Saudi Bank Offers Students $27K in Zero-Fee Education Loans

Students pursuing degrees at the University of New Haven's Riyadh campus can now access thousands of dollars in educational financing without worrying about fees or rushed repayment schedules.

The Social Development Bank signed a groundbreaking agreement with the University of New Haven-Riyadh in July 2026, opening the door for undergraduate and master's students to receive up to $27,000 in educational loans. The deal was formalized at Saudi Arabia's Ministry of Human Resources and Social Development under the patronage of Minister Ahmed bin Sulaiman Al-Rajhi.

This marks the first time the bank has added an international university operating in Saudi Arabia to its education financing network. Students can apply through the bank's education portal and receive approval for loans with zero fees attached.

The terms are designed with student success in mind. Borrowers have up to 48 months to repay their loans, and the bank transfers payments directly to the university, streamlining the process.

Abdullah bin Saad Al-Ruwais, the bank's executive vice president for business, and Leo Leister, senior vice president of the University of New Haven-Riyadh, signed the agreement on behalf of their institutions.

Sultan bin Abdulaziz Al-Hamidi, CEO of the Social Development Bank, explained that the partnership delivers innovative financing solutions that help students continue their education and build stronger academic and professional futures. The deal also strengthens the bank's relationship with leading educational institutions while supporting Saudi Vision 2030's goals.

Leister emphasized that the agreement expands access to internationally accredited higher education throughout the Kingdom. Students now have more pathways to high-quality learning opportunities that might have previously been financially out of reach.

The Ripple Effect

This partnership extends beyond individual students. By removing financial barriers to education, the agreement helps develop Saudi Arabia's human capital and contributes to building a knowledge-based economy.

The Social Development Bank has been expanding its educational financing network as part of a broader commitment to make learning accessible. This latest agreement demonstrates how financial institutions and universities can work together to invest in the next generation's potential.

For students in Riyadh considering international higher education, this partnership transforms what was once a financial challenge into an achievable goal.