Commitment, value, merit, these are the values underlying the initiative with which Intesa Sanpaolo launches its Impact activity: an accessible loan made available to all students attending Italian universities, 1.660.000 guys, in every University and in every Faculty, and above all in every economic and social condition, because the loan does not require any personal or family guarantee.
It is the first initiative in Italy with these characteristics and launches the Intesa Sanpaolo Impact programme. In Italy the numbers of university education are alarming: we are last in the rate of transition from high school to university (46%) in the incidence of out of course (48% in the three-year and 13,2% in the specialist); first for abandonment rate (32%). The situation is more critical in the South, where the number of subscribers is reduced by 15% and the abandonment rate exceeds 45%. All this places Italy in the penultimate place in Europe for the number of graduates out of citizens aged between 25 and 34 (27% vs EU 38% and OECD 44%).
And yet, studying up to the highest levels of education is worthwhile: Istat certifies this in the 2017 survey on the workforce, both in terms of employment rate (72% university graduates vs. 63% high school graduates) and average income (an adult graduate earns 55% more than an unqualified person; 39% more than a middle school graduate; 25% more than a high school graduate). Maybe for that too registrations rose by 5,1% in the last two years; still too little.
For these reasons, Intesa Sanpaolo has decided to promote Per Merito to expand access to higher education, one of the most important and urgent problems in the country. For Merit is a loan that every university student can obtain on the sole condition of engaging in one's own formative growth.
All students enrolled at the University will be able to apply from next February online the loan directly on the Intesa Sanpaolo website, with a line of credit that grows progressively on condition that a study rhythm of at least twenty credits (2/3 of the exams) is maintained per semester. An annual amount of 3 euros per year is granted for on-site students, therefore 9 euros for the three-year course and 15 euros for the five-year course (3+2). Off-site students are granted a loan of 5 euros per year due to higher residence costs, therefore 15 for the three-year course and 25 for the five-year course.
The amounts are disbursed on a six-monthly basis in tranches of 1500 and 2500 euros respectively. The Bank leaves it up to the student's responsibility to withdraw what he believes on the basis of his needs. There are also specific solutions for enrolling in a university abroad or for attending a master's degree. After the university degree has been obtained, a two-year grace period begins, after which the repayment of what has been used must begin, with diluted installments up to a maximum of fifteen years. In addition, it will be possible to suspend the return three times and in case of early termination there will be no additional costs. The rate is fixed, defined at the time of subscription and will not change for the entire duration of the loan.
For universities operating in the field, the possibility of private financing must complement and strengthen, not replace the solutions that the Right to Study offers: in the last three years, despite great difficulties, the number of scholarships has grown although not all eligible candidates receive the scholarship. Furthermore, in a context that sees a reduction in family economic capacity, the growth in registrations is in any case a positive sign, to be strengthened also thanks to the availability of loans.
Carlo Messina, Managing Director and CEO of Intesa Sanpaolo, he declared: “University education is certainly one of the determining factors for the growth of our country. The initiative we are launching seeks to structurally expand access to Italian universities by addressing all students. It is the first instrument created thanks to the Fund for Impact, a central element of our Business Plan designed to provide new opportunities for accessing credit. Launching Impact activities aiming at the development of the most valuable human capital, young people, is a significant sign of faith in the country's future."
