Student loans in Bulgaria
As of 2010, the student loans in Bulgaria are officially settled; students and doctoral students are able to apply for bank loans under special conditions
The Bulgarian Student Loans Act was adopted in 2008.
Bulgarian legislation allows students and doctoral students to receive bank loans under special conditions.
According to the law, students eligible to apply for a credit are: Bulgarian citizens, citizens of other EU countries and countries of the European Economic Area (Iceland, Norway, Conferedation of Switzerland and Lichtenstein), who simultaneously meet the following requirements:
- are not older than 35;
- are regular bachelor, master or doctoral students at a legal state or private university;
- are not in possession of the same degree;
- are not exmatriculated.
Only specific banks which have a signed agreement with the Ministry of education, youth and science. So far 3 banks are able to provide this service. According to the law tha maximum annual interest rate for this credit can be 7 %. All the services, associated with the credit contract, are free of charge for the borrower.
The amount of the credit is to be used for paying your tuition fees, but with the other possible type of credit you can get a monthly allowance to cover you living costs (only in case you have a baby or you decide to adopt a child during your studies).
You do not need a guarantor to apply for a loan.
The bank, which approves the loan request, transfers the needed amount for covering your tuition fee directly into the bank account of your university.
The website of the Ministry of education, youth and science provides additional information on the procedures you need to follow in order to apply for a loan.