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About Student Loan in a Simple Way
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The Characteristics Of Student Loan1
For how long am I entitled to borrowing of the credit?

The Student Loan can be borrowed for 10 academic semesters, for a maximum of 5 academic months per semester. If you are taking part in a single undivided programme and the programme period is over 10 academic semesters then the eligibility period will be equal to the programme period but cannot be over 14 academic semesters.

The eligibility period is reduced with the number of months equal to the number of months the Student Loan has already been received.

How much credit can be borrowed?

You are free to choose the amount to be transferred to your bank account.

Students can apply

  • 15 thousand,
  • 21 thousand,
  • 25 thousand,
  • 30 thousand,
  • 40 thousand
  • 50 thousand
  • 60 thousand
  • 70 thousand Hungarian Forints per month.

The Student Loan can be borrowed in monthly instalments or in one amount every academic semester. He or she who requests disbursement per each semester in a lump sum will receive the 5-month Student Loan in a lump sum for the entire semester.

In accordance with the amendment of the Governmental Decree in force from the 13th February 2009, all those who have concluded a Credit Contract before the 15th May 2012 and whose parents are job seekers or who is an orphan or who is half-orphan and their living parent is a job seeker, can apply for a maximum of two academic semesters, a monthly amount of 50,000 HUF if they are participating in a state-supported programme and a monthly amount of 60,000 HUF in the case of a self-financed programme. You can read more about all this here.

How much is the interest of Student Loan1?

In accordance with the Credit Contract, we charge an operational interest after the amount of the disbursed loan. Charging the interest starts from the day of the first disbursement, the interest must be paid until the loan is paid back.

The Student Loan interest varies. The amount of the interest is specified according to the rules included in the Governmental Decree. The interest rate is 1.99%.

The current interest is valid from the first day of every calendar semester. The interest is announced in an announcement in Népszabadság and Magyar Nemzet, on our website as well as in the higher educational institutions, at least seven days before each calendar semester.

The risks of credit borrowing.

The Student Loan is a special credit construction personalized for university / college students, the repayment of which is safe, predictable and is adjusted to the financial status of average fresh graduates. By adhering to the simple rules below, the risks of Student Loan can be minimized:

  • Both Student Loans have daily interests, which means that from the first day of credit borrowing until the day of repayment, the interest calculated on the capital debt is accumulated on a daily basis. In the case of both credit constructions, the unpaid interest gets capitalized at the end of each year on December the 31st. According to this, someone who decides to borrowing the Student Loan must be aware of the fact that the borrowed credit amount ( without any continuous early repayment or pre-delivery ) can grow following the beginning of repayment.
  • If there is an opportunity, it is worth making early repayment already during the university / college years so that the directly the capital debt can be decreased.
  • Student Loan1 is credit of an interest varying each semester. Follow the changes of the interest rate, which is announced at www.diakhitel.hu by the Student Loan Centre.
  • In the first two years of repays, the amounts of compulsory repayment taking place on the basis of the minimum wage were so low that they typically do not cover for the interest calculated annually, on the capital. We recommend you to transfer an amount higher than the one prescribed, according to your possibilities, this way avoiding a situation where the debt will grow in the first period of the repayment.
  • Repay the Student Loan must be started in the fourth month following the termination of the student’s legal status. The fact that the client is registered as a job seeker does not provide any exemption from this. Should you have any payment difficulties, contact one of our client service points as soon as possible and get information about any repayment opportunity.
  • The repays of the Student Loan must appear on the account of the Student Loan before the 5th day of every month. Should this not occur, the client gets into arrears and a default interest higher than the operational interest will be charged on their overdue debt. Thus, it is worth initiating the transference a few days earlier.
What is worth knowing about repayment.

In a unique way, paying back the Student Loan does not have to be started immediately after the credit borrowing. Repayment must be started only following the termination of the student’s legal status; also, no later than starting from the first day of the fourth month following the day when he or she turns 45.

What can the amount of the repayment instalment be?

The system of Student Loan repayment has been established in a way that, adapting to the credit borrowers’ material opportunities, they can repay in proportion with their income.

In the year when the repayment obligation starts and in the year following it, on the basis of the minimum wage, we specify the amount of the repayment instalment. The amount to be paid in this period, on the 31st of October, is 6 percent of the valid minimum wage.

