State-owned student loan provider Diákhitel will expand its credit to adult education and vocational training programmes that run for longer than three months from May 31, pro-government daily Magyar Nemzet said on Thursday.
The loans will be available to Hungarians between the ages of 18 and 55 and have conditions identical to those for borrowers working toward their first tertiary education degree.
Diákhitel CEO Péter Magyar told the paper the new opportunity could make a “big contribution to maintaining positive labour market trends”.
Hungarians enrolled in continuing education or re-training programmes may take out up to 150,000 forints a month of free-purpose Diákhitel credit with an annual interest rate of 1.99 percent and up to 500,000 forints of interest-free credit to cover the cost of tuition.
The free-purpose credit will be capped at 8,250,000 forints per borrower to prevent over-indebtedness, Magyar said.
He added that around 120,000 Hungarians could be eligible for the credit at present.
Supporting life-long learning is a priority for the Hungarian government, Magyar said.
featured image: vocational training in Nyíregyháza; illustration via Attila Balázs/MTI