Increase in The amount of the Withdrawn Student Credits

Society » EDUCATION | May 22, 2019, Wednesday // 12:02| Views: | Comments: 0
Bulgaria: Increase in The amount of the Withdrawn Student Credits

50 million leva is the maximum amount of the new government guarantees that the Council of Ministers has approved under the Students and PhD Students Loan Act (LCAS). Credits are granted to Bulgarian citizens, citizens of the EU, EEA and Swiss Confederation and are only for higher education in Bulgaria.

There is an increase in the average amount of credits under the Law on Taxation and Insurance Act, which is a result of several factors - the increased amount of the maintenance allowance for one student / doctoral student and respectively the higher amount of the tuition fees, as well as the amendments to the Higher Education Act, which entitles higher education institutions, under certain conditions, to undertake training for remuneration in the Bachelor's and Master's degrees. For the past 2018 the average loan amount was 9 584 leva.

The results of the program for student and doctoral students during the reporting period from 2010 to 2018 show that 20,499 students and PhD students have benefited from the opportunity to withdraw a loan under the Law on the Financial Supervision Commission at a total amount of 136,993,996 leva. 

555 students total, citizens of European countries and the EEA, signed a credit agreement between 2010 and 2018. The number of foreign borrowers represents 2.71% of the total number of loans granted under the Law.

Each year the maximum amount of the new state guarantees is approved by the Council of Ministers at the proposal of the Minister of Education and Science, coordinated with the Minister of Finance and included in the Law on the State Budget of the Republic of Bulgaria for the respective year.

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Tags: student credit, increase, Ministry of Education and Science
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