Norwegian State Educational Loan Fund
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The Norwegian State Educational Loan Fund (Statens lånekasse for utdanning) provides loans and grants to Norwegian and certain foreign students for their education. This system is aimed at making higher education available to everyone, regardless of their place of residence within Norway, their age, sex or economic and social status.
As of 2006, students receive a combined grant and loan which amounts to NOK 81,000 per year. Upon completion of the academic year, up to 40% of the loan amount may be converted to a grant provided that certain conditions are met, i.e., that the student: passes all exams on schedule; has an annual income below NOK 113,000; and has a net worth less than NOK 220,000.
All Norwegian public universities and colleges are free, but students attending private institutions may apply for an additional loan of up to NOK 50,000 in order to finance tuition. Such loans may not be converted to grants.
