The Hungarian Student Loan Scheme
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- Jayson Briggs
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1 The Hungarian Student Lan Scheme A Brief Intrductin Educatin and Investment Plan fr Eurpe Brussels, 5 Octber 2015
2 Summary The Prject: The Lan Scheme The Student Lan Centre Financial structure: Funding and the rle f EIB Challenges and expectatins 2
3 Premises, principles, missin Premises: Higher educatin is a key factr f scial mbility. A HE degree has significant advantages fr the individual and fr the sciety as well, therefre it is fair t share its csts. Higher educatin places significant burdens n the individuals and the families. Principles f the scheme: Must be f general access, and universal Must prvide a cnsiderable, but easily repayable lan size Must perate in a Self-sustaining and self-financing way Missin f the scheme: Prmting access t higher educatin Fstering equal pprtunities and scial mbility 3
4 The Lans Student Lan 1 (maintenance lan) Student Lan 2 (fee lan) N credit scring, n cllateral Wide eligibility Incme cntingent repayment, n fixed tenr Grace perid fr repayment, free prepayment Lan can be cllected as taxes Single risk pls with single interest rates Maximized lan amunt Free use N interest subsidy Optinal lan amunt Tied use Interest subsidy 4
5 Student Lan Centre 100% state-wned institutin (Hungarian Develpment Bank) Single activity: managing the student lan scheme Nt-fr-prfit peratin Financial activity in nn-bank cmpany frm Main partners Hungarian Develpment Bank Ministry fr Natinal Ecnmy, Ministry f Human Resurces HE institutins, Student Unin, cmmercial banks, Hungarian Pst Natinal Tax and Custms Administratin, Central Credit Infrmatin Gvernment Debt Management Agency, State Treasury, Eurpean Investment Bank, cmmercial banks and investrs, Budapest Stck Exchange 5
6 Financial structure - Funding Principles State guarantee n the debt prtfli f SLC (liability side) N financial burden n the central budget Funds raised frm mney and capital markets All funding csts charged n the brrwers Instruments Repayments and prepayments f the brrwers Stand-by liquidity facilities Mid and lng term lans frm cmmercial banks Lans frm special purpse financing institutins (EIB, Hungarian Develpment Bank) Dmestic bnd issue 6
7 Financial structure - Funding Sme basic figures f the Cmpany as f 31 August: Balance sheet ttal: EUR 900 millin Ttal utstanding student lans: EUR 883 millin Ttal debt prtfli: EUR 745 millin (84% f SL) Eurpean Investment Bank: EUR 294 millin (39.5%) Bnds: EUR 224 millin (30.1%) Hungarian Develpment Bank: EUR 194 millin (26.0%) Cmmercial banks EUR 32 millin (4.4%) Prfit/lss (January-August): EUR 0 Ttal number f brrwers t date: 363,000 Ttal number f active lan cntracts: 197,000 Headcunt: 113 7
8 Financial structure Rle f EIB Finance Cntracts t date SL1: 2005 EUR 100 millin, 2007 EUR 150 millin, 2010 HUF 38 billin SL2: 2013 EUR 100 millin 40% f the debt prtfli EIB is the primary financier f the student lan scheme Funding instruments varius interest rates, duratins and currencies available typical tranche: HUF denminated, 15-year tenr, 5-year grace perid, fix/variable psitive effect n the interest rate f the lan thrugh the cst f funding Additinal undertakings bi-annual sci-ecnmic studies 8
9 Challenges and expectatins Challenges and slutins credit crunch in 2008 flexible funding strategy (EIB) slightly deterirating repayment figures strengthening sft cllectin negative attitude t lans educative cmmunicatin generatin Y/Z up t date cmmunicatin channels Expectatins and c-peratins Erasmus+ Master Lan Guarantee prgramme (EIF) Onging partnership with EIB Sharing the knw-hw f student lending 9
10 Challenges and expectatins Demand - Student Lan 1 350, , , , , , , , , , , , , , , , , , ,000 50,000 85,416 85,416 42,675 33,111 23,063 26,075 23,822 18,939 18,172 19,009 18,300 13,962 10,917 7,513 5,923 - Cumulative number f Student Lan1 brrwers The number f new Student Lan1 brrwers 10
11 Challenges and expectatins Demand - Student Lan 2 180, , , , , , ,000 85,416 85,416 80,000 60,000 40,000 20,000-42, / / / ,111 Cumulative number f Student Lan2 brrwers The number f new Student Lan2 brrwers 11
12 Thank yu fr yur attentin! Balázs Havelda Deputy CEO, CFO Student Lan Centre Ltd [email protected] 12
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