8 out of 10 students get loans converted to scholarships

StudentsStudents. Photo: pixabay.com

These days, students across the country will receive letters from the Loan Fund about how much of their student loan has been converted into a scholarship. 8 out of 10 students will receive a conversion.

 

Over 270,000 letters are now on their way to students’ digital mailboxes on the Lånekassen website.

Basic support for students is given as a loan, but up to 40% of the amount can be converted to education grants upon completion of the education.

Only students who don’t live with their parents can convert their education grants. Additionally, examinations, income, and assets are required information under the stipulated amount limits.

‘Based on this, students receive a letter telling how much of the loan they have had converted to educational grants. We estimate that eight out of ten students will have conversions to a scholarship, and most of them will be fully restructured,’ said Marianne Andreassen, CEO of the Loan Fund.

The loan fund awarded a total of NOK 27.9 billion in support during the teaching year
2016-2017, of which NOK 24.2 billion was for loans and the rest grants. It is expected that approximately NOK 6 billion of the allocated loan amount will be converted to education grants.

 

©  NTB Scanpix / Norway Today

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