Budapest, 23 June 2011 – Effective 1 July 2011, the interest rate on the Student Loan is reduced by another half a percentage point to reach an all time record low of 8%. The amounts available under the loan schemes remain unchanged.
Thanks to the consistent financing policy and the clients’ repayment discipline, the Student Loan Centre has set an interest rate that is an all time low in its 10-year history for the next semester. As a result, the interest rate will drop to 8.00% between 1 July and 31 December 2011.
The Student Loan Centre still does not use any taxpayer’s money as it brings in the necessary resources from the capital market under a state guarantee. It collects the external financial resources required to finance the programme from the capital market in the form of short-term standby credits and long-term loans from commercial banks and Hungarian and foreign special financing institutions, as well as by issuing public bonds. One of the key elements of the funding is the third financing agreement with the European Investment Bank, which provides long-term loans under favourable conditions to the Student Loan Centre for the 2011–2013 period in the amount of HUF 38 billion. Since the summer of 2010, the ownership rights of the Student Loan Centre have been exercised by Magyar Fejlesztési Bank Zrt., which also offers favourable financing conditions to the Company.
The amounts of the Student Loan available have not changed. Students under the self-financed scheme may borrow up to HUF 50,000 per month while their counterparts on state-financed courses are eligible for a monthly amount of up to HUF 40,000. In addition, students in higher education under 40 can still opt for the HUF 15, 21, 25 or 30,000 loan amounts not only in Hungary but also when studying abroad.
