OREANDA-NEWS. August 22, 2012. It is already possible to conclude student loan contracts at SEB branches and over the Internet. After entering into the contract, two guarantors who are private persons need to finalise contracts of guarantorship at a bank branch or on the Internet bank. Instead of a guarantor, a student loan may also be secured against real estate situated in Estonia, reported the press-centre of SEB.

The ceiling amount of a student loan for the 2012/2013 academic year is EUR 1920 which may also be applied for in instalments as needed.

“The sense of responsibility and awareness of the student loan as a financial obligation has significantly grown among recipients of the loan and it is likely that a student loan is not applied for unless it is actually needed. The number of students who take out a student loan has decreased every year, for instance in the previous academic year, the number of borrowers was just one third of the borrowers in the academic year 2007/2008,” said Triin Messimas, Development Manager of Private Loans at SEB.

SEB will start transferring loan amounts into the accounts of first-year students from 1 October; more advanced students will receive their loan from 15 September provided that they meet the conditions precedent to receiving a student loan. If the recipient of a student loan who has an existing student loan contract does not want the bank to transfer this year’s loan amount into his or her account or wishes to take the loan out in instalments, he or she is asked to notify SEB at the latest by 12 September. The application can be submitted on the Internet bank, by mail or delivered to any branch of SEB.

In addition to student loans, SEB offers a Youth Package to students which includes an SEB ISIC Student card that has no monthly fees and functions as an official student identification card and a bank card and gives access to numerous student discounts all over the world. As from 1 September, SEB adds the option of a free Virtual Card to the special offers of the Youth Package. Furthermore, as from 1 September all users of the Youth Package will be able to hold their Estonian, Latvian and Lithuanian securities on the securities account of the ECSD for no monthly fee.