Starting from the third year of the repays, the basis of the calculation of the repayment instalment is the income from two years earlier. In 2011, those who are at least in their third repayment year, must pay on a monthly basis the 1 / 12 part of 6 percent of their annual income in 2009. At the same time, if, two years before, somebody did not have any income or it was only minimal then, even in their case, the repayment instalment cannot be less than 6 percent of the previous year’s minimum wage. (In the case of those having used the monthly 50 thousand Hungarian Forints the measure is different.)

Since the amount of the repayment instalment can change every year, the monthly amounts to be paid in the next year are communicated in an official letter to the repayments before the 15th of December every year.

In the case of repayments in proportion with the income, the income data required to specify the repayment instalment are provided to the Student Loan Centre by the National Tax and Customs Administration of Hungary.

In case the Credit borrower already has a Student Loan Direct Inbox, the letters informing about the repayment instalment are sent to them electronically.

What will be the possibilities to make early repayments?

Any time during the maturity of the credit, you will have the opportunity to pay an extra amount, above the amount of the compulsory repayment instalment, with a separate transfer. You can early repay without limitations and without paying any extra charges.

Attention: early repayment does not mean any exemption from the payment of the compulsory repayment instalment.

As the main rule, the amount of the early repayment decreases the capital debt directly. Out of the amount of the early repayment, we are entitled to subtract the amount of the overdue debt existing against our client involved and only the amount above this will we will credit directly out of the capital debt. The early repayment is accounted for on the day when the amount arrives at our account.

Early Repayment may occur exclusively in the form of a separate transfer but to the same bank account as used for the repayments (In the case of Student Loan1: 10032000-01800126-00000000, In the case of Student Loan2: 10032000-01800157-00000000). In every case, include the expression “early repayment” and your eight-digit contract number into the comment box of the transfer order.

What will be the consequences of failing to repay?

Default interest

If the compulsory repayment instalment arrives late at our account or the payment fails then we will charge a default interest on the amount of the arrears.

The arrears grow on a daily basis with the amount of the default interest until your debt is settled. Before you paid your arrears you are advised to ask for the exact amount of the debt in your Student Loan Direct Inbox or call our client service number.

Termination of the Contract

In accordance with the Business Regulation, we are obliged to terminate the Credit Contract with immediate effect

  • if the credit borrower is in debt with the repayment of more than 12 monthly instalments, in case the credit borrower does not repay his or her debt within the deadline specified in the written notice of the Student Loan organisation,
  • if he or she has used the Student Loan unlawfully,
  • in the case of serious breach of contract (e.g. failing to report name change or change of permanent address of residence)

Following the termination, his or her entire debt is required to be paid in a lump sum (within 8 days). In case, following the expiration of the deadline, his or her debt is not settled the entire credit debt is forwarded to the Magyar Követeléskezelő Zrt. (Hungarian Debt Management Ltd.), with the aim of recovery.

Following the termination of the contract, the benefits that can be guaranteed by the Student Loan Centre (aimed interest support, suspension of repayment obligation, mitigation of repayment instalment, reporting a new student’s legal status) cannot be requested anymore.

Central Credit Information System (according to the Hungarian version – Központi Hitelinformációs Rendszer – abbreviated as KHR)

In the national database of KHR, the data of every credit borrower client is recorded, as well as the date and amount of the credit borrowing. It also contains the details whether the credit has been paid back by the client without incidents or if his or her Loan or Credit Contract has been significantly breached or if they have or had payment omissions, overdue debts. These details are taken into consideration by every financial institution for example when providing credit, in case the client agrees to this in accordance with KHR’s approval statement. In case the approval is refused, other financial institutions cannot have access to the data; however, the fact that the approval has been denied will be included in the records.

A guide to the KHR form for approval statement

The Student Loan Centre forwards the data of the following to KHR (earlier called BAR):

  • those in whose case the amount of the overdue and unpaid debt, at the date of falling into delay, is more than the smallest amount of monthly minimum wage and the delay over this minimum wage amount exists continuously, for more than 90 days,
  • those who, when initiating the conclusion of the student’s Credit Contract provides unreal data, use a false or forged document, in case all this can be proven by an official documen,
  • those whose data already having been submitted are changed and this becomes known.

The financial enterprise handling KHR saves the details of the credit borrower for 1 year starting from the settlement of the debt or the date of delivery and then, afterwards, deletes them.

30 days before submitting the data, we inform the client in writing that his or her details can be recorded in KHR, should they not fulfil their obligation. Within five days following the delivery, we inform the client in writing about being recorded in KHR.

The conditions of being recorded in KHR are described in detail in the KHR Information Leaflet.