I am not a student anymore

Example

Ansis is not a student anymore but he still has to repay the student loan. He has spent LVL 2800 on his tuition fees. Taking into account the difference in interest rates, for Ansis, it is more advantageous to transfer his loan to Nordea Bank. After graduation, Ansis has found a job. To transfer the remaining loan balance to Nordea Bank, Ansis monthly income must be at least LVL 375.

Ansis’ loan repayment schedule 

** The loan interest rates used have been obtained from the aforementioned banks interviewed on 14.07.2011.

What documents are required?

• Study contract with the University    
• The student’s and / or the rest of the borrowers’ statement of taxes paid issued by the State Social Insurance Agency (SSIA) or the account statement for the past 6 months         
• Statement of income for the past 6 months issued by the student’s and / or the rest of the borrowers’ employer

What is the procedure for obtaining the loan?

• After the completed application form and documents are submitted, the bank will verify the existing debt obligations of Peter and the rest of the borrowers as well as possible debts incurred by them
• After the approval of the loan, the student and the rest of the borrowers will open a bank account with Nordea where they will also receive their future salaries and pay monthly interest payments (if the interest rate payments are to be commenced during the study period)
• The student and the rest of the borrowers will sign the student loan contract
• In case of the refinancing, the student within 5 days will terminate his / her loan commitments with the bank the student loan was transferred from and provide documentary evidence of the termination to Nordea Bank
• The student will begin to repay the loan after completion of the studies

1. Swedbank study loan (without State guarantees): LVL - variable base rate 6 m Rigibor 1.3 %+ added rate 3.9 % = 5.2 %, EUR-13 % fixed for the entire period

2. SEB study loan (without State guarantees): LVL - variable base rate 6 m Rigibor 1.3 % + added rate 3 % = 4.3 %, EUR - variable base rate 6 m Euribor 1.8 % + added rate 8 % = 9.8 %

3. Nordea student loan (without State guarantees): LVL – variable base rate 1m Rigibor 0.53 %+ added rate 3 % = 3.53 %, EUR - variable base rate 1m Euribor 1.34 % + added rate 7 % = 8.34 %