Frequently asked questions
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Who is entitled to submit an application?
You can submit an application if you graduated from any high-school or technical school (private/public) of Cyprus in 2020 and you have started or will be starting your studies at the latest within 2021. You can also submit an application if you are a soldier and you have completed or will be completing your military service within 2020 and you have started or will be starting your studies at the latest within 2021. However, the following conditions must be met:
- You must hold a Cypriot citizenship or be a permanent and legal resident of Cyprus and reside in areas controlled by the Republic of Cyprus
- Your family’s annual per capita gross income* must not exceed 10,000 euro
- You must have a Hellenic Bank account or open an account and have a card issued before submitting your application.
What does per capita income mean*?
Per capita income is calculated by dividing your family’s total income by the family’s dependent members. For example, a family of four with 2 parents and 2 minor children where the total income of the parents is 40,000 euro, has a per capita income of 10,000 euro (40,000/4).
My family’ structure differs from the norm and I am uncertain about which member(s) are considered dependant when calculating the per capita income.
The term “Family” covers the following categories:
- Parents living together and the children of both spouses living under the same roof
- A father who is unmarried, widowed or divorced and his children living under the same roof
- A mother who is unmarried, widowed or divorced and her children living under the same roof
- An applicant whose both parents are dead or missing, or an applicant abandoned by their parents
- A married applicant, their spouse and the children of both spouses living under the same roof
- An applicant who is unmarried, widowed or divorced and their children living under the same roof
In cases (2), (3) and (6), when the father, mother or student has remarried, their current spouse and children living under the same roof are included in the definition of a family.
Dependant members include unmarried legitimate children, children born outside marriage and legally adopted children who meet the following conditions:
- Up to the age of 18
- Up to the age of 19, if they still attend a secondary education school
- Up to the age of 21, if they are performing military service
- Regardless of age, if they are students, within the meaning of the relevant Law, who are receiving student grants
- Regardless of age, persons permanently lacking the capacity for subsistence
What amount will I receive in the event of approval?
The amount of 2,000 euro annually, provided that every six months you present a certificate of studies to the Bank’s relevant department.
How can I apply?
You can only apply online, through the Hellenic Bank’s website and until 31/10/2020.
What are the criteria for selecting candidates?
The scholarships will be granted according to a point-based system which takes into account the family’s financial status, any special social circumstances and the applicant’s academic performance. The criteria and points for each category are detailed in the guide. The 20 applicants to obtain the highest number of points and present all required certificates will win a scholarship.
What supporting documents do I need in order to submit an application?
Before completing your application, you should have at your disposal all required certificates applicable in your case (presented in Quide - section B). If you advance to the next stage, you must provide the required certificates/attestations applicable in your case within four (4) working days from the day you are notified, for your application to remain valid.
Will I receive a scholarship if I meet all the participation requirements?
The submission of an application does not necessarily mean a scholarship will be granted, even if all requirements are met. The scholarships will be granted according to a point-based system which takes into account the family’s financial status, any special social circumstances and the applicant’s academic performance. The criteria and points for each category are detailed in the guide. The 20 applicants that obtain the highest number of points and possess all required certificates will win a scholarship.
How will I be notified if I advance to the second evaluation phase?
Only the highest-ranking applicants will be notified, based on their score. The highest-ranking applicants will be invited to present the required certificates, with the purpose of validating the details submitted with the application. The applicant will be notified using the contact details (email or phone number) provided in the application.
I am already receiving a scholarship from another entity, can I apply?
Yes, there is no restriction.
After my approval, will I have to present a proof of studies every six months?
Yes, proof of studies must be presented every six months.
Does this also apply to universities abroad?
It applies to any university the applicant has selected.
Will the scholarship be granted for one year or for all years of studies?
In the event of approval, you will receive a scholarship up to and including the fourth year of your studies, provided you present a certificate of studies every six months.
Where and how will the results be announced?
The final results will be announced on the Hellenic Bank website using the application number. Please note that no personal letters will be sent to applicants who are not granted a scholarship.
Can more than one person from the same family apply?
Yes, there is no restriction.