Scarcely a day goes by without further evidence the current economic disaster which is impacting the world has serious consequences for a variety of people and organizations. Many individuals and organizations depend on loans in order to function. Russia has witnessed expansion of its educational institutions and in recent years, many students have taken out loans in order to attend the university. It is estimated only about one percent of the nation’s seven million students require loans in order to make it through higher education. Anton Repnikov, a third year student at the Higher School of Economics took out a $9,455 loan in order to avoid being an economic burden on his parents, and now encounters difficulty in obtaining a loan for this year.
Loans are often required for students in Russia who pay fees to study at state higher education institutions. There is some evidence loans are more common among business majors than most other students in Russia. The money for loans is drying up and it might be necessary for the Russian government to step in and deal with still another problem arising from the economic meltdown.