Tuition, housing, everyday life, computer equipment … Being a student is expensive! To finance his studies without having to work like a madman, there is a solution: the student loan. How to obtain it from the banks? Our advices.
What is a student loan?
The student loan is a consumer loan that is granted to finance his studies. His particuliarity? This is a deferred refund credit: the student begins to repay at the end of his studies. Another advantage of student credit: a lower interest rate compared to a conventional consumer credit.
The amount of the loan may vary depending on the bank, depending on your income and that of your surety. The amount of your loan can vary from 1,000 to 45,000 € for a repayment duration ranging from 2 to 10 years on average.
What conditions to obtain a student credit?
While many banks now offer student loans, the conditions for obtaining them are generally the same:
- to be of age ;
- be enrolled in an institution that prepares for a degree in higher education;
- be under 28 years of age – sometimes 30 years in some banks – at the date of conclusion of the loan.
To obtain this personal loan, it is often necessary to have a deposit, that of the parents for example. If this is not the case, it is possible in some banks to have their credit secured by the State for a maximum of € 15,000.
How to find the best student credit offer?
To find the best student credit, do not hesitate to compare offers:
- First point to check: the APR or annual percentage rate. Expressed as a percentage, it makes it possible to evaluate the total cost of a personal loan: the lower it is, the better.
- Another point to study, the terms of repayment. Repayment period, adjustable monthly payments, prepayment: it must be ensured that the offer is the most compatible with its repayment capacity.
A last tip: some schools or universities have agreements with banks. They allow to benefit from student credit at preferential rates.