The assumption is that the student loan has a really attractive interest rate and repayment terms, but only 2.3 percent of its authorized persons decide to use this form of support.
The cost of living for students is not among the lowest. And although most of them attend state universities, which are free for full-time studies, for non-student students from other cities fees for dormitory or study, books and teaching aids, as well as meals are really high.
While people studying extramural can earn some extra money, it is extremely difficult in the case of full-time studies. Not to mention those who study at private universities, which are not the cheapest. Unfortunately, the help of a family is sometimes not enough for such a student to support himself. And it happens that for various reasons it is not there at all.
The interest rate on this loan is only half of the rediscount rate of the NBP bills of exchange (1.75%), which can significantly improve the budget of the student and increase both his comfort of life and the effectiveness of learning.
Importantly, the state also helps in its financing, it lasts the entire period of paying out the loan and covers interest costs for 2 years after graduation. This is possible thanks to the use of funds available at the Student Loan Fund.
Who will get a student loan?
Currently, not only full-time and extramural students attending public or private colleges and doctoral students can apply for student loans. From 2016, people who are just applying to study may also apply.
This is right for people who have started their studies when they are under 25 years old. The deadline for submitting applications is from July 15 to October 20.
Student loan – what criteria must be met?
The basis for granting the loan, in addition to the condition of being a student / doctoral student or prospective student, is the amount of monthly income per student’s family member. For a student loan to be granted, it cannot exceed $ 2,500 net per person. However, this is not all.
In addition, when applying for a student loan, we must have a guarantor who will guarantee repayment of the loan in case of problems. Most often such a guarantee are the parents of the student. However, if for various reasons the applicant cannot count on the fact that someone will vouch for him, there is an alternative in the form of a surety by Nicesum Bank (people residing in urban areas) or a surety ARMA (persons residing in rural areas).
Nicesum Bank assistance in this respect may apply to even 100% of the loan amount if the applicant is deprived of parental care or the family’s income per person does not exceed $ 1,500 and 90% if the income does not exceed $ 2,000.
On the other hand, ARMiR offers 100% support for students, where the income per family member does not exceed $ 1,000. If it is a higher agency, depending on the amount of income, it can grant funding up to 80% of the loan amount.
What documents do we attach to the application?
Students / doctoral students applying for a student loan must also submit to the bank:
- statement on the income and number of people in the applicant’s family
- certificate from a university about having the status of a student / doctoral student or about participation in recruitment for studies
- other additional documents indicated by the bank that are related to loan collateral (sureties, etc.)
How much credit can we get and for what period?
The loan collection period for students is a maximum of 6 years. Doctoral students can count on a maximum of 4 years of funding. Installments are paid for 10 months a year. Borrowers can increase or decrease the installment amount, depending on the needs, choosing from the available options from $ 400 to $ 1,000.
What obligations for credit collectors?
The condition for maintaining the continuity of the tranches paid is the presentation of a current bank, i.e. a student ID, raised in the dean’s office, which must be done after the start of each new semester, i.e. until October 31 and March 31. The same applies to doctoral students who must present their ID by 31 October.
In addition, the person collecting the loan must inform the bank of all situations and events that extend the loan period, i.e. unsuccessful semesters, student / doctoral leave, loss of status or suspension of student / doctoral rights.
Student loan repayment starts 2 years after graduation. Only then is 0.875% interest accrued. Thus, this loan is the cheapest repayment loan available on the market. The amount of monthly installments is equal to half of the tranches we received during the study. Also, if for example it was $ 400, then we pay $ 200 plus interest.
There is also the possibility of paying off the student loan once. And if we finished our studies, belonging to the group of 5% of the best university students, we can apply for a 20% loan cancellation. In the event of a difficult financial situation, we also have the opportunity to apply for a reduction of the monthly installment and even for a 12-month suspension of its repayment.