Icelandic Student Loan Fund
Encyclopedia
The Icelandic Student Loan Fund (Icelandic: Lánasjóður íslenskra námsmanna or LÍN) is a government-funded and government-run student loan
fund for Icelandic citizens. It provides loans for living expenses of up to 7 years of university studies. Repayment of the loans is at below-market-rate interest
, with a two year grace period
upon completion of studies.
Student loan
A student loan is designed to help students pay for university tuition, books, and living expenses. It may differ from other types of loans in that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in education...
fund for Icelandic citizens. It provides loans for living expenses of up to 7 years of university studies. Repayment of the loans is at below-market-rate interest
Interest
Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money, or money earned by deposited funds....
, with a two year grace period
Grace period
A grace period is a time past the deadline for an obligation during which a late penalty that would have been imposed is waived. Grace periods, which can range from a number of minutes to a number of days or longer, depending on the context, can apply in various situations, including arrival at a...
upon completion of studies.