The Fund’s Board is the highest governing body and oversees its activities.

In accordance with § 4(1) of Act No. 396/2012 Coll. on the Fund for the Support of Education, as amended (hereinafter the “Fund Act”), the scope of the Fund’s Board includes, in particular:

1. approval of loans
2. approval of loan terms and application submission deadlines
3. Approval of the allocation of financial resources for loans under § 10(5) and determination of the maximum loan amount for this purpose,
4. approval of financial resources under § 1(3)(b) and (c),
5. election and dismissal of the Chair of the Fund’s Board,
6. approval of the Fund’s Statute, the Board’s Rules of Procedure, the Fund’s Organizational Regulations, and other internal regulations of the Fund, if their approval does not fall within the competence of other Fund bodies,
7. appointment and dismissal of the Fund’s Director and determination of their salary in accordance with the Labour Code,
8. approval of the Fund’s budget,
9. Approval of the Fund’s annual report,  
10. approval of the Fund’s development strategy and the sustainability of its activities,
11. approval of the Fund’s annual financial statements audited by an external auditor,
12. Decisions on requests for debt forgiveness or partial debt relief,  
13. decisions on postponement of loan repayments or extensions of loan maturity if there is no statutory entitlement to such postponement,
14. approval of taking loans from banks, branches of foreign banks, or international institutions of which the Slovak Republic is a member,
15. providing opinions on other matters entrusted to the Fund by law or the Fund’s internal regulations.

Further details regarding the competence of individual Fund bodies are specified in the Fund’s Statute.

The Fund’s Board consists of nine members, of whom:

• five members are appointed and dismissed by the Minister of Education, Science, Research and Sport of the Slovak Republic,
• three members are appointed and dismissed by the Students’ Council of Higher Education Institutions, one of whom represents students in doctoral study programs, and
• one member is appointed and dismissed by the Minister of Finance of the Slovak Republic.

The term of office for a Board member is three years, and membership on the Board is non-transferable.