Student loans were created in 2001 by the Government of Hungary to provide loans to students who need some financial support for their studies. Over the years, the interest rate on student loans has not reached half of the average interest rate on other types of loans (eg personal loans). Until 2012, the amount of the student loan could be used for free use, but from August 15, 2012, the student loan with fixed use appeared, which the student can use only for the training costs. Student Loan1 is the official name for Loan Loan and Student Loan2 for Loan Loan. Over the course of 16 years, more than 378,000 student loans have been disbursed, meaning that a significant number of students benefit from student loan facilities. Criticism at vazlda.com
Who can claim it?
For Student Loan1 and Student Loan2:
- has not yet reached the age of 40
- Hungarian citizen
- have a valid student status at a higher education institution
- has a Hungarian address card
- has a residence or immigration permit
- recognized as a refugee
A person who has had a student loan contract but has been terminated and has not paid off his / her debt, as well as the 2015 CV, cannot apply for any type of student loan. According to Article 26 (6) of Act I of 2003, it may not conclude a new loan if it has legally initiated debt settlement.
Also, it is worth knowing that the Student Loan is last disbursed in the semester in which the creditor reaches the age of 40.
How do I delete it?
In each case, repayment of the student loan is adjusted to the individual’s ability to pay, with the monthly installment being 6% of the current minimum wage for the first two years and 6% of the average monthly gross income for the third year. Monthly repayment of the student loan must start from the 4th month after graduation. Prepayment is free during and after your studies.
The interest rate will remain low next year!
At very favorable rate of 2.3%, you can apply for Free Student Loan1. This 2.3% record is low, as we have seen interest rates of around 4% in recent years. According to our current information, this 2.3% interest rate will remain unchanged next year, so students can still apply for credit on more favorable terms. Student Loan2 still has an interest rate of 0%, but it is important to know that Student Loan2 can only be applied for by students who pay for their own expenses to pay their tuition fees.
After the third child the whole debt is released
Women whose first child is born after January 1, 2018 are suspended for three years, and half of the student loan debt as a non-repayable state interest subsidy for the second child. When the third or more children are born, the entire debt is released. Adopted children, of course (like CSOK) do have this opportunity. In case you have both Free Student Loan1 and Student Loan2, you can only apply for one loan.