Study Loans
A study loan is intended to cover the fees of an accredited study programme. It is available to full-time and part-time students. The loan amount cannot exceed the tuition fee set by the university.
In the 2020/2021 academic year it will be possible for students to apply to banks cooperating with Altum for government-subsidised study (and student) loans from credit institution funds for studies in Latvia.
At present Swedbank, who has signed a cooperation agreement with the finance institution Altum, has applied for servicing study loans. Students can submit study (and student) loan applications via the Swedbank website. After evaluating the application, the bank will contact each applicant informing them of their decision.
In order to apply for a government-subsidised loan, a student must be a client of the bank in question.
According to sub-article 56.2 in Cabinet Regulation No. 231 from 21 April 2020 “Regulations regarding State guaranteed study and student loans from the funds of credit institutions for studies in Latvia” (hereinafter – Cabinet Regulation No. 231), Cabinet Regulation No. 220 from 29 May 2001 “Regulations on issuing, repaying and forgiving state guaranteed student and study loan from the funds of commercial bank” (hereinafter – Cabinet Regulation No. 220) is declared to be void.
According to article 57 in Cabinet Regulation No. 231, Cabinet Regulation No. 220 “Procedures for the Allocation, Repayment and Cancellation of a Study Loan and Student Loan from the Resources of Credit Institutions with the Government Guarantee” will apply to the full execution of a study (and student) loan contract concluded on the basis of Cabinet Regulation No.220.
Important!
The terms and conditions for the Student Loan have been changed: the maximum amount available is EUR 350.00.
Loan repayment
- Loan repayment starts on the 12th month after graduation, or on the 3rd month following the termination of studies.
- Interest on a study loan must be paid starting from the 12th month after graduation, or from the month following the termination of studies.
- Interest on a student loan must be paid the month following the issuance date of the first loan amount.
- The loan must be repaid within 10 years from the date of starting repayment if the amount of the loan on the first day of repayment does not exceed 20,000 euros. If the loan amount at the beginning of the loan repayment is more than 20,000 euros, the loan must be repaid within 15 years from the beginning of the loan repayment.
Additional information on loans may be obtained from:
rsu [pts] lvWhere else can you get a study loan?
Students who have not been able to receive a government-subsidised study loan, or if their chosen study programme has not been accredited, have the possibility to receive a commercial loan from the following Latvian banks: Nordea, SEB and Swedbank.
‘Altum guarantees are provided in accordance with cabinet regulations related to student loans (link in Latvian), which refer to Section 45, Paragraph 2 of the Law on Higher Education Institutions: 2) A citizen of Latvia, a non-citizen of Latvia, a citizen of the European Union, a citizen of the European Economic Area or a citizen of the Swiss Confederation and a permanent resident of the European Community who has a valid residence permit has equal rights to study in a higher education institution or college.’
