Banks, Education and Science, Financial Services, Latvia, Loan
International Internet Magazine. Baltic States news & analytics
Thursday, 25.04.2024, 15:00
SEB Bank will no longer issue study loans starting next school year
Work is under way at the moment to select credit
institutions that will issue study loans and student loans, which will now be
underwritten by the Development Finance Institution Altum.
"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.
The bank points out that this decision will not affect the
study and student loans issued so far - the bank continues to fulfill all the
obligations under agreements concluded with the borrowers.
This has been a difficult decision for SEB Banka, given that
for ten years it has been the only bank that had the right to issue study and
student loans. The bank's current priorities include streamlining remote
services, improving procedures, and consolidating its positions in other
lending segments, said SEB Banka's head Ieva Tetere.
Since 2010, SEB Banka has been the only bank to provide
state-underwritten loans to students.
During the last three years, the bank has issued approximately
EUR 27.1 mln in 4,534 state-underwritten loans to students. The average
amount of a study loan last year was EUR 6,200, while the average amount of a
student loan was a little over EUR 7,000.
On June 29 this year, Altum invited credit institutions to
apply for the right to issue study loans and student loans, which would now be
underwritten by Altum.
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