Bulgaria Cuts Student Loan Interest from 7% to 3% to Support Education
Bulgaria’s Parliament has approved changes to the Law on Lending to Students and Doctoral Students, reducing the interest rate on student loans from 7% to 3%
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The amounts students have paid for a brigade in the United States will be refunded. This was explained to Monitor by Stanimir Naydenov, manager of the Work and Travel program at Integral, after it became clear that the issuance of visas had been finally suspended.
The money will be returned in stages, starting with the first to give up summer jobs in America at the beginning of the state of emergency.
"At the moment, the company pays everything that the students have transferred to them - there are no penalties or additional annexes to the contracts. In the next few days, however, they expect instructions from US sponsors, who provide permits and pay fees. If they are unable to reimburse part of the funds that Integral has transferred to them, some students may not be reimbursed the full amount."
He pointed out that about 10% of students managed to get a visa before its issuance was terminated on March 13. However, not all of them will travel, as in some states the season has failed. Some young people are afraid of the large number of coronavirus patients in the United States and the riots of recent weeks. For students who will fly to America, there are three flight options, as those from Schengen member states are banned.
Bulgaria’s Parliament has approved changes to the Law on Lending to Students and Doctoral Students, reducing the interest rate on student loans from 7% to 3%
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