What is worth knowing about a student loan?
Are you starting your studies soon, but you are worried that moving to another city and student expenses will be too much for you? Check what is worth knowing about student loans! Will you use this solution?
A student loan is a good solution for students who need financial support to cover the cost of living throughout their studies. Financing is granted on attractive terms, it is worth noting that the interest rate dropped to 0.27%. You can get a loan during your studies and pay off only after you graduate. Check if it's worth taking advantage of.
Who can apply for a student loan?
Student loan is a form of material support addressed to students and doctoral students. You can apply for it by submitting documents for 1st, 2nd or 3rd degree studies. If you are taking part in recruitment for doctoral studies, remember to attach a certificate from the university to the application. If you don't get to your dream destination, the bank will not grant you a loan.
When applying, you must also submit a declaration of previous year income. The monthly income may not exceed $ 2,500 net per person in the applicant's family. Otherwise, the bank will issue a negative decision. The loan is guaranteed by the parent, and if his income is very low, then BGK (guarantees up to 100% of the liability) or ARMA (guarantees up to 80-100% of the liability depending on the income earned). In such a situation, the bank charges each tranche with a commission of 1.5% per month.
As a result of the amendments to the 2.0 Act, you can receive a student loan for a maximum of 7 years. It is paid for 10 months during the academic year (except for leave and other breaks specified in the study regulations). The bank will cease to pay monthly installments if you are removed from the list of students or suspended as a student, or if you graduate. You also have to take into account this situation when it turns out that you withheld information affecting the granting or amount of the loan.
When can an application be submitted?
You can submit your application all year round. It doesn't matter if you are just starting your studies or are already in your final year. If you want to apply for a loan, you don't even have to leave your home. You can send the necessary documents via the Internet. The bank has 30 days to consider them. Student loan is currently offered by four banks: PKO Bank Polski, BPS, Bank Pekao and SGB-Bank. The offers differ in terms of interest rates and the amount of commission. It should be noted that the interest rate for the period of studies and two years after their completion is around 0%. The minimum tranche is $ 400 and the maximum is $ 1,000 per month.
How to pay off the loan?
Loan repayment begins two years after graduation. The repayment time is twice as long as the payout period, which is good news. The number of installments is twice the number of tranches, thanks to which you will gain a long repayment period. For example, if you have received 50 tranches of $ 400 each, you will pay back $ 200 (plus interest) for 100 months. Of course, you can pay off the loan earlier, but in practice, few people decide on this solution.
Will you take advantage of this financing option?