Changes in the student loan scheme - Application through e-Albania, interests are covered by the state
The Council of Ministers has approved several changes to the decision on "determining the student loan scheme", with the aim of facilitating procedures for students facing financial difficulties during their studies.
According to the decision, the student has the right to apply for a student loan at the National Agency for Financing Higher Education, through the government portal e-Albania, within 30 days from the beginning of the academic year, by attaching documentation proving registration as a student at the relevant higher education institution.
The loan financing is made in installments, at least twice a year. The financing of the first installment for each academic year must be made after confirmation from the higher education institution that the student receiving the loan has attended the learning process. The financing of subsequent installments is made after confirmation from the higher education institution that the student receiving the loan has paid the annual tuition fee for that academic year and has attended the learning process.
Meanwhile, a student pursuing a second study program or receiving a scholarship is not eligible to apply for a student loan.
The coverage of student loan interest expenses is realized from budget grant funds approved for the Ministry responsible for Education. Meanwhile, the National Agency for Financing Higher Education, to finance the interest rate of student loans in accordance with the agreement signed between second-tier banks and AKFAL, by decision of the Board of Directors, approves the amount of grant funds allocated by the ministry responsible for education.
Referring to the decision, the amount of annual funds to cover student loan interest expenses is calculated at the rate of 0.5% of the annual amount of the teaching grant.
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