All Undergraduate (Bachelor's), Graduate (Master's) and Postgraduate (PhD) students are eligible to apply for a student loan, whether they are Romanian nationals or nationals of another EU member state, or nationals of the Swiss Confederation, as long as they meet the following general criteria:
- They must be applying to study full-time
- They must not have acquired the same educational qualification or degree before
- They must not have been removed or suspended from their studies
If the student has been granted a loan, the loan money shall be received and utilized through money transfers to the bank account of the higher institution or the scientific organization. For the remaining semesters or years of studies, the financial institution deposits the tuition fees directly into the university bank account, without there being any need for the student to become involved.
Loans are only made available through local financial institutions that have signed an agreement with your chosen Academic Institution. The decision to make loans available lies solely with the local banks, thus, Study Medicine Europe does not carry any liability regarding the outcome of a student's loan application.
The repayment of the loan usually includes an annual, fixed interest rate, which runs at approximately 15%. Interest is accrued from the first month. Students need not repay the loan while they are still studying, and enjoy a grace period, which is usually between twelve to twenty four months after their study period finishes, before they are required to begin repayments one month after the grace period has finished, depending on arrangements with the financial institution. Moreover, students who have taken out a loan are not obliged to pay the fees, commissions or other expenses, related to the granting and management of the loan.
Specifically, the grace period is the period from the conclusion of the loan agreement until the expiration of one year from the first date of the last state exam or thesis defence, according to the repayment plan, agreed upon by all the parties of the Loan Agreement. The total amount of the loan is usually repaid in equal monthly instalments often within a 5-year period, beginning from the end of the grace period. Loan repayments are normally deferred upon enrolment in full-time training for the next educational qualification or educational scientific degree, and during each successive academic year.
For more information on getting a student loan to study in Romania, please contact one of our representatives.