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: gohar@auac.net

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.

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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 or