I will be a student

Example

Jānis is a freshman. To pay for his studies, he needs LVL 3000. Jānis has found that Nordea Bank offers the most advantageous student loan conditions. As Jānis doesn’t have a job and devotes all his time and energy to his studies, he will use his dad as the co-borrower. In order to receive the loan, Jānis’ dad’s monthly salary must be at least LVL 460.

Student loan repayment 

Student loan interest rates comparison 

** 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 Jānis 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
• 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 %