Do you need funds to carry on studying?

If you want to go to university, study away from your home town, improve your languages, complete a master’s or devote yourself to a thesis, and you don’t have the funds, you can seek finance.

Most banks, directly or through agreements with universities, offer loans for financing such studies. Their general characteristics are:

  • When covering enrolment, the amount coincides with the total cost of the studies
  • There is a possibility of a repayment holiday.
  • They have a somewhat lower fixed interest rate than other personal loans
  • With few exceptions, proof of employment is not required

Before granting the loan, the bank has to assess your solvency, i.e. see whether you can pay it back. This is what is known as responsible lending.

But awareness on your part is also necessary. Before accepting, study the terms and conditions, compare them with other offers and bear in mind especially:

  • Whether you have sufficient income to repay the loan
  • How long you will be repaying the loan
  • And how much it is going to cost you. Look at the APR which, along with showing the real cost of the loan, enables you to compare different offers.
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