turkish President Recep Tayyip Erdogan has announced that the country’s government will waive interest on student loans, meaning students will now only have to pay the amount they borrowed.
As Daily Sabah reports, this statement was made after a Cabinet meeting when the President addressed the nation.
Erdogan noted that students start repaying their loans two years after completing their studies, and those who do not find a job during this period can defer payment through the e-government system.
“Until today, the annual update of loan repayments was made based on the development of the domestic producer price index, not a specific interest rate, and no interest was not applied”, Erdogan said, according to the newspaper, adding that there had been unexpected numbers in student loan updates due to recent inflation.
The President further said that some 3,157,000 young people will benefit from such a decision, including 1,049,000 who are expected to pay after completing their studies, 812,000 who are on loan but have not yet obtained their diploma, as well as some 1,295,000 whose debt repayment is monitored by a tax office.
“With this decision, we have eased a load of more than TL 26 billion in total,” Erdogan was quoted as saying by the Daily Sabah.
The report indicates that in his address, Erdogan also said that it was important to bring about improvements in the health sector and to provide conditions for all health professionals so that they can carry out their work in safely and in peace.
As a result, he pointed out that the government has decided to increase the amount of payment for medical students at state universities who will receive as much as the minimum wage. Previously, this amount was equal to one third of the minimum wage.
Turkish universities offer a wide range of programs and are renowned for their quality education. According to Erdogan, Turkey has a comprehensive system of student loans, scholarships and higher education hostels in the world.
The country is also an excellent study destination for international students. In 2021, Turkey had 224,053 students, an increase of 21% compared to 2020, when there were 185,047 students.
Culture and Tourism Minister Mehmet Nuri Ersoy has confirmed that more than 165,000 international students have applied for a Turkish scholarship this year.
In a statement, President of the Presidency for Turks Abroad and Related Communities, Abdullah Eren, said that every year nearly 4,000 students benefit from “Türkiye Scholarships”, a higher education program offering scholarships for international students funded by the Turkish government.