Based on Article 170 of the Act of 3 July 2018 Provisions implementing the Act - Law on Higher Education and Science (Journal of Laws of 2018, item 1669), the existing Student Loans and Credits Fund, established in Bank Gospodarstwa Krajowego, was transformed on 1 January 2019 into the Student Loans Fund.
Bank Gospodarstwa Krajowego does not grant students direct preferential loans. Such loans are granted by commercial banks and cooperative credit unions, known as lending institutions which have signed a cooperation agreement with BGK.
The aim of the Fund is to administer the funds allocated for subsidies to low-interest loans granted by lending institutions, and partial or total redemption of student loans in cases specified by the provisions of the Act on Higher Education and Science (Journal of Laws of 2018, item 1668) and the Regulation of the Minister of Science and Higher Education on student loans (Journal of Laws of 2018, item 2468).
A student loan is not a loan within the meaning of the Consumer Credit Act of 12 May 2011 (Journal of Laws of 2018, items 993 and 1075).