Amounts
As of 2010, students receive a combined grant and loan which amounts to NOK 89,000 per year, paid out over 10 months. Upon completion of the academic year, up to 40% of the loan amount may be converted to a grant provided that certain conditions are met, i.e., that the student: passes all exams on schedule; has an annual income below NOK 145,400; and has a net worth less than NOK 287,643. Since the seventies, this is only based on the student's own financial status and is not affected by their parents' income or net worth.
Students receive no payments in June or July due to the summer holiday when regular classes are usually not in session. Student organizations have campaigned for, and most political parties have expressed a wish for, introducing payments in June as well. However, the total cost of this expansion is estimated at NOK 482 million per year, and this cost has not been prioritized in the annual budgets.
All Norwegian public universities and colleges are free, but students attending private institutions may apply for an additional loan of up to NOK 54,590 in order to finance tuition. Such loans may not be converted to grants.
In addition to this, students receive financial support for tuition fees also while studying abroad. The percentage of this that is given as a grant is 50% at an undergraduate level and 70% at a graduate level. Based on where in the world they live, they will also receive a travel grant which usually is enough to pay for one return ticket to go home per semester.
The interest of the loans are relatively low compared to other forms of debts. In August 2011 the interest rate was 3.26%. However, as long as the student is registered as a full time student, the loans are free of interest. The interest only starts generating after the student has graduated.
Read more about this topic: Norwegian State Educational Loan Fund
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