What are the loans for university studies?

Loans for university studies which, a few years ago, were unknown in Spain and were limited to the Anglo-Saxon sphere are now considered as an alternative measure to finance higher education. The questioning of the current system of scholarships in an apparent search for equity in the distribution of student aid and the consequent reduction in funding for education have led many students to consider applying for a loan for study the diploma, master

In this article, we will discuss the different possibilities of applying for a university loan, regardless of scholarships and grants that can be perceived at both national and regional level.

TYPES OF UNIVERSITY CREDITS

Official CREDITS

Although in Spain the university is free, access to master's studies means an expense that many students can not afford. For this reason, there are loans provided by official bodies, such as the Renta Universidad loans, whereby students who wish to obtain a master's degree can apply for a loan to help pay university and maintenance fees during their term. Their conditions are more advantageous for the applicants than the private CREDITS, since the mode of return was a grace period during the first five years and from there a refund divided in fifteen years.

Bank loans

Regardless of this official loan, most banking entities offer financial products as aid to pursue university studies. However, before opting for one or the other, we must evaluate certain aspects when hiring a student loan.

In the first place, the maximum amount that each bank grants to study higher education and whose range can range from a basic amount of 5,000 euros to more than 60,000 euros must be known. As with any other loan product, it is essential to study the interest rate applied to the loan, because in addition to being fixed or variable, this will condition our ability to repay it. In addition to not forgetting other associated expenses, such as opening fees or penalties for cancellation.

With regard to the duration of the loan, the banking entities set the periods of depreciation according to the duration of the studies, even if, as for the aforementioned university income loan, it is customary to apply grace periods, This means that the monthly fees for this period are lower since only interest is paid.

Mini-CREDITS for studies

Fast loans such as those offered by the financial institutions Sucredito.es or Cashper.es and whose amounts do not exceed 500 or 600 euros can not cover university studies, but they can be taken into account to pay specific expenses related maintenance, rental, computer equipment or language courses.

The defining features of this type of quick mini CREDITS are the ease of processing and the speed with which they are managed, so that the amount can be transferred to the applicant in just ten minutes. These features make it an occasional lifeline that students can rely on to cope with a month when expenses have exceeded their expectations. Its short repayment period prevents the debt from growing longer than what is due, and once reestablished, another can be demanded, transforming it into an agile, dynamic and recurring financial product.