How to have loans for young students
Loans addressed to students represent an increasingly widespread solution in our country, especially in this period of crisis in which families find it difficult to support their children at the university. Loans for study are therefore a valid alternative to the classic scholarships which of course is not so easy to obtain.
But how do student loans work? These are loans that make it possible to face the current economic crisis which has led to a significant reduction in the quantity of loans disbursed. The purpose of these products is to allow many children, belonging to the less affluent groups, to attend university relying on these financial aids.
The crux of the matter is that of honor loans. Most students, not having an income, do not have the opportunity to offer guarantees necessary to proceed with the loan. And for this reason, the choice is often obligatory, since honor loans do not require the presence of guarantees at the time of signing.
These particular products in fact prevent the repayment of the capital to begin only after the end of the course of study. On the other hand, the question is different whether a personal loan is used, which inevitably requires the presentation of guarantees.
An alternative could be student loans. Ad hoc products offered by some credit institutes in order to support university students. The guarantees required are few and the rates often subsidized. In some cases, there is also the opportunity to benefit from a period of pre-amortization or debt suspension.
The future Astro project
Follow a course of university studies consisting of high costs. In addition to the tuition fees to the university, or to the master’s degree, students must also bear the costs related to accommodation such as the rent of a room. Costs that are not within the reach of all families. Those who do not have the necessary liquidity therefore have to resort to a loan of honor, thus contracting a debt.
However, when the family does not have the money to support their child’s studies, there is no alternative to funding. In this sense, the most interesting initiative is represented by Astro Future.
This is a program in which a study fund created by the Italian government has been created which aims to facilitate access to credit for young students. Deserving young students who turn to the fund do not directly receive money from the Fund, but guarantees.
Thanks to the presence of this public guarantee, the student has the possibility of obtaining a loan with which to support enrollment in the university or a specialization course. However, the loan is granted by a credit institution participating in the initiative.
The guarantee is provided to the extent of 70% of the principal portion of the loan granted, as well as expenses and interest. Eligible loans can be combined with each other up to a maximum amount of 25 thousand USD. The money is paid to the student in annual installments. Each disbursement can have an amount between 3 thousand and 5 thousand USD.
Who Can Get Student Loan Guarantee? Only those who meet the following requirements can apply to the Study Fund created as part of the future Astro project.
First of all you must be aged between 18 and 40. Applicants must also be enrolled in a course of study, being in one of the following situations.
- Be enrolled in a three-year or single-cycle specialist degree course and be in possession of a high school diploma obtained with a mark equal to at least 75/100.
- Be enrolled in a master’s degree program and have a three-year degree with a mark of not less than 100/110.
- To be enrolled in a specialization course following the master’s degree in medicine and surgery obtained with a mark equal to at least 100/110.
- Be enrolled in a university Master’s Degree and hold a university degree with a grade of at least 100/110.
- To be enrolled in a PhD abroad with a legal duration of three years.
- Be enrolled in a language course with a duration of at least six months and recognized by a certification body.
The best honor loan offers 2017
We have seen how the Fund for the Astro Finance study works, but not everyone can benefit from these products. Those excluded from these loans have only one alternative to bear the costs of studying children. We are obviously talking about student honor loans.
But who pays loans for study? What are the best solutions? To answer this question we did a search among banks and financial institutions that provide loans for the study. Here are some of the most interesting proposals.
Let’s start by talking about the loan offer for the Best Bank study. The lender provides both honor loans and student loans on favorable terms. Best Bank has in fact joined the “Let’s give it future” initiative.
Consequently, those between 18 and 40 years old and enrolled in a university study course or a specialist course can access credit lines at special conditions. The institute pays sums up to a maximum of 25 thousand USD. Money to be repaid with an amortization plan that extends for a maximum of 5 years.
The proposals of Cream bank and Lite Lender
Then we find the loan of honor of Cream bank. Product dedicated to the most deserving students who wish to take a master’s degree. The financing covers the cost of the course, which can be held in Italy or abroad, and part of the accommodation costs.
The repayment of the installments begins only after the conclusion of the master, to be exact after six months. The amortization plan can extend for a maximum of 84 months. The maximum amount that can be financed and the interest rates are established by the bank after the evaluation of the loan application.
Lite Lender instead offers the loan. The beneficiaries are always young university students who will be able to obtain a credit line in their current account with a maximum amount of 27,700 USD.
The sum granted by the bank remains in the availability of the beneficiary until he has completed the funded course of study. After this period, the money used by the student will be transformed into a personal loan.
After finishing their studies, the student can choose to start repaying the loan immediately or request the grace period. In the latter case, the repayment can be postponed for two years, during which no further interest will accrue.
At the end of the grace period it will be inevitable to start the payment of the installments. The amortization plan for study loans extends for a minimum of 12 months up to a maximum of 180.
Other student loans
In addition to honor loans, other credit access solutions can be found in the current market designed for those who want to support their studies. Among the offers of study loans one of the most interesting is represented by Capital Lender Loan Discount and Praise.
This is a loan that allows you to obtain money with which to support a university study path or a master’s degree. Unlike what happens with the loan of honor, however, the financing of Capital Lender must be supported by suitable guarantees. Alternatively, the beneficiary must be able to count on the presence of a guarantor.
As regards the sum that can be financed, this can reach a maximum of 20 thousand USD. Money that must be repaid with an amortization plan that extends up to 120 months (10 years).
The interest rate is fixed, but may vary depending on the beneficiary’s university average. The higher the marks obtained, the lower the interest to be paid. The aim is obviously to encourage the student in his / her course of study, rewarding him / her when he / she gets good results.
Lite Lender also offers an alternative to honor loans, always remaining in the area of student loans. The product in question is called CreditExpress Master and is designed to meet the costs associated with postgraduate training.
The amount that can be financed ranges from a minimum of 2 thousand to a maximum of 15 thousand USD. The repayment plan instead can range from 18 to 96 months. the interest rate is fixed for the entire duration of the amortization. The beneficiary also has the opportunity to take advantage of a pre-amortization period, during which he will only have to pay interest.
Scholarships Social Security
Finally, there are valid alternatives to student loans offered by Social Security for Public Employees Management addressed to the children of the members. These are scholarships that will totally or partially cover the cost of the studies.
In this regard, we must make a distinction. The social security institution in fact offers two types of products. On the one hand we find scholarships, which allow you to bear the costs for both first and second degree schools and for university, post-university, post-secondary and professional courses.
Then there are scholarships aimed specifically at I and II level university masters. In this case, beneficiaries are those who take part in university specialization courses, masters or equivalent training courses that are promoted by foreign institutes.
In any case, only children of public employees or pensioners belonging to the Unitary Management of credit and social benefits (Credit Social Security Fund) have access to Social Security benefits. Contributions are awarded through a competition notice, published on the official Social Security website.