Requirements for student loan
Students and PhD students who started their studies before the age of 25, as referred to in the Higher Education Act 2005, are eligible to apply for the loan. The application should be submitted by November 15. It is always awarded for 10 months of the academic year for a maximum of 6 years. It is necessary to provide a certificate of completion of studies, documents needed for the purpose of guaranteeing a loan, a statement on the current number of family members, a certificate of income from the previous year. All necessary forms are available at the branches of the banks that grant such a loan, and are listed below. The maximum amount of income entitling to receive a loan is set annually by the Minister of Science and Higher Education, this year it is PLN 2,300 per family member of student / doctoral student. Also, the amount paid changes every year, this year it is PLN 600 per month. Everyone receiving a student loan must certify their student status twice during the academic year by presenting a valid student ID – October 31 and March 31.
How to calculate the loan installment?
If the student in any way extends the standard period of study through vacation, suspension in student rights, repeating the year should inform the bank and ask for the extension of the credit period accordingly, otherwise the repayment date will not change.
Repayment period and terms
Loan repayment begins two years after graduation (which is why it is so important to inform the bank if they are extended). The number of installments is twice the installments of the loan disbursed. During the payment of the loan, interest is paid by the state budget, while it is repaid by the borrower in the amount of ½ of the NBP rediscount rate, which currently amounts to 2.75%. In the event of repayment difficulties, the bank may reduce the amount for half a year. It is possible to suspend the repayment of the loan as well as to redeem it.
- Suspension – when the borrower finds himself in a difficult financial situation preventing him from repayment. Then they are suspended for a maximum of 12 months.
- Redemption – if the borrower completed studies in a group of 5% of the best university graduates. Also, if he finds himself in a difficult life situation that permanently prevents him from paying off the loan, e.g. due to illness)