Loan conditions

Purpose of loan

You can receive loan for your studies, living expenses and beginning of studies - up to LVL 8 500:

• the loan for covering tuition fees in full,
• the loan for living expenses - up to LVL 150 every month, also in summer,
• the loan to begin studies - up to LVL 500.

Conditions to receive a student loan:

• A loan-subscriber must be a student of a higher educational institution accredited in Latvia

Loan amount and currency:

The total maximum loan sum will be calculated, according to loan-subscriber's and/or guarantor's regular incomes, but the maximum is 8 500 lats or 12 000 euro. The loan is offered in LVL or EUR.

Loan term and repayment:

• If the loan sum is less than 2000 lats or 2850 euro, the loan repayment term is 5 years after the completion of studies.
• If the loan sum is over 2000 lats or 2850 euro, the loan repayment term is 10 years after the completion of studies.
• The maximum loan term from the start of studies to the last payment day is 15 years. Loan repayment shall start within 6 months after the completion of studies. In case a student terminates studies, the repayment of the loan must start within 4 months after the termination of studies.
• Nordea bank can arrange a loan the way that nothing is paid during the period of studies – nor the principal sum neither the interest!

Loan parts and their payment:

1. The loan parts covering tuition fees are paid 2 times a year in accordance with the date stipulated in the agreement to the bank account of a university
2. The loan covering student’s living expenses for the whole period of studies as well as in summer is paid once a month (on the date chosen by the student) to the bank account of a student at the Nordea bank
3. The single sum to begin studies is paid on the date stipulated in the agreement to the bank account of a student at the Nordea bank

Necessary documents

• Passports of a loan-subscriber and a guarantor/-s
• Salary statements and certificates from SAIA (State Social Insurance Agency) (subscribable in bank) or bank statement for the last 6 months of a loan-subscriber and/or a guarantor/-s
• Before signing the agreement - an agreement on studies of a loan-subscriber from the university with the information on the total tuition fees. In case if a loan-subscriber is not a first-year student - a certificate from a university confirming that a loan-subscriber is a student of the university.

Important! A student in receipt of a loan shall present a certificate from the higher educational institution two times a year in accordance with the dates stipulated in the agreement - except students, who study at Nordea cooperation partners - educational institutions. The list of Nordea cooperation partners - educational institutions is here.