Hungary's Student Loan Center is headed towards some sweeping reforms, says newly-appointed CEO, Péter Magyar.
According to Magyar, the soon-to-be-implemented policies will put student well-being into focus, enabling young people to handle their finances more wisely and independently.
To make students’ lives a bit easier, the Center will introduce record-low interest rates ranging between 1.99 and 0 percent, while they will also ensure that young parents are presented with better-suited terms and conditions. Young mothers will only have to pay back 50 percent of what they owe, while those with three children or more will be given the chance to write off their entire loans.
Some 21 million HUF worth of owings are expected to be written off, and the number of young parents opting for more advantageous conditions is on the rise. Finally, students who took out more than one loan are being granted the opportunity to decide which one they’d like to have deducted.
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