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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%. The amendments were presented by Gabriel Valkov of the “BSP-United Left,” who is also the chairman of the parliamentary youth and sports committee.
“The reduction in interest rates from 7 to 3% is the main part of the changes,” Valkov said, highlighting the most significant adjustment. He also noted two additional provisions: the state will reimburse loans upon the birth or adoption of a second child by both parents, and banks will face penalties if they violate the framework agreement with the universities.
Valkov stressed that lowering interest rates should not pose problems for banks, as the previous law was passed 15 years ago when lending rates were significantly higher. He emphasized that the loans are effectively risk-free for banks because they are guaranteed by the state. Valkov called on MPs from all parties to support students pursuing education and professional development in Bulgaria.
The bill passed the first reading with 187 votes in favor and five abstentions. Support came from a wide range of parliamentary groups, including 54 MPs from GERB, 25 from WCC-DB, 30 from Revival, 22 from DPS-New Beginning, 13 from BSP-United Left, 15 from There Is Such a People, 12 from the Alliance for Rights and Freedoms, 10 from MECH, one from Greatness, and five MPs not aligned with a group. Five Greatness MPs abstained.
Gabriel Valkov requested that the bill proceed to a second reading, noting that no amendments had been submitted in the interim. Parliament Speaker Raya Nazaryan put forward a motion to move the bill to a second reading, which passed with 178 votes in favor and three abstentions.
During the second reading, the bill was approved unanimously with 176 votes in favor, finalizing the reduction of student loan interest rates to 3% (€3.00 for every €100 borrowed). The measure is intended to make higher education more affordable and support student development across Bulgaria.
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