A month and a half after the second call for proposals for the “Education Loans” project opened, it’s clear: Poles want to continue their education! Interest in improving their professional qualifications and developing their interests is very high, and the attractive, cost-free financing option facilitates this process. As part of the “Education Loans” project, launched last year, the second round of applications for preferential loans with partial write-offs was announced in early February. Under this program, adults (employed, self-employed, and unemployed) can apply for a loan of up to PLN 100,000 to finance their chosen postgraduate studies, courses, or training (excluding first-, second-, and third-cycle programs) lasting no longer than 24 months. Over the past month and a half, interested parties have registered over 1,660 applications online, of which 673 have already been submitted, and 267 have already been approved.
The loans are interest-free and do not incur any additional costs (commissions, fees, etc.). The loans can cover the entire cost of training/studies. The repayment period is up to three years – repayments are made in equal monthly installments. The funds are transferred directly to the educational institution to finance the participant’s chosen form of education. Completing a degree program or course is grounds for 20% loan forgiveness. In practice, this means there is no obligation to repay the final loan installments. For unemployed individuals who take up employment during or after training, or for individuals with incomes below the national average, 25% of the loan may be forgiven.
In the first call for applications, which opened in September 2017, nearly 1,700 applications were submitted, totaling PLN 13 million. Over 1,000 loans were granted. It is also worth noting that over 100 loan forgiveness agreements have already been granted – i.e., 20 or 25% of the loan repayment was forgiven.
Financed by the Knowledge Education Development Operational Programme 2014-2020, the “Loans for Education” project has been implemented since June 2017 by a partnership between the Regional Development Agency in Starachowice and the Cooperation Fund Foundation. The project is a pilot project for a new form of financing adult continuing education. This is also one of the first examples in Poland of a new form of using EU funds – repayable assistance. The second call for proposals will run until May 31st of this year or until funds are exhausted.
