Through Millennium Foundation’s support, Terabank starts long-term student loan program

03 Aug 2020

Terabank starts offering long-term student loans with the financial assistance of the Millennium Foundation. The aim of the joint bank product is to ensure the sustainability of educational projects implemented within the U.S. Millennium Challenge Corporation II Compact. The student loan model has been developed based on the best international practice and is dedicated for Georgian high and vocational education students.

"We are glad that together with the support of the U.S. and Georgian Governments, we are able to start offering student loan programs via the commercial bank selected by the international tender. It's worth mentioning that this new model of financing will support the sustainability of massive investment in education done by the Millennium Challenge Corporation and will increase accessibility of programs" , - stated Magda Magradze, CEO of the Millennium Foundation.

The student loan program is offered to those students who are enrolled at internationally accredited higher and vocational programs in Georgia, priority will be given to Science, Technology, Engineering and Math (STEM) disciplines. The financing model fully meets the students' requirements as grace period includes 12 months after the graduation date.

"Terabank is one of the first financial institutions to start offering loans program tailored to the needs of students in Georgia. This is a very important project for us. We are very pleased to have the opportunity to contribute to the development of the education system and help students increase access to education," - Terabank said.

The long-term student loan program has been developed within a public-private partnership model between the Millennium Foundation and Terabank. This unique partnership was made possible through the U.S. Millennium Challenge Corporation $140 million Compact. The partnership agreement between the Millennium Foundation and Terabank will support to increase access to education in the country.