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Student loan granted on preferential terms is one of the tools for material support for students. The student loan is subsidized from the state budget, which means that the interest due is lower than in the case of the bank’s standard offer. This type of loan has a reduced interest rate, which makes it the cheapest and the best loan offer on the market.
Student loan was introduced in 1998 and was intended to broaden access to education at an academic level. Student loans are granted by commercial banks. Credit terms are preferential. Students can count on a reduced interest rate, which the state pays for.
Student loan is granted to people who started their studies before the age of 25. The loan tranche is paid monthly from October to July – that is, throughout the academic year, which lasts 10 months. Student loan is granted for a period not longer than the period of study. Here, the legislator indicates that this period can not last longer than 6 years. For doctoral studies, this period may be extended by 4 years.
Student loan conditions:
- The loan may be enrolled by first, second and third-cycle students (PhD students) who started their studies before the age of 25 (from the academic year 2016/2017 for the credit they will also be able to apply for admission to study).
- Half of the interest rate on the loan is financed by the state budget, the student loan interest rate is half of the rediscount rate (1.75 percent – in August 2016), ie 0.875 percent. on a yearly basis .
- The loan is paid in monthly installments for 10 months a year (for the duration of the academic year).
- In the 2016/2017 academic year, the monthly student loan installment will be:
- PLN 400 – reduced installment,
- 600 PLN – basic installment,
- PLN 800 or PLN 1000 – increased installment.
- The loan is granted until the end of the study period – no longer than 6 years .
- When applying for a student loan, you must prepare the documents required by the bank in order to guarantee the loan. You need a statement about the current number of family members and statements regarding family income earned in the previous year.
- The maximum amount of monthly income per capita in a family entitling the student to receive a loan in the academic year 2016/2017 is: PLN 2,500 .
- The loan repayment begins after two years from the date of graduation.
- A student who graduated from the group of 5% of the best university graduates may apply for 20% of the loan value.
Student loan agreement must be concluded by 31 December 2016 .
Change in student loan
From August 15, 2016, the ordinance of the Minister of Science and Higher Education regarding student loans entered into force. The regulation changes the detailed rules, procedure and criteria for granting, paying off and redeeming student loans.
Replacements introduced by the Regulation:
- The application deadline from November 15 to October 31 has been shortened. The deadline for concluding student loan agreements has also been reduced – from March 31 to December 31 .
- Starting from this year, applicants for student admission may apply for student loan. Conclusion of the credit agreement will be possible after obtaining the student status .
- The maximum amount of income per person in the family entitling to receive the loan was determined. The amount of income per person in 2016/2017 is PLN 2,500 .
- Differences in loan tranches have been introduced. From this year, the student may choose the monthly installment amount: PLN 400, PLN 600, PLN 800, PLN 1000 .
- It was possible to change the amount of the monthly installment during the payment of the loan at the request of the borrower.