Student loan in Bulgaria

Student loan in Bulgaria - requirements, documents, deadlines

It is not a secret that many people who wish to study in Bulgaria are thinking about applying for a student loan - of course, paying the tuition fees is not an easy task so it is quite common that students look for opportunities to finance their studies in Bulgaria. One option is applying for a student loan - an important decision that many international students (who might study in another country in Europe or in America) decide to take in order to complete their higher education. In the following article, we will share some myths and facts regarding student loans in Bulgaria.

I can apply for a student loan before admission in a Bulgarian university.

Wrong. Many future applicants hope that they can apply for a student loan in Bulgaria before applying for a university or before completing their admission in a Bulgarian university. However, you are eligible to apply for a student loan in Bulgaria not only after submiting several documents but also only after you are already enrolled in a study programme and you count as a current student in Bulgaria. If you are interested in applying, we recommend checking out the best Bulgarian universities.

PS: Read the fine print. Being a current student means you must be a full-time student enrolled in a study programme in a Bulgarian university. This means that applications of part-time students and applications of students who take advantage of distance learning will be declined. 

All Bulgarian universities offer a student loan.

Wrong. Whether or not Bulgarian universities provide students with the opportunity of a student loan depends entirely on the respective university. Unfortunately, there are many prestigious universities, e.g. Sofia Medical University, which do not allow students to apply for a student loan. This decision has been made by the management staff of the university. It might be subject to change in the following years as the decision is only temporary.

In contrast, another prestigious medical university in Bulgaria, Plovdiv Medical University allows students to apply for a student loan. This is one reason why many people choose to apply at Plovdiv Medical University in comparison to Sofia Medical University or any other university that has said "No" to student loans. 

Applying for a student loan in Bulgaria is not easy.

True. Of course, it is not a surprise that financing students (over 8000 EURO per academic year for Medicine in English, for instance) is not something that universities and banks enjoy and look forward to. Hence, the application procedure is not easy and the requirements and necessary documents often discourage students from applying for a student loan in Bulgaria.

The requirements include: you must be below 35 years old and provide several documents, e.g. a credit report from your home country, a residence permit, a contract with a landlord in Bulgaria (basically a proof of your permanent address in Bulgaria), a certificate issued by the university that you are a full-time student at the University as well as others diplomas and declarations which need to be translated and legalized by several institutions in Bulgaria. In addition, a translator must accompany you in order to translate the student loan contract and sign a declaration that he/she has translated everything correctly. People who are ineligible to apply include people who already have the same educational degree or who have been expelled from a university.

Students submit their application for a student loan to the Bulgarian university. 

Wrong. Students who wish to obtain a student loan apply directly to a bank in Bulgaria. Some banks that offer student loans include DSK Bank, EuroBank, Raiffeisenbank and Allianz Bank Bulgaria. Of course, their application requirements might be subject to change every year and the decision about the approval or decline regarding an application is entirely up to them. The bank representatives examine each case seperately and in details. Hence, it is not university representatives who you will meet when you apply for a student loan. 

The student loan will cover my semester fees from the very beginning of my studies.

Wrong. The student loan in Bulgaria covers only future tuition fees. Hence, all tuition fees you have already paid will not be reimbursed by the bank you apply at.

Also, you must apply for a student loan before paying your tuition fees for the respective semester. Hence, this automatically excludes the option that the bank covers the semester fees for your first semester (e.g. 4000 EUR for Dentistry in English). The reason - you have to pay the tuition fees of the first semester in order to be enrolled in the university in the first place. As already mentioned, you have to be enrolled in order to apply for a student loan in Bulgaria. Thus, the first possibility to apply for a student loan will be right before the beginning of the second semester.

Student loans cover only the tuition fees in Bulgaria.

True. The student loan in Bulgaria won't cover all of your expenses in Bulgaria. The student loan will only cover your tuition fees. This means that all other living costs, e.g. rent in a dormitory or for a private apartment, will be covered by you and/or your family. 

Still, students in Bulgaria take advantage of quite low living expenses - learn more about student life in Bulgaria!

Agencies can guarantee a student loan in Bulgaria. 

Wrong. Once again, only bank representatives will examine your case and decide whether your application for a student loan will be approved. This means that there is noone who can guarantee you will obtain a student loan as you first need to submit several documents to a respective bank in Bulgaria and hope that the bank management staff will be in a good mood when going through all of your documents. Any application fees or costs related to your application in case of a decline will not be reimbursed by the bank.

Of course, you can use the help of an agency in order to collect all documents which are required for the application for a student loan in Bulgaria. Inter HECS - Study in Bulgaria is here to help you not only apply at Bulgarian universities but also apply for a student loan - contact us now!

Student loan in Bulgaria