Banks, Education and Science, Financial Services, Latvia, Loan

SEB Banka was the only bidder at the auction organized by the Latvian Finance Ministry on Wednesday to choose the bank to issue state-guaranteed tuition loans and student loans to students in Latvia and was declared the winner.

The Finance Ministry said that in 2016 SEB Banka will have the right to issue state-guaranteed tuition loans for a total of EUR 25.2 million at the interest rate of six-month EURIBOR plus 2.5%.

This year SEB Banka will also be able to issue state-guaranteed student loans for a total of EUR 10.75 million, and the interest rate will be six-month EURIBOR plus 2.5%.

SEB Banka as the only bidder won the auction of the right to issue state-guaranteed tuition and student loans in Latvia also in 2015. The amounts of financing and interest rates were similar to those in 2016.

Tuition loans are intended to pay tuition fees at universities in Latvia and abroad but student loans are issued to students to help them pay everyday expenses while studying.