Useful information / Guarantee fund / Student Loans Guarantee Fund “Enseignement Plus”
Student Loans Guarantee Fund “Enseignement Plus”
To promote the private higher education sector in Morocco, and in view of the objectives set by the government especially with regard to training in the field of engineering, the government has set up a guarantee fund, “Enseignement Plus”, to guarantee bank loans, granted to students registered in private institutes and colleges, to pay for registration and tuition fees, in part or in full. The Central Guarantee Fund is in charge of managing the Fund.
The guarantee fund, the first of its kind, will provide financial support to Moroccan university students, often faced with difficulties to finance their higher education. All banks will be involved in this new fund, several banks having already ratified a convention with the Central Guarantee Fund regarding this new product.
Who can apply to the Fund?
To be eligible for guarantees provided by the Fund, students must meet the following requirements:
be a Moroccan national
be no more than 25 years of age on the date of application for a bank loan
be fully registered, or provide a temporary registration certificate, at a private higher education institute or college approved by the government, in one of the following branches of study:
computer and telecom engineering;
electronic, mechanical and electrical engineering;
financial engineering;
chartered accountancy;
business management.
What are the financing conditions?
Students meeting the following requirements are eligible for guarantees provided by the Fund:
loans are exclusively intended for the payment of registration and/ or tuition fees to private higher education institutes or colleges. The loan can also be used to pay for bank application fees as well as life-invalidity insurance;
MAD 100,000 maximum per loan, and MAD 20,000 maximum per year of study;
12-year maximum repayment period, with 5-year maximum deferred repayment. Whether the deferred repayment applies to capital only or applies also to interest is left to the discretion of the bank and the beneficiary;
interest rates are freely negotiated by the bank and the beneficiary, but should take into account the guarantee provided by the Fund;
the loan money is directly paid to the private higher education institute or college by the bank.
Guarantees provided by the Fund cover up to 60% of the repayment of capital on loans granted by the bank, plus normal interest, as well as overdue interest, as the case may be. Applications for guarantees provided by the Fund should be addressed to the Central Guarantee Fund via a banking institution.
Who can apply to the Fund?