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About Student Loan in a Simple Way
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Characteristics Of Student Loan2
Do you study abroad?

Student Loan2 of fixed use cannot be requested for studies abroad. We suggest you to request Student Loan1 of free use.

For how long are you entitled to borrow the credit?

Student Loan2 can be borrowed for 10 academic semesters, for a maximum of 5 academic months per semester. If you participate in a single, undivided programme and the programme period lasts for more than 10 academic semesters then the eligibility period will be equal to the programme period but cannot last longer than 14 academic semesters.

The eligibility period is decreased proportionately with the number of semesters when you have already received Student Loan2.

How much can the borrowed amount be?

The student participating in the self-financing programme can borrow an amount that is equal to his or her payment obligation with the institution and the applied credit amount cannot be higher than this amount. The applied credit is transferred by the Student Loan Centre directly to the university / college.

How much is the interest of Student Loan2?

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

The interest of Student Loan2 is variable. The amount of the interest is specified according to the rules included in the Governmental Decree.

Student Loan2 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.

The current interest is valid from the first day of every calendar semester. We announce the interest at least seven days before every calendar semester as announcement in two national daily newspapers, on our website, as well as in the higher educational institutions.

The risks of credit borrowing

Student Loan2 is a special credit construction personalized for university / college students, its repayment is safe, predictable and is adjusted to the financial status of the average fresh graduate. By adhering to the simple rules below, the risks involved with 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 is accumulated on the capital debt on a daily basis. In the case of both credit constructions. According to this, he or she who decides to borrow Student Loan must be aware of the fact that the borrowed credit amount (without continuous repayment or early repayment) can also grow after starting the repayment.
  • If there is an opportunity, it is worth executing early repayment already as early as during university / college years; thus, the capital debt is can be decreased directly.
  • Student Loan2 is a credit of variable interest per semester; however, the instalment to be paid by the client is a fixed 2% at the moment.
  • In the first two years, the amounts of the compulsory repayment on the basis of the minimum wage are so low that they typically do not cover the annual interest calculated on the capital. We recommend you to transfer an amount higher than the prescribed minimum amount, according to your opportunities; this way avoiding that the debt further increases in the first repayment period.
  • Following the repayment of the Student Loan it must be started in the fourth months after the termination of the student’s legal status. The repayment obligation also exists in the case when the client is registered as a job seeker. Should you have any payment difficulties, we recommend you to contact one of our client service points as soon as possible and obtain information about your repayment opportunities.
  • The Student Loan repayment must arrive before the 5th day of every month at the Student Loan account. 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 starting the transfer 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.

The credit borrowers must repay the amount of the credit and the interest. The debt consists of two parts: the capital debt and the operational interest. The Interest unpaid in the given year is capitalized once, on the 31st of December.

What can the amount of a repayment instalment be?

The repayment system of Student Loan2 has been established in a way that, adapting to the credit borrowers’ material opportunities, they can repay in proportion with their income.

The amount of the repayment obligation depends on the amount you have borrowed during your studies.

In the year when the repayment obligation starts and in the year following it the compulsory repayment instalment is defined on the basis of the minimum wage. The amount to be paid In this period, is a specified percentage of the minimum wage valid on the 31st of October of the previous year.

– 1,000,000 HUF 4%

1,000,001 HUF – 2,000,000 HUF 5%

2,000,001 HUF – 3,000,000 HUF 7%

3,000,001 HUF – 4,000,000 HUF 9%

4,000,001 HUF – 11%

Starting from the third year of the repayment the basis of the repayment instalment calculation is the income from two years earlier. In the case of those at least in their third repayment year, for example, in 2020, 1 / 12 of a specified percentage of their annual income in 2018 must be paid on a monthly basis. At the same time, in case, two years ago, someone did not have any incomes or these were minimal then, even in his or her case, the repayment instalment cannot be less than the percentage specified on the basis of the previous year’s minimum wage according to the above table.

Since the size of the repayment instalment can change every year, we inform the repayers about the monthly amounts to be paid in the next year before the 15th December every year, in an official letter.

In the case of repayment in proportion with the income data required for the specification of the repayment instalment is provided to the Student Loan Centre by the Hungarian Tax and Duty Office.

In case the Credit borrower already has a Student Loan Direct Inbox, the letters notifying about them electronically.

What will be the possibilities to make early repayments?

Any time during the maturity of the credit, above the compulsory repayment instalment, you will have the opportunity to carry out extra payment, in separate transfers. You can make early repayments 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 a 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 and we lend merely the amount above that out of the capital debt. We account for the early repayment on the day when the amount arrives at our account.

Early Repayment is exclusively possible in the form of a separate transfer but to the account identical of that used for repayment (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 failure to repay?

Default interest

Should the compulsory repayment instalment arrive late at our account or should the payment fail to arrive then we will charge a default interest on the amount of the arrears.

The arrears will grow on a daily basis with the amount of the default interest unless you settle your debt. Before paying for your arrears, we recommend asking the exact amount of the debt through your Student Loan Direct Inbox or over our client service phone number.

Termination of the Contract

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

  • should the credit borrower stay in debt with the repayment of more than 12 monthly instalments, in case the credit borrower does not fulfil their obligation within the deadline specified in the written notice sent by the Student Loan organisation,
  • if he or she borrowed Student Loan unlawfully,
  • in the case of serious breach of contract (e.g. failing to communicate the change of name or permanent address of residence)

Following the termination, your entire debt must be paid in a lump sum, within 8 days. Following the expiration of the deadline, his or her debt is not settled then the entire credit debt is submitted to the state tax authority, with the aim of recovery.

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

Central Credit Information System (KHR)

In the national database of KHR, the details of every credit borrower are recorded, as well as the credit borrowing and its amount. 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 when for example borrowing, should client approve this, according to KHR’s approval statement. In case the approval is denied, 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, uses a false or forged document, in case all this can be proven by an official deed,
  • 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.