Student loan : How to benefit from it ?

Student loan : How to benefit from it ?

Students don't always sleep well. In addition to the academic worries that plague them, their lives are full of difficulties that must be faced continuously. Financially, the situation for most is difficult and unfortunate. Scholarship recipients and those who are supported by their parents manage to get by. But with classes to pay for, supplies to buy, an apartment to rent, and personal needs to meet, many students face a real struggle. Fortunately, there is a student loan solution available to them.

About the student loan

A student loan is a loan that is used to finance studies at university. Unlike most loans, the student loan has the particularity of having a deferred repayment. So, the student who applies for it is not put under pressure and can wait until the end of his university studies to repay. Note however that a minimum period of 2 years and a maximum of 10 years applies to the repayment of the student loan.

As for the interest rate, it is much lower than common rates for other loans. The amounts granted under this loan varies and is set by the financial institutions from which the student loan is requested.

Who is eligible for a student loan ?

To qualify for a student loan, the first requirement is that you must be a registered student at a university or college. While subscribing to a student loan, you will have to provide a guarantor. A parent, legal guardian or prospective employer is expected to sign it. For the student who does not have any of these signatories, the state may act as guarantor.

Most financial institutions do not make the student loan process difficult. But loan amounts and repayment rates may differ. It is advisable to investigate the institution you are applying for a loan from to make sure they are serious. This will help you avoid greedy banks that may make it difficult for you to get the loan and charge you a lot of false fees.

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