Unlike traditional government-guaranteed loans, these can cover not just tuition, but all direct AUBG expenses – housing fee, student activity fee, meal plan etc.
A student can borrow up to $5,000 each academic year and up to $20,000 for the duration of their studies. The loan will be disbursed to AUBG student accounts in the first week of classes of the semester.
The loans come with an interest rate of 6% and a 10-year repayment period. There are no application fees and no need for guarantors.
Thanks to the support of the America for Bulgaria Foundation, for every full year within the repayment period that a graduate stays and works in Bulgaria, the foundation will cover 20% of the principal amount (the borrowed sum before interest) of the loan.
Loan recipients will not owe any payments as long as they continue their studies at AUBG and will have a one-year grace period after graduation during which only interest payments will be due. Deferrals of repayment for a graduate study are not granted. You will repay your loan in equal monthly installments in accordance with a repayment schedule that you and the bank agree on. You may also repay the loan principal in part or whole at any time without penalty. If you leave AUBG without graduating, you will have to start repaying the loan immediately.