Life-Changing Loans for: Students
We’re here to support you in getting your degree! Student loans are available to individuals studying at Israeli universities and colleges.
- General Academic Track: loans of up to ILS 30,000.
- Drucker Family Student Loan for Students of Applied Sciences: Loans of up to ILS 20,000 each, totaling up to ILS 60,000 (an option to take a 20,000 each year for three consecutive years) with no requirement for a guarantor. For more information about the Drucker Student Loans read here (in Hebrew).
- Professional Training Track: loans of up to ILS 30,000 towards professional courses in areas such as computer science, nutrition, fitness, complementary medicine and more.
Age: 22 – 67
Israeli citizen residing in Israel
Net monthly income between ILS 3,000 – 15,000
12 consecutive months at the same workplace (or self-employed with 12 consecutive months of income)
Students who do not meet the above criteria (are not yet 22 or do not work) will be required to have one of his/her parents sign as an additional borrower (in addition to the two guarantors).
Two guarantors between the ages of 22 and 67 whose monthly income is at least ILS 3,000 (net) and who have been at the same workplace for 12 consecutive months
Any applicant who receives a pension from the National Insurance Institute (income support / child allowance / disability pension / survivors’ pension / old-age pension) may submit an application for a loan provided that the pension is at least ILS 3,000 a month. Kollel students may submit applications if the spouse earns at list ILS 3,000 from her workplace.
How do I begin?
Review the loan criteria and download the application form, complete it and send it to us by mail. Incomplete forms or forms sent by fax will not be reviewed.
Please attach the following:
- Copy of the applicant’s Israeli identity card and appendices, as well as those of the spouse.
- Copy of your student identity card (both sides) or confirmation that you will be entering an educational program.
- Confirmation of army/national service. (Please note if you did not serve.)
- Financial information:
- Copy of your last pay stub, or other income verification (including scholarships and government support) for both you and your spouse.
- Self-employed applicants must submit verification from an accountant or financial advisor of net income over the past 12 months.
- Bank account details – bank name, branch number and account number
- Guarantor details – Please complete details on two guarantors on the application form. Applicants must attach copies of each guarantor’s most recent pay stubs and identity card.
- A check in the amount of ILS 20 (non-refundable), made out to the Israel Free Loan Association to cover the cost of opening a file.
- The Hebrew version of all documents is binding and serves as the basis for documents written in other languages.
You will receive a response to your request in the mail (not over the telephone).
The loan committee may approve or reject any loan application or select the loan amount without giving a reason for its decision.
Your Loan Has Been Approved! Now What?
Once your loan has been approved, you will receive a letter with detailed instructions and conditions. You will need your two guarantors to sign the relevant forms at our office, at one of the branches of the First International Bank of Israel, or any branch of the Israeli Post Office, as explained in the instructions. Your own signatures on the loan documents can be made either in person at Ogen offices in Jerusalem or in front of a lawyer who will verify your signature and then you can mail us the original documents. Once the loan documents are received by Ogen we will transfer the loan proceeds to your account.
One time handling fees will be paid when the loan is granted, as detailed in the approval letter. Loan repayment will take place through automatic withdrawal from your bank account according to the amount of the loan and your income level. Loan repayments not honored by the bank will incur interest fees.
Who May Not be a Borrower or Guarantor?
- Someone with a restricted bank account must wait one year after the restriction has been lifted.
- Someone who has filed for bankruptcy or has a file with the Executive Office may not be a borrower or guarantor.
- A loan candidate or current borrower may not be a guarantor and a guarantor may not be a borrower until the end of the loan term.
- An individual may only sign for one loan at a time at Ogen (as a borrower or guarantor).
- Spouses may not be guarantors for one another and may not be guarantors for two loans at the same time.
- People with income from the National Insurance Institute may not be guarantors.
- An employer may not be a guarantor for an employee and an employee may not be a guarantor for his/her employer.
Questions? Please view frequently asked questions to avoid unnecessary misunderstandings or delays. If you still have questions, please contact us.