The Icelandic Student Loan Fund does not send out payment requests in paper form unless requested by the payer. If the payer has requested payment requests in paper form, the cost of printing and postage will be added to the amount on each due day.
The requests appear in Icelandic home banks and normally, payment requests in paper form are sent by e-mail to the email address registered at the Fund.
Usually, it is most convenient for payers to pay the instalments through their home bank but if for some reason this is not possible a transfer can be made to the account of the Fund. The bank information is as follows:
National ID no.: 710169-0989
Account number: 0111-26-205
The payers of student loans have the option to apply for payment distribution of payments. The cost of payment distribution is 2% of the total amount of the instalment. Payment distribution means that each payment of a student loan is divided into six equal payments, due once a month. Since the payments on S-, R- and G-loans are due every six months, i.e. on 1 March and 1 September each year, there will be a total of 12 payments with payment distribution each year, on the first day of each month.
Payment by credit card
An application can be made to pay the instalments of a student loan by credit card, either in whole or with a distribution over 6 months (S-, R- and G-loans). The cost of a credit card payment is 1.5% of the total amount of the instalment if the full amount is paid by credit card, but if the instalment are distributed over 6 months by credit card, the cost is 3%.
Note that for those payers who are beginning their payments, the due date is usually 30 June (G-loan). This due date can only be distributed over 2 months and the processing fee is then 2% for that time.
Credit cards are debited on 10. - 18. of each month but the payment is entered as of the due date and therefore no default interest is added to the payment.
If the deposit does not go through, e.g because the limit of the credit card has been exceeded or it is rejected for some other reason, the payer will receive a notification of this by email. If the payer does not react to this email, the debit payment will be discontinued and the due amount collected in the usual way. In those instances, default interest is added to the claim as from the due date in addition to collection costs as the case may be.
An application for payment by credit card is made on "Mitt Lán" under „Applications". Only Visa and Mastercard credit cards are accepted.
Payments from abroad
When a transfer is made from abroad it is important that the national ID number of the borrower is entered into the explanations. If a student loan payment is made by foreign transfer it is also important to pay at least ISK 1.000 more than the amount of the payment. The reason for this is that the receiving bank in Iceland charges fees which are subtracted form the transferred amount before the payment is made into the bank account of the Fund.
The Fund receives the payment in ISK at the exchange rate of the receiving date. The fund is not responsible for a possible difference between the exchange rate of the transferring date and the receiving date. If a lower amount is received than the payment and possible fees, the payment is considered not to have been made and may be sent for collection.
If the fund receives a higher amount than was needed to cover the payment through a foreign transfer, the extra amount is deposited towards the payer’s student loan and will lower the remainder of the loan.
Below are bank the instructions necessary to transfer funds from abroad to the account of the Fund.
Menntasjóður námsmanna, Borgartuni 21, 105 Reykjavik, Iceland
IS45 0111 26 000205 7101690989
NBI HF (SWIFT: NBIIISRE )
If requested the appropriate line depending on the currency in which the payment is made:
NBI's CAD correspondent: ROYCCAT
NBI's CHF correspondent: CITIGB2L
NBI's DKK correspondent: JYBADKKK
NBI's EUR correspondent: CITIGB2L
NBI's GBP correspondent: CITIGB2L
NBI's JPY correspondent: CITIGB2L
NBI's NOK correspondent: DNBANOKK
NBI's SEK correspondent: ESSESESS
NBI's USD correspondent: CITIUS33
It is important that he full name and national ID number of the payer is entered into the explanations.
Note: The instalments of payment distribution cannot be paid by money transfer, the payment must be made through an Icelandic home bank.