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About Student Loan in a Simple Way
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About Student Loan in a Simple Way
 

Credit of free use (Student Loan1)

 

Credit of fixed use (Student Loan2)

 

What is Student Loan?

 

Student Loan is a special loan that can be requested for students participating in higher education. For the credit application no income, guarantor or any other funds are needed.

Who can borrow? (general conditions)

 

He or she who has reached the age of 45, is a Hungarian citizen, is recognized as a refugee, has a residence / immigration permit, has a valid student’ legal status in a higher educational institution, has enrolled to the given study programme period, has reported his or her place of residence in the register of Personal details and residential addresses.

 

In what financing form can it be borrowed by the students?

 

It can be borrowed by students having been admitted to state grants or self-financing programmes; furthermore, studying in the earlier programme system, in a state-financed and self-financed programme.

It can be borrowed by students having been admitted to state grants or self-financing programmes.

What amount can be borrowed?

 

The students having been admitted to state grants or self-financing programmes furthermore, studying in the earlier programme system, in a state-financed and self-financed programme are eligible to a monthly amount of 15, 21, 25, 30, 40, 50, 60 or 70 thousand Hungarian Forints. The applied amount can also be requested in a lump-sum semester or in monthly instalments.

 

The amount that can be borrowed has no upper limits. The student participating in a self-financing programme can borrow an amount that is equal to his or her payment obligation with the institution, i.e. the applied credit amount cannot be higher than the real amount of the self-cost.

For how much time can it be borrowed?

 

Student Loan can be borrowed for a maximum period of 11 academic semesters, for a maximum of 5 academic months per semester. If the student takes part in a single, undivided programme and the programme period lasts for more than 11 academic semesters then the eligibility period will be equal to the programme period but it cannot last longer than 14 academic semesters. Should a student have both Student Loan1 and Student Loan2 contracts at the same time then the eligibility periods will move together.

 

What can it be spent on?

 

The credit aim is determined by the student, the amount is transferred to the bank account number at the client’s own name.

The Student Loan of fixed use can be spent exclusively on the payment of the programme cost. The Student Loan Centre transfers the money directly to the higher educational institution.

Can it be borrowed for studies abroad, as well?

 

The student can get the Student if he or she participates in a programme in the EEA directed towards obtaining the higher educational institution’s degree, which provides a higher educational degree also recognized in Hungary. If the client has the legal status of student in a Hungarian higher educational institution and he or she is carrying out partial studies abroad then the general rules will apply to the application of the Student Loan.

 

No, it can only be borrowed for studies in a higher educational institution in Hungary.

How can the Student Loan be applied for?

 

The form required for the application at the Student Loan online administration interface, it can be filled out at Student Loan Direct, and then after printing and signing it, submitted directly in the higher educational institutions, which is the simplest way of sending it, even though it can also be done at the financial institutions, saving banks, post offices cooperating with the Student Loan Centre. Starting from the academic year of 2013/14, there is also an opportunity to apply for Student Loan from the student interfaces of the electronic academic systems of the universities and colleges, and then they need to be printed at the Academic Department of the higher educational institution or submitted directly at the Personal Client Service of the Student Loan Centre.

 

Until when can I apply a Student Loan?

 

If you would like to receive money as early as at the date of the first transfer then, in the autumn semester, no later than until the 15th September or in the spring semester, until the 15th February, you should submit your credit application datasheet. The date of the first disbursement of the Student Loan is October the 15th in the autumn semester and, in the spring semester, the 15th of March. Those who request the credit during the semester, at the occasion of the first disbursement, retroactively, will receive their money before the beginning of the semester. In the autumn semester, the last submission deadline is the 15th of December, in the spring semester, the 15th of May.

 

The Student Loan Centre transfers the fixed-use credit to the account of the institution, following the valid credit application simultaneously with the enrolment (in the enrolment period), until the 15th day of the 2nd academic month of the given academic semester.

When should the repayment be started?

 

The repayment obligation is valid from the first day of the fourth month after your legal status as a student is terminated but no later than you reach the age of 45. The repayment obligation may be suspended until the first day of the fourth month after you reach the age of 45, if the Credit borrower still has a student’s legal status when reaching the mentioned age.

 

How much repayment should be made?

 

The amount of the monthly repayment instalment in the first two years is adjusted to the minimum wage and, starting from the third repayment year, it is adjusted to the gross income. In the case of the Student Loan of free use this will be 6% of the minimum wage and then 6% of the income from two years before.

 

In the case of Student Loan of fixed use, the amount of the instalment depends on the amount of the credit debt and, in the first two repayment years, 4 to 11% of the minimum wage; whereas, from the third year, 4 to 11% of the gross income from two years before.

 

How much is the interest on Student Loan?

 

Just as well as every other credit, Student Loan has an interest starting from the date when the first amount is transferred to the student’s bank account. The interest on Student Loan is variable. The amount of the interest is determined by the Student Loan Centre according to the rules specified in the Governmental Decree for each semester. The valid interest rate is 1.99%.

 

Just as well as every other credit, Student Loan has an interest starting from the date when the first amount is transferred to the student’s bank account. The interest on Student Loan is variable. The amount of the interest is determined by the Student Loan Centre according to the rules specified in the Governmental Decree for each semester. The Student Loan of fixed use works with state interest support, the interest to be paid by the clients is 0% per year. The State undertakes the remaining part of the interest.

 

Is there an opportunity for early repayment?

An early repayment can be made any time, with any frequency, in any amount, free of charge. An early repayment can be made any time, with any frequency, in any amount, free of charge, as well as in the compulsory repayment period, besides transferring the monthly instalments before the deadline.

 

What benefits can be used?

Aimed interest support: During the period of this benefit, the obligation of the charged operational interest is undertaken from the credit borrower by the State, as a result, during the period of the benefit, the a credit borrower’s debt does not increase with the operational interest. The circle of those who are entitled: who are entitled to pregnancy confinement benefit, child-care fee or home-care allowance (in the case of home-care allowance, in the case of full-time earning activity, we cannot guarantee the support).

 

Aimed interest support: In the case of Student Loan of fixed use, the aimed interest support cannot be used.

Suspension of repayment obligation: During the period of this benefit, there is no need to pay the compulsory repayment instalments. The circle of those who are entitled: who are entitled to pregnancy confinement benefit, child-care fee or home-care allowance, as well as rehabilitation or disability allowance, also, those who establish a new legal status as a student after their repayment obligation is started but before reaching the age of 45.

 

Mitigation of the repayment instalment: At the Student Loan Centre, the clients request the mitigation of their specified repayment instalment for a maximum period of 36 months. Circle of those entitled: those who are repaying Student Loan according to their income; thus, are at least in the 3rd year following the beginning of their repayment obligation and are not paying the repayment instalment specified on the basis of the minimum wage, as well as those in the case of who the amount of the possibly existing arrears has not reached or exceeded the termination threshold value.

 

Application:

STUDENT LOAN1 APPLICATION

STUDENT LOAN2 APPLICATION