This selection, announced by Altum at the end of June, is open to any credit institution, and bank applications are accepted indefinitely.
–
According to Altum, Swedbank is currently in the selection process, but it is possible that another credit institution may apply over time.
–
Representatives of Swedbank informed LETA that the bank is going to issue a state-guaranteed study and student loan in 2020/2021. academic year and has submitted an application to the financial institution “Altum”. It is planned that Swedbank will start issuing study and student loans from mid-August.
–
Until then, any interested party has the opportunity to apply for information on receiving state-guaranteed loans on Swedbank’s website, and as soon as the issuance of loans begins, the bank will inform each interested party.
–
From now on, when applying for a study or student loan, prospective students will no longer need a second guarantor to assume the obligation in case the borrower is unable to repay the loan – this guarantee will be provided by the financial institution “Altum”.
–
Also, the study ceiling will not be set in the future, as it was before – the maximum study credit will be in the amount of tuition fees. The state will continue to subsidize study loan interest payments during studies and one year after graduation. In turn, for new parents after the birth or adoption of a child, the student loan payment amount in the amount of 30% will be repaid. Until now, the loan amount was repaid to only one of the parents, but in the future both parents of the child will have this opportunity.
–
The bank was informed that it will be possible to apply for a state-guaranteed study or student loan immediately after concluding an agreement with the university. In addition, from this year, applying and concluding an agreement will be possible remotely in Swedbank’s Internet bank. In turn, the bank will apply the state guarantee itself after evaluating the application and signing the contract – prospective students will not have to do anything extra.
–
Before applying for a state-guaranteed loan, the student must be a customer of the respective bank. Those who are interested in these loans, but are not yet Swedbank customers, will have to open an account, which can also be done remotely.
–
As reported, until now, study loans with a state guarantee were issued by SEB banka, which announced at the beginning of July that it would no longer do so in the 2020/2021 academic year. Since 2010, SEB banka was the only bank that provided loans with a state guarantee to students.
–
“Evaluating the necessary resources to implement changes in the current study loan administration process and prepare a new infrastructure, SEB banka has decided not to participate in the selection for the possibility to issue study and student loans in the 2020/2021 academic year,” the bank was informed.
–
At the same time, the bank pointed out that this decision will not affect the study and student loans issued so far – the bank continues to fulfill all the conditions within the framework of the concluded agreements, which are provided for in the procedure for maintaining the issued loans.
–
This year, on June 29, Altum announced a selection of credit institutions that will issue study and student loans guaranteed by the institution. Study loans issued by banks will be guaranteed by Altum in the future, and such a solution will make it possible to waive the requirement for a second guarantor who has previously been a family member or friend.
—
