In case you still did not know, the first thing you have to be clear is that in all student loans you will pay a percentage, usually monthly, on the money they have lent you. It is the price of credit and is known as Interest. They are usually variable and their value is directly proportional to the value of the Instant Care Bank: if it goes up, interest goes up and if it goes down, they go down. And what is the Instant Care Bank? Well, neither more nor less than the European type of interbank offer. That is, the Instant Care Bank is the average interest rate at which Demo Lender Bank lend money to each other. Instant Care Bank is the acronym for SaversYear Bank Offered Rate.
You also have to know that in addition to interest
You will pay other items for the credit: commissions. They are usually open, study and early repayment. As the name implies, the opening commission is the costs derived from opening your credit file; the one of study, those of the analysis in risk evaluation and the one of amortization, what the bank charges you for what he stops entering if you want to cancel your loan before the agreed term (the time in which you planned to return the money , with interests) In addition, in most student loans they will ask for a personal guarantee: a person who guarantees the payment of the loan in the event that you cannot face it.
What can you finance with student loans?
Mostly, student loans are designed to finance studies; or what is the same, a license plate. However, there are those that extend the payment of the tuition to other associated expenses that may arise: books, material and even accommodation, in case of leaving the usual residence to pursue such studies.
The loan offer for students that we currently find in the market can be subdivided into three groups:
- Loans for the race: They are the most demanded. They are intended to finance the cost of higher education. They usually include the figure of the deficiency, which allows decreases in the loan installments during a certain time. The deficiency can be total, which means that during the period that is in force allows us to pay nothing to the lender, or partial or capital, which implies paying only a part of the fee during the allowed time of lack. The disadvantage is that, during the lack, the interest of the credit will accumulate and, in the end, that grace period will be more expensive.
- Loans for Masters, Postgraduates or other courses: Those destined to the complementary formation to our university studies. They can include lack.
- Credits for studies abroad: Designed to finance language learning. They can include lack.
- Scholarship advances: Advance the amount of a scholarship that has been approved.
In addition to the possibility of a period of lack, they all have in common that you will have to present documentation that accredits the studies you are going to take, among other papers.
- Personal loans online: Modern online credit institutions have already become one of the alternatives most used by loan applicants for students, since application is easy, convenient and fast and you can have the money in the account in minutes. In Currency Now you choose the amount, up to 5,000 dollars, and the amount of the installments in which you will return it, within a maximum period of 36 months. You can have the money fast, sometimes in minutes depending on your bank, and you won’t have to give us explanations about what you want the money for.
Conditions for access to student loans
Although the granting or not of student loans depends ultimately on the lender, there are a number of conditions that you must meet regardless of who you request:
- Be of legal age: To hire a financial product of these characteristics you must be at least 18 years old.
- Be a resident in Spain and have a DNI or NIE.
- Having a bank account: It is necessary above all for you to receive the money, although some banks may require you to have one in your entity to grant you the loan.
- Prove solvency: Prove that we can return our credit with the proof of some source of income. If it is considered insufficient, the lender could approve the loan without having a guarantee or a co-owner, a person who pays a portion of the online credit installments.