Latvia: students to get affordable European-backed study loans

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Together with Latvian banks, ALTUM and the European Investment Fund, backed by the Investment Plan for Europe, are enabling more favourable lending to students and learners in Latvia, to cover their study and housing costs. The EIF has signed a guarantee which will enable ALTUM to continue its guarantee programme for Latvian banks, supporting students and learners in Latvia. In total, up to 13.500 students and learners in Latvia are expected to benefit from cheaper lending conditions to cover their study and housing costs.

In June 2020, Altum launched a guarantee scheme with commercial banks in the country, to support financing for students attending university in Latvia. The loans can cover both tuition fees and living expenses. As the programme was very positively received by the market, the entire budget foreseen for the programme was soon fully committed. Now, the European Investment Fund – backed in turn by the “Skills & Education Guarantee Pilot” of the European Commission’s Investment Plan for Europe – is partnering with ALTUM to support the continuation of the programme and increase the number of beneficiaries. Thanks to the EFSI Skills & Education Guarantee, Altum will not only be able to support a larger number of Latvian universities’ students and learners, but also extend the programme to non-academic trainings for learners and tuition fees and living expenses for students studying abroad.

Valdis Dombrovskis, Executive Vice-President for an Economy that works for people, said: “It is important to invest in young people and the future of our economy. I am glad to announce that with support of the EIF and the Investment Plan for Europe, students in Latvia who are looking to advance their education and skills will receive loans under favourable conditions to do so. Expanding an existing guarantee scheme will allow even more young people to cover their tuition fees and living expenses.”

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