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Lithuanian students have taken out 11,530 student loans so far this year. The loans are jointly managed by the government and commercial banks.

43 million litas have been loaned to students by the state and by commercial banks, the Lithuanian State Science and Studies Foundation (LSSSF) announced on Friday.

Commercial banks signed loan deals with 2,433 students who borrowed approximately 11 million Litas to cover tuition fees and another 11 million litas to pay for living costs.

The LSSSF loaned out 20 million litas towards living costs. Almost one million litas were borrowed from the foundation to cover tuition fees in Lithuania and for studies abroad under the EU's Erasmus programme.

Tuition fees went up sharply in Lithuania this year after a new government drive to reform higher education kicked in.

Swedbank, Snoras, DnB Nord, Nordea and Siauliu bankas are underwriting the student loans, which are guaranteed by the government.

An almost equal share was loaned by the LSSSF, which provides lower interest rates for students.