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Increasingly, credit institutions that take advantage of the month of September to launch loans aimed at families with school–age children and which include among their loans personal products intended to cover the costs of study.
Study loans aim to finance all or a part of, among other studies, school courses, university degrees, higher degrees, courses of languages, graduate or doctoral degrees.
Types of loans for studies
Within studies lending institutions most differ between different modes depending on what is going to study or for what is going to need the money. The following could be distinguished:
Loan registration: destined to pay the University fees. You can also include an amount to pay child support, housing and school materials.
This large difference is due to the type of study that is to be performed. Not requirethe same amount of money that only need to pay tuition for a year at a public University, which is around 2,000 euros, than that required to afford a master abroad.
The interest rate of a loan of studies, which is usually between 5% and 7%, can be fixed or variable and it depends on the client to know, or not, what will exactly pay each month. It is also possible that the loan offer fixed interest rates over a period of time and after is applied the variable type.
Like any other loan, the Constitution of one of studies carries some commissions. The vast majority of institutions leave exempt customers requesting a loan payment ofstudy personnel but there are also some that do the same thing with others such asthe opening or early cancellation.
The absence of these covers is an essential element when it comes to hiring a loan as they increase your final cost.
Many entities include in their conditioned the possibility of applying for the loan a grace period which can be a couple of months or even more than 2 years. During that period, the customer may pay only the interest generated, partial lack, or defer allpayments until he completes his studies or agreed period, total lack.
Time of return
The term that the student will have to repay the loan will depend on the entity that requests it and the amount of which have arranged. This time, which often includes the qualifying periods, usually from 6 months up to more than 10 years.