Student loan, basic information
Are you going to university while not having enough money to live? You don’t know if it will be possible to combine casual work with studies? Are you thinking about help in the form of a student loan? In the article we will try to describe what a student loan is. Why is it good to use it, and what are its weaknesses?
For whom student loan
“The right to receive loans is granted to students and doctoral students referred to in the Act of 27 July 2005 – Law on Higher Education (Journal of Laws of 2016, item 1842, as amended), who are civilians, provided they started their studies before the age of 25. Candidates for studies may also apply for a loan, but in order to sign a loan agreement they must confirm the status of a student or doctoral student in the bank. “
Guarantor in a student loan
The best solution is to guarantee one of your parents. Such collateral will cause greater credibility and the bank will have no grounds to refuse credit. However, if the parents’ situation is not the best, they show no income or they have no job, you can get a loan secured. In the case of living in a rural area, the institution competent to issue guarantees is the Agency for Restructuring and Modernization of Agriculture.
Student loan repayment period
The loan is intended for maintenance during the study period, the maximum payment period is 6 years. The overwhelming majority of students sign credit agreements for 3 years of undergraduate studies. The maximum period applies to students of uniform studies. In the case of doctoral studies, the maximum period for collecting a student loan is 4 years. A student or doctoral student receives monthly payments, so-called tranches for 10 months of the academic year.
The basic condition for receiving a loan is to have student status. The student is obliged to present his / her student ID to the bank every year, which confirms the continuation of studies. For foreign studies, a certificate of continuation of studies will be required. A student or doctoral student is also obliged to inform the bank about the situation of dropping out.