Demand for Student Loans in Bulgaria Lowers over High Interest Rates

Society » EDUCATION | September 28, 2021, Tuesday // 13:37
Bulgaria: Demand for Student Loans in Bulgaria Lowers over High Interest Rates pixabay

In 11 years, less than half of the amount of the guaranteed student loans have been reimbursed to the state. Students refrain from borrowing money because of the high interest rates, although a total of EUR 20 million was earmarked for student loans in 2021. In 11 years, only 1,274 students have applied for a student loan.

Despite the state guarantee, few students apply for student loans, because of the high interest rates. They have to pay 7% interest rate, which equals the interest rate on a consumer loan, Alexander Uzunov from the National Representation of Student Councils told the BNR.

According to Ivan Stoykov, financial expert from the website My Money, it is unlikely that interest rates be reduced, because students may not be able to find a well-paid job after they graduate from the university./BNR

We need your support so can keep delivering news and information about Bulgaria! Thank you!

Education » Be a reporter: Write and send your article
Tags: Bulgaria, student loans, demand, interest rates
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria