Total student debt decreases to below €2.5m (1)
While at the end of 2015 there were more than 1,700 people with student loans to pay off and their debt totalled some €3m, today there are 1,444 people who still have to pay €2,45m.
According to the Ministry of Education and Research, the numbers decreased even more drastically in the long term, down from more than 3,000 debtors in 2013 with a total of €5.6m to pay back.
The ministry has processed 64 loan agreements so far this year, covering some €159,000. This is significantly less than last year’s 144 agreements and €361,000 paid out.
Roughly 10% of students apply for a student loan, the upper limit has reached €1,920 over the last few years.
There are several reasons for the shrinking number of debtors. One is the general improvement of the economic situation, another that students are better informed and consider picking up loans more carefully than they used to. The ministry also spent more time dealing with the debtors more actively.
Another reason is the extension of state support provided to students, with a broader range of opportunities available now to study for free.
The state supports students with study as well as special grants depending on financial need. There are also several scholarships available.