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Gov?t to reduce rates on student loans

The interest rate on state-subsidized student loans will be reduced 0.7 percentage points to 11.25% as of September 1, the Finance Ministry announced on Friday. The reduction is made possible by lower borrowing costs and an exchange rate guarantee undertaken by the government, the ministry said. The monthly maximum for student borrowing under the scheme will rise from Ft 25,000 to Ft 30,000 from September. From September 2006, Hungarian students studying in countries of the European Economic Area will also be eligible for the loans.