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S-,R-and G-loans

The payments of G-loans and R-loans begins two years after the end of studies, which are considered to be the final date of the last period of assistance. Repayments are usually made twice annually, on the one hand a fixed payment due on 1 March and on the other an income-based payment due on 1 September each year. A fixed repayment is the same for all borrowers but the income-based payment is based on the income of the previous year according to a tax return.

For borrowers beginning to pay off their student loans, the fixed payment in the first repayment year is usually due on 30 June instead of 1 March. However, the income-based payment in that year is still due on 1 September.

Interest on student loans is calculated as of the closing of the bond, i.e. at the end of the last loan period. The interest on R- and G-loans is 0,4%. S-loans are interest-free.

Prepayment discount

A borrower who pays up a student loan, that is not overdue in a single deposit, is entitled to a prepayment discount of 5 – 15% of the outstanding balance of the prepaid bond before repayment.

This only applies to loans according to older laws (V-S-, R and G – loans).  No repayment discount is granted on H loans.

The payer is not entitled to a prepayment discount for the repayment of a student loan unless repayment of one or more student loans has started.

The percentage of the discount on additional deposit is calculated based on the total debt of all the payer’s loans. The discount is 5% if the borrower’s debt is one million or less and becomes a maximum 15% if the balance debt is 4,8 million or higher.

The borrower needs to apply for the repayment discount on Mitt Lán and the discount will be deducted from the total debt of the loaned payment when it´s paid. A payment slip is ordered, and it will be displayed in the payer’s online bank and the discount amount will be deducted from the total amount.  In cases where someone other than the borrower repays the loan, the prepayment discount must be applied for within 3 months of payment. A request for this must be sent to an e mail address: menntasjodur@menntasjodur.is

The prepayment discount shall be repaid to the person who repaid the student loan.

Additional deposit

 An additional installment may be paid to Menntasjóður as one wishes. No fee is charged for depositing into a loan.  A payer who pays an additional installment a loan according to older laws (V-S-R- and G- loan) is entitled to a prepayment discount of 5 – 15% of the outstanding balance of the prepaid bond before repayment. The amount of the discount on the additional deposit is calculated based on the total debt of all the payer's loans. The payer is not entitled to a discount on the repayment of a student loan unless repayment of one ore more of his student loans has started. 

An additional deposit can be paid through Mitt lán on www.menntasjodur.is