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Bulgaria - Guidance To Apply Student Loan

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Contents

Introduction

Some banks in Bulgaria offers student loans that can help pay for school related expenses like tuition fees, travel, accommodation and daily expenses.

Student loan schemes are designed to make the student's academic life easier with its interest rate substantially lower than other personal loans offered by the bank and repaying the loan may be deferred while the student is still in school.

Here is a guide that can help students apply for student/education finance in Bulgaria.

Eligibility

Student loans offered by banks in Bulgaria are meant to help:

  • Full-time students and PhD who study at accredited university in Bulgaria for bachelor and master degree or PhD
  • Students who has not gain the same education degree
  • Students without interrupted education rights
  • Students up to 35 years old when applying for the loan

Eligibility criteria may vary per bank.

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Instructions

Before applying for a student loan:

  • Make sure that you can present and submit all the required documents that the bank is asking for.
  • Take note of the interest rate, conditions, and repayment scheme that the bank is offering. Some banks offers fixed interest rate, no collateral needed to secure the loan and charges no fees, commissions or other expenses related to the loan.
  • You might also need to consider the bank's customer service before you apply for a loan, since student loans are usually long term, it will make transactions easier and can spare you from a lot of headache in the future if your bank has good and accommodating bank representatives or loan officers.
  • For loans secured to pay education fees according to education schedule: Some banks disburses funds for this purpose directly to the university's current account.
  • It may be helpful if you can ask your university/college if they offer any loans to students or if they have partnered with any banks that offers student financing.
  • Loan amount: You may not need to accept the entire amount of the loan the bank is offering you. Remember that what you are getting is not a grant but a loan, meaning you will need to pay back everything plus interest sometime in the future.

Required Information

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or County of Birth.

Procedure

Student loan - Banks:

  1. Gather all documents you may need to present or submit in order to apply for a loan.
  2. Complete an application, make sure that you have provided all the required information in the form. Most forms can be downloaded from the bank's website.
  3. Submitting an application:
    1. In person: Most loan applications are done in person, with the applicant or his/her guardian going to the bank. Submit the completed application form along with other required documents. Note: It will be better if you can get in touch with the bank's representative/loan officer/customer service by phone first before you go to the bank's branch. They can give you a checklist of required documents, answer some of your queries and direct you to the nearest branch of the bank in your area.
    2. Online: To save you some time, you may also check if you can start your loan application online. Some banks will ask applicants to complete a preliminary application to be submitted electronically. After reviewing the application, a bank representative will contact the applicant to tell them where can they submit their application and what documents will they need to produce.
  4. Once your application is approved, the bank will ask you or your guardian to sign the loan agreement. Note: Read the loan agreement carefully before you sign, take note of the interest rate, grace period, when you will start repaying the loan and any penalties in case of default.

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Required Documents

List down the documents required for successfully completing the procedure.

e.g.
1. Proof of child birth from the Hospital.

Fees

Explain the fees structure which is required for obtaining the certificate/document.

Validity

There are student loans offered by banks that has a repayment period of up to 10 years after grace period expiration.

Grace period for the entire duration of the education (no payments on principal and no interest during this period).


Grace period:

  • The period from loan contract concluding to the first date for state examination or graduation work according to education schedule for the relevant subject and education degree.
  • For PhD – from the expiration date of the PhD degree.
  • During grace period the student/PhD does not owe any payments on principal and interest.
  • Accrued interest during grace period is capitalized on annual base.

Documents to Use

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Sample Documents

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Processing Time

Please explain processing time taken in obtaining the document/certificate.

Office Locations & Contacts

Please list down the office locations that can be approached for applying. External links can also be used specifying office locations.

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Video

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 
	

Information which might help

Enter other informations which might help

Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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