Student Loan - Subsidy from the state, the scheme covers fees and living costs
Students who are unable to afford university fees or living expenses with their family income will again have the opportunity to finance them through student loans.
The Ministry of Education and the National Agency for Higher Education Financing have opened the procedure for selecting banks that will offer loans for the new academic year. Interested banks must compete for the interest rate, while the selection will favor the lowest offer.
The scheme does not only cover university fees. The loan can also be used for the student's living costs, and according to the program's rules, it is granted without physical collateral.
The financing is made in installments during the years of study and its continuation is linked to university attendance and repayment of the relevant tuition fee. Part of the interest is subsidized by the state budget. For students who meet the conditions of the scheme, the state can finance up to 5 percentage points of the interest rate, thus reducing the cost that remains to be paid by the student.
Even the rate offered by banks has limitations. It must be lower than the average interest rate that the bank has applied to consumer loans over the past two years and cannot change throughout the loan contract.
The student is not required to start repayment while still at university. Under the scheme, repayment of obligations begins no earlier than the end of the normal duration of the study program, although the borrower may choose to repay it earlier. The loan may include tuition fees and living expenses.
Students apply through e-Albania within 30 days of the start of the academic year, while those pursuing a second study program do not benefit from the scheme. The student loan scheme is in effect from 2023.
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