Labor & Education

More than 100,000 students helped by credit moratorium extension

The Board of Directors of the Student Loan Center decided to extend the general loan repayment moratorium introduced on March 19, 2020, until June 30, 2021.

Accordingly, the extended loan repayment moratorium affects 114,000 customers (students).  Until the expiration of the extended moratorium, the student loan center will not charge default interest on outstanding debts or terminate non-performing loan agreements.

Existing principal and interest debts can be repaid voluntarily during the moratorium, in accordance with the current rules. Voluntary repayments can be unilaterally suspended at any time during the moratorium, until June 30, 2021.

Péter Magyar, CEO, said that 65 percent of customers repaid their student loans during the moratorium.

The record number of loan applications received by the Student Loan Center and the continued interest from students clearly demonstrate that there has never been a greater need and demand for student loans than now.

The Student Loan Center, in cooperation with the Government, seeks to support higher education students by taking steps to extend the moratorium on loan repayments in general. In addition, they have introduced an interest-free, free-use Student Loan Plus, which can be applied for up to HUF 500,000. They have also increased the maximum monthly limit of the free-use Student Loan 1 from HUF 70,000 to HUF 150,000.

The success of Student Loan Plus is well illustrated by the fact that almost 30,000 students have taken advantage of this opportunity in just a few months; currently, about 100 students a day need this temporary help, which is available until December 31, the CEO said.

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