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Older adults can get more favourable student loans

Minister of Education and Integration Jan Tore Sanner (Conservative Party).Photo: Terje Pedersen / NTB scanpix

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The government proposes in next year’s state budget to provide more favourable loans to students in work to further their education.

The proposal to change the rules in the Loan Fund (Lånekassen) to make it financially easier to combine work with studies will cost NOK 41 million, writes Aftenposten.

It is well documented in two public reports that the economy is an obstacle to taking further education combined with jobs, says Minister of Education Jan Tore Sanner (H) to the newspaper.

Specifically, the government proposes introducing a special supplementary loan of up to NOK 100,000 per academic year to adults over 30 years who want to take higher education or vocational education. Additional loans for higher education amount to up to NOK 50,000.

Students and pupils with children can receive such additional loans even if they are under the age of 30, but only up to NOK 50,000 per teaching year.

The total limit for supplementary loans is NOK 200,000, half for those who are going to take higher education. The rules on annulment in line with the credits and degrees obtained will not apply to additional loans, writes Aftenposten.

The government also proposes raising the age limit from 45 years to 50 years for when available student loans are reduced. The limit for fully repaid student loans is increased from 65 years to 70 years.

© NTB Scanpix / #Norway Today

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