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%
Sofia University @Stella Ivanova
December 8 is celebrated as the holiday of Bulgarian students, a tradition that dates back to 1903. The origins of the holiday can be traced to 1897, when Professor Ivan Shishmanov, then Minister of Education, proposed that Bulgaria’s first higher education institution should have its own special holiday. The Academic Council of Sofia University selected November 25 (which corresponds to December 8 in the Gregorian calendar) to commemorate St. Clement of Ohrid, the university’s patron saint.
The first celebration took place in 1903 at the "Slavyanska beseda" community center in Sofia. Two years later, Sofia University formally adopted November 25 as its official holiday. However, in 1916, when Bulgaria switched to the Gregorian calendar, the date shifted to December 8, and the holiday became known as the university’s patronal day.
The observance of December 8 as a student holiday was interrupted after 1944, when it was replaced by November 17, International Student Solidarity Day. But by 1962, the tradition was restored, and December 8 once again became the official student holiday. Following the return of the Bulgarian Orthodox Church to the Julian calendar in 1968, St. Clement’s feast day reverted to November 25. As a result, the academic council decided to separate the patronal holiday of Sofia University from the broader student celebration, with December 8 remaining as the secular holiday for students nationwide.
Today, the holiday is widely celebrated, with around 200,000 students in Bulgaria marking the occasion. The tradition of festivities, including gatherings and outings, continues to be a significant part of student culture. The day marks not only the patronage of St. Clement of Ohrid over Sofia University but also the resilience of student traditions, which have persisted despite political changes. While the holiday was officially recognized as a non-school day for all higher education institutions in 1994, students across Bulgaria have been celebrating it for generations, making it an integral part of student life.
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