For many young people, getting a student index is associated with a radical change in life. Colleges and universities are most often located in large cities, so future students must pack their belongings and live in a dormitory or rented room. Full-time studies, although financed by the state all the time, always require considerable expenditure. Parents help many students, every university also has a scholarship system, the labor market is still absorbent so you can earn some extra jobs or work in the evenings. However, not every field of study creates conditions for taking up a job, students of the first years of medicine, law or economics have such science-filled days that there is not enough time even for social life.
Every student can apply for student loan, regardless of the field of study, their mode or the nature of the university.
The only condition a student must meet is to start studying before the age of 25. This last condition has been changed for several years, expanding the group of loan beneficiaries to include doctoral students. A student has the right to apply for a student loan at any stage of his studies, but never backwards. Therefore, the sooner such a decision is made, the greater the financial support will be. The loan for 19 years , i.e. since the first year of study, guarantees the full value of the student loan.
Student loan terms
Student loan is a specific financial product governed by its own laws. First of all, he is distinguished by the way he withdraws money. The student does not receive the entire amount in one tranche, as is usually the case with commercial loans. The bank pays money in monthly installments during the so-called academic year and the student has an influence on the amount of the tranche. Student loan is paid to the student for the longest period of 10 years. You can complete your undergraduate, graduate and doctoral studies at this time.
The young borrower does not have to pay back the loan interest for the entire period of study and two years after graduation. These costs are covered by the state budget. The borrower starts repayment of the loan and its interest two years after graduation, where the interest is not high and the loan repayment rate depends on the amount of the previous tranches.
A loan for a student under the aegis of the state is not the only way of financial support.
There is also a public payday loan for students, a financial product of many non-banking companies. It is specially prepared for a young learner who has neither credit history nor creditworthiness. Most loan companies offer a product that has been a loan for 20 years on special terms accepting the complex situation of a young person. Students who use payday loans for the first time can even count on a free loan at no additional cost. Of course, this will not be an amount that will allow you to study for several years, only such a state can afford such a product, but with secured living costs such a loan will certainly be enough for holidays or unexpected expenses.
An interesting fact is certainly the fact that all types of student loans are primarily chosen by students of polytechnic faculties.