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USAID Supports AUA Student Loan Program

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  • USAID Supports AUA Student Loan Program

    PRESS RELEASE

    June 6, 2004

    American University of Armenia Corporation
    300 Lakeside Drive, 4th Floor
    Oakland, CA 94612
    Telephone: (510) 987-9452
    Fax: (510) 208-3576

    Contact: Gohar Momjian
    E-mail: [email protected]

    USAID SUPPORTS AUA STUDENT LOAN PROGRAM

    USAID/Armenia's Spring 2004 Newsletter highlights its support of
    the American University of Armenia's (AUA) student loan program.
    Through a USAID-funded grant program, created by its implementing
    partner, the Eurasia Foundation, AUA received a $40,035 grant to
    continue providing financial aid options to make certain that every
    deserving student can afford a quality education. This grant enabled
    AUA to provide $28,800 in loans and $11,235 to administer the program.

    The USAID newsletter notes that higher education is essential for
    Armenia's development, but it must be both affordable and sustainable.
    AUA piloted and structured Armenia's first student loan program in
    2002 in response to the global economic downturn and rising student
    fees. Currently the $6,000 tuition fee is subsidized by AUA, and the
    student is asked to pay $1,750 per year, which is comparable to many
    of the other private institutions in Armenia. Over 70% of AUA students
    receive financial aid in the form of scholarships, work-study, and
    loans. The student loan program is an innovative concept and a model
    for replication by other universities.

    "In AUA's commitment to admit and retain students with demonstrated
    scholastic achievement and high intellectual potential, the
    University is determined to support student decisions to seek and
    complete a degree at AUA," stated AUA President Haroutune Armenian.
    "The loan program is a great step forward in increasing access to AUA
    and instilling a sense of personal and institutional responsibility
    among students as they repay their loans and extend the privilege to
    other students in succeeding years."

    Private contributions in memory of Dr. Steven Abashian and Nishan and
    Eskohee Abashian, and from the Turpanjian Family Foundation, Mr. Heros
    Noravian and Dr. Emma Zargarian, Dr. and Mrs. Haroutune Armenian,
    and Dr. Patricia Boyle more than match the Eurasia Foundation grant
    to make AUA's education more accessible.

    -----

    The American University of Armenia is registered as a non-profit
    educational organization in both Armenia and the United States and is
    affiliated with the Regents of the University of California. Receiving
    major support from the AGBU, AUA offers instruction leading to the
    Masters Degree in eight graduate programs. For more information about
    AUA, visit www.aua.am or www.aua-mirror.com.
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