NOR GVT Education Support Act

On May 31, NOR GVT amended Education Support Act loan provisions.

  • NOR GVT enacted LAW-2024-05-31-27 on amendments to the Education Support Act (calculation of interest on education loans during education for special schemes).
  • NOR GVT Ministry of Education amends Education Support Act, LAW-2005-06-03-37.
  • Changes to Education Support Act
  • Amendments to s. 9 of LAW-2024-05-31-27 sets out the Norwegian State Educational Loan Fund (Lånekassen) calculation of interest on loan in certain events.
  • This provisions accounts for situations when the education has been completed or interrupted, or when the borrower no longer receives support from Lånekassen.
  • Under s. 9, for special schemes, Lånekassen may calculate interest on the education loan from the date of payment, if this has been determined by the Storting.
  • Under s. 10, debt may be cancelled, in whole or in part, in accordance with limits laid down by the Storting, including when borrower lives in specified parts of the country.
  • Effectiveness
  • The act applies from Aug. 1, 2024, according to Norway's constitution.

Regulators NOR GVT
Entity Types Bank; CNSM; MG Orig
Reference LAW-2024-05-31-27, 5/31/2024; Citation: LAW-2024-05-31-27;
Functions Financial; Legal; Operations; Product Administration; Suitability
Countries Norway
Products Banking; Education; Loan
Regions EMEA
Rule Type Final
Rule Date 5/31/2024
Effective Date 8/1/2024
Rule Id 214323
Linked to N/A
Reg. Last Update 5/31/2024
Report Section EU

Last substantive update on 06/05/2024