Studying at a state university is free, but that does not mean that you can study without funds. Do not rely on the fact that the state will take care of absolutely everything. It’s definitely not like that. Prices for accommodation for students are more or less market, public transport is also free and not to mention the prices of meals. Students also have to have fun and it costs a lot of money.
Student loan = money for study and other needs
A student loan is a dream for every student. But college loans are mostly dangerous products for banks. Therefore, the provision for loans for study is significantly reduced.
Although banks offer loans for students, they must be secured by a guarantor or co-debtor. They are usually the parents of the student. This gives parents control over their children. Parents can also borrow money directly and then give it to their children.
If a student borrows from a bank, they are offered more autonomy. With most banks, you will receive a free overdraft account for student loans, but only a few thousand dollars. However, even in most cases, it is sufficient for students to copy with small financial expenses.
Student life is not as simple as we would think. The cost of living is constantly increasing. Most high school and university students do not have rich parents or a well-paid extra income to cover all the cost of living.
Students must finance either tuition or enrollment fees, lecture notes, pay dormitory or other accommodation, transportation (commuting) or study materials (textbooks). Students also usually have to purchase a laptop and internet connection.
That’s why a lot of students considering the fact that you take a student loan, through which they can pay all expenses.
Many students decide to draw on the loan gradually, depending on the circumstances. They may also set a weekly or monthly amount which they may not exceed.
A student who has already established a bank account Students can apply for a so-called. Overdraft This is an overdraft allowed. Thus, the student can go to minus on his / her account.
Another option is credit card with low credit limit
Student loan advantage – low interest.
Maturity is in the range of 1-10 years, students can also use deferred repayment. In this case, the money does not start to pay until after graduation and earning a certain income. Until then, only the interest on the loan is repaid.
In order to apply for a loan, the bank requires a minimum age of 18 years, a maximum of 26-30 years.
Non-bank loans for students
Students are considered by the bank to be a group without income and therefore risky. Therefore, the bank usually does not approve the student loan.
For this reason, students most often apply for non-bank loans. While these are more expensive, they are also readily available and are sometimes the only solution. On the Internet you will find lots of offers targeted to students – such as SMS loans. Using the Internet from the comfort of your home, you can handle the application and you can also find references from those who have already taken a similar loan and map if this loan really suits you.
In the non-banking sector, you can also arrange individual conditions and everything necessary for your loan to be approved and settled.
Student life is not free and the loan can (or does not) solve your spending problems. Therefore, carefully consider all plus and minus and avoid unnecessary mistakes.
Will a study loan make your life easier?
If you can’t get along with your pocket money while you are studying, or if you only have temporary jobs, one way to get money quickly and easily is to borrow a study. This loan is intended primarily for university students, colleges and language schools. But practically anyone studying up to the age of 55 can apply. You can then use the money to pay school fees, study abroad, or for other matters.
If you are studying, you can borrow money from the bank on favorable terms. Payments may be postponed until after graduation. You only pay interest immediately. You can repay according to the set conditions of the bank, but you can also be negotiated on an individual payment schedule.
Borrowing money is conditional on establishing a student account, and it is definitely not free.
What are the conditions for obtaining a study loan?
If a student applies for a loan, he / she must provide the OP, information on his / her income from the temporary job and a certificate of study. In the case of an application for a higher amount, the study loan must be signed by legal guarantors or co-applicant.
The maturity of the loan is usually due within ten years. You can borrow from 10 000 to 500 000 USD. The study loan is non-specific. Any student who is 18 years old and has a permanent residence can apply for a loan for study.
Due to the low interest rate and easy availability, this study loan is used by the student’s parents for other purposes. They use the opportunity to borrow really cheaply. The interest on the loan study is around 10%.
You can choose between two repayment options – repayment immediately and save, or postpone the repayments until after you complete your studies – but you will pay significantly.