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Swedbank planning to issue state-underwritten study and student loans
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    Swedbank planning to issue state-underwritten study and student loans

    RIGA, July 30 (LETA) - Swedbank is the first credit institution to apply to the Development Finance Institution Altum for issuing study and student loans, as Altum representatives informed LETA.

    At the end of June, Altum announced that any credit institution could apply to issue study and student loans.

    According to Altum, Swedbank at the moment is the only bank that has offered to issue the loans, but Altum is not ruling out that applications could also be received from other banks.

    Swedbank told LETA that it was planning to issue state-underwritten study and student loans for the 2020-2021 school year starting mid-August, according to the bank's application submitted to Altum.

    Full information on state-underwritten study and student loans is available on Swedbank website.

    According to Swedbank, students applying for study or student loans will not be required to have a guarantor as, from now on, Altum will act as the guarantor for study and student loans.

    Students will be able to apply for a study or student loan right after signing agreement with a university or college, and the entire loan application process can be done online via Swedbank's Internet banking site. All applicants, however, have to be Swedbank clients - those who are not can become Swedbank clients via the bank's website.

    As reported, SEB Banka, the bank that until this year was issuing state-underwritten study and student loans, announced this past July that it would no longer issue the loans. Since 2010, SEB Banka has been the only bank to provide state-underwritten loans to students.

    "After assessing the resources necessary to implement changes in the current study loan administration process and prepare a new infrastructure, SEB Banka has decided not to apply for the right to issue study and student loans in the 2020-2021 school year," the bank told LETA.

    • Published: 30.07.2020 10:59
    • Raivis Spalvens, LETA
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    • © The given news may not be republished in any way or amount, or otherwise used by the mass media or Internet websites, without written permission of LETA. If this provision is not observed, the matter will be taken to court pursuant to the laws and regulations of the Republic of Latvia.
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