Study / Student Loan - Riga Stradiņš University

Study / Student Loan

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ATTENTION!

Applications for study and student loans with the government guarantee for the Autumn semester of the academic year 2017/18 and for the entire study period are accepted at RSU Student Services (16 Dzirciema Street, ground floor, Room 100) on weekdays from 9:00 to 17:00 from 21 August till 15 September 2017.

 

What is the difference between Study Loan and Student Loan?

STUDY LOANSTUDENT LOAN

This loan is intended to cover a tuition fee of the accredited study programme. The loan cannot exceed the amount of the tuition fee determined by RSU and/or the maximum amount of study loan for study programmes determined by the state annually.

For more information, see the Regulations No. 220 of the Cabinet of Ministers “Procedures for the Allocation, Repayment and Cancellation of a Study Loan and Student Loan from the Resources of Credit Institutions with the Government Guarantee”

NOTE!

1. The requested amount of loan may differ from the amount actually allocated.

2. In the autumn semester (at the end of September) and at the beginning of spring semester (at the end of February), RSU Loan Granting Commission will announce the results.

3. Note that that new borrowers will receive their first loan payment from the bank only starting from the second or third month. This means that you will have to pay the tuition fee for the first months of the semester. After the bank transfers the study loan for the respective semester into the university account, you should submit an application to the RSU Student Services requesting repayment of previously paid own funds back to your account.

This loan is intended to cover subsistence expenses of students of accredited study programmes. The loan amount per one student cannot exceed 170.75 euros per month. This loan is paid for 10 months per academic year (excluding July and August).

 

Interest rates

In 2017, JSC SEB banka is authorised to grant Study Loans with the government guarantee for the total sum of 25,200,000 EUR and Student Loans for the total sum of 10,756,620 EUR.

Interest rate – six-month EURIBOR rate plus 2.50 %.

The interest rate for loans granted in EUR currency is floating. On the day of auction, the rate is fixed for half a year of the respective economic year, later it is fixed on the first business day of the first month of each subsequent half a year. The interest rate is determined as the average six-month EURIBOR rate of the previous week, adding or subtracting the difference between the interest rate offered by the credit institution and the previously mentioned six-month EURIBOR rate in percentage points.

Please visit this section of SEB banka's website for further details.

 

In 2016, SEB banka offered study and student loans with guarantees issued on behalf of the state

In 2016, SEB banka was authorised to grant study loans with guarantees issued on behalf of the state for the total sum of 25,200,000 EUR with the interest rate of six-month EURIBOR rate plus 2.5%.

In 2016, SEB banka was authorised to grant student loans with guarantees issued on behalf of the state for the total sum of 10,756,620 EUR with the interest rate of six-month EURIBOR rate plus 2.5%.

 


 

WHO CAN APPLY FOR STUDY/STUDENT LOANS WITH GUARANTEES ISSUED ON BEHALF OF THE STATE:

Students – citizens of the Republic of Latvia and persons, who have an alien’s passport, as well as other citizens of the European Union, to whom a permanent residence permit or temporary residence permit have been issued – may apply for the receipt of a loan, if they successfully acquire state-accredited study programmes.

[Cabinet Regulation No. 220, adopted 29 May 2001, Procedures for the Allocation, Repayment and Cancellation of a Study Loan and Student Loan from the Resources of Credit Institutions with the Government Guarantee]

YOU SHOULD SUBMIT THE FOLLOWING DOCUMENTS:

  • Application form (Student Loan | Study Loan);
  • Copy of the transcript of records, for the first year students – your high school diploma;
  • Copy of your study agreement
  • Copy of your passport
  • Copies of the documents issued by the state or local authorities confirming special social conditions (if applicable)
  • Copy of your OCMA papers (residence permit and Latvian ID, if ordered) after completing the immigration process in Latvia

EVALUATION OF APPLICATIONS

  • Loan Granting Commission shall evaluate your application within 10 working days.
  • Decision on allocated study and student loans shall be published in RSU homepage.

CONCLUSION OF AGREEMENTS AND GUARANTEE

  • In the autumn semester, you will be able to conclude loan agreements with the bank until 30 November. Take into consideration that the bank will make the first loan payments to the new borrowers for the autumn semester only in the second half of semester.
  • In the spring semester, you will be able to conclude loan agreements until 1 June. The bank will make the first payments at the end of May. The payment date depends on the time of conclusion of the loan agreement.
  • For loan security, guarantee of a natural person or local government is required. While considering your guarantor, take into account the following information: upon presentation of respective documents, orphans and children left without parental care (up to 24 years of age) can receive a loan without guarantor (in this case, the loan is 100 % government guaranteed).
    • A natural person in this case is considered to be a person not older than 65 years having regular income equal to at least one minimum wage.
    • The guarantor may provide a guarantee for several loans of their children, if monthly income of this person constitutes at least one minimum monthly wage multiplied by the respective number of students to whom the guarantee is provided.
    • If the guarantor his/herself has a loan, the guarantor can provide a guarantee for a student only in case when the monthly sum of this person for repayment of loan does not exceed 40 % of the guarantor’s total monthly income.

SUSPENSION OF STUDY LOAN PAYMENTS

Payment of the study loan is suspended, if you

  • have taken an academic leave;
  • fail to meet the obligations (e.g., repeatedly within a semester);
  • have been expelled

NOTE!

Upon student's permission, RSU prepares and sends amendments of loans to the Administration of Studies and Science in the following cases:

  • payment of the loan has been suspended (i.e., the student has been expelled) and the student has resumed the studies;
  • a discount on the tuition for the whole study process has been granted;
  • the student starts attending another education institution;
  • the title of the study programme or study type has been altered.

The student-borrower has to go to the bank only if the tuition fee is altered and the student must sign a new Study Contract. The university shall inform the student about the deadline for attending the bank.

REPAYMENT TERMS FOR STUDY LOAN

During the studies (including academic leave), the study loan is an interest-free loan.

Estimation of repayment of the loan (principal amount of the loan) and the interest is started in the twelfth month after graduating or the third month after terminating the studies.

The loan interest is estimated each month from the balance of the total amount of the study loan.

If the total amount of the loans is less than 1,432 EUR, the loans must be repaid within five years (1/5 of the total amount must be paid each year). If the total amount of loans exceeds 1,432 EUR, the loans must be repaid within 10 years (1/10 of the total amount must be paid each year).

If the borrower has been excluded from the student list, when repaying the loan they shall pay the full annual interest rate set by the bank or 5 % rate, if the full interest rate of the bank is less than 5 % per year.

Where else can I get a loan for studies?

If you failed to receive a loan with the government guarantee, you may apply for a commercial loan in the following Latvian banks: Nordea, SEB banka and Swedbank.

Should any questions arise, feel free to contact Ms Santa Ozoliņa.

Santa Ozoliņa
Project administrator, International Student Department
Address: 16 Dzirciema Street, Block D, Room 409
Phone: +371 67 409 067
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Students – citizens of the Republic of Latvia and persons, who have an alien’s passport, as well as other citizens of the European Union, to whom a permanent residence permit or temporary residence permit have been issued – may apply for the receipt of a loan, if they successfully acquire state-accredited study programmes.

[27 September 2005]


Rīga Stradiņš University, 16 Dzirciema Street, Rīga, LV-1007, Latvia, +371 67409261 (UTC +2), international@rsu.lv