Starting university education is associated with major changes in your life so far. It’s not just time that requires taking time to study intensively. It is also a cost generator – especially when it comes to moving. Students are looking for different ways to face expenditure. Is student loan a remarkable solution?
Student loan – what is it and what does it consist of?
Student loan covers a specific type of commitment that is granted by the bank to a specific group of students – university students. His role is to provide financial support to help cover various types of monthly expenses related to student life. Student loans have preferential conditions and are much more attractive than classic consumer loans.
Compared to ordinary commitments, its cost is much lower. Why? Well, the interest part of the loan is financed from the state budget. This translates into, among others for the loan repayment period. The student does not bear such high costs imposed by the bank for profit. It is worth adding that a student loan has no specific purpose . The learner has the right to spend funds on current tasks, matters related to education, housing or even can allocate cash to a savings account and investing.
Who can get a student loan?
As the name suggests, every person currently studying at university has the right to receive a student loan. Both public and private (private) students can count on funding . What’s more, student loan in its requirements does not distinguish between full-time, part-time and extramural students. The only requirement is to start education before the age of 25.
Student loan – what documents are required?
As with any bank commitment, a student loan must go through some necessary formalities. However, before starting the whole process, we recommend that you first call the helpline or use a chat-bot of a specific bank. Find out if it offers credit for college students . If possible, verify which documents will be necessary to submit the application. We present the most important information in this regard.
The following documents are required to submit a student loan.
- Filling out a written loan application – after reading it, sign it legibly.
- Certificate of family income per capita – is the basis for determining whether a student is entitled to a loan.
- Certificate from a university – confirms that the applicant is a student and has such status. It is also worth to attach a student ID, which is an additional confirmation of student status.
- If you have not yet started education at a given university, you should download a document proving that you took part in the recruitment carried out there. This is called certificate of studies .
Student loan applications must be submitted within a specified period of time. They are considered from July 15 to October 20 each year , i.e. in the transition period between the old and new academic year. The student has the freedom to choose the bank where he wants to get a loan. However, it is worth remembering that the group of such institutions is relatively more limited than in the case of a standard loan offer.