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Student loan under the microscope:

Student loan under the microscope:

It is a good idea to finance your subsistence for the period of study, the vast majority of students use this option according to statistics. You can satisfy the cost of your maintenance when you are busy studying. A big incentive for this loan is that the state has adjusted the interest payment and it is a very low cost of the loan, which is definitely the first priority for students in the scale of the situation. With a student loan you do not have to have clearly defined what you want this money for, it depends on you, you can invest it in some idea, or have on your maintenance, whatever you want, it’s a matter of your choice.

Who can have it?

Who can have it?

It’s definitely about students, as the name suggests.

What students or for everyone?

What students or for everyone?

The university does not matter much, students of public and private universities have access to this type of loan. The system of study is similar to the university in this matter, also many do not matter, students studying the day, evening or extramural system have the option for this loan. The condition for this type of borrowing is that you must start studying before the end of the age of 25 , because after the age of 25, people are already able (to say a large sum) to reconcile work with studies, and earn better during this period of life. You can also take a student loan during doctoral studies.

What is the purpose of such a loan?

What is the purpose of such a loan?

The main goal was to support young students who come from more poor families. The state is doing a lot of work to make the population broaden its knowledge and improve its education, so you have extended the option of such a loan that is really profitable and can help students expanding their education. For this reason, each year, the maximum amount of monthly income per capita in the student family is determined, which checks whether the family is able to help the student in maintenance.

What to prepare for a student loan application?

What to prepare for a student loan application?

  • Confirmation of the income of the given person’s family
  • application from a creditor bank
  • a certificate that a given person is a student, it may be;
  • certificate of a university
  • document confirming that you were recruited for the given university
  • documents required by the bank in order to be able to assess creditworthiness

Applications are submitted from July 15 to October 20, and it does not change every year – in the bank you choose.

Information needed for this :

  • You must have a guarantor or guarantor:

Starting with who is the guarantor – the guarantor is a person who will repay the loan borrowed by you if necessary , and this is the basis for taking credit. This may be anyone, statistics show that parents, older siblings or some extended family like uncle / aunt are usually chosen for this type of role, but this does not mean that the sponsor can not be a non-family member. If as a student you are interested in taking a student loan, and your situation looks like you do not have a guarantor, there is also a way out for you. You must apply for a guarantee to Bank Locasta Crazo and the Agency for Restructuring and Modernization of Agriculture .

In the academic year 2018/2019, the terms and conditions of student loan guarantees by Bank Locasta Crazo apply:

  • total amount – students deprived of parental care regardless of income
  • the total amount – in the case of a student, when in his family income per person is not higher than PLN 1,500.
  • 90 percent of the amount – when the income per one person in the family does not exceed 2000.

And as for the Agency for Restructuring and Modernization of Agriculture:

People residing in the countryside may apply for it. Depending on the income per one person in the student’s family, the Agency guarantees for the student from the total amount down. 

  • How long is the loan granted?

    How long is the loan granted?

This is not a short time, which gives you a lot of time to repay and the possibility of stress-free living with this loan. This is for the period of study, not more than 6 years, but for PhD students extended by a maximum of 4 years. The loan is paid monthly, no longer than 10 months during the academic year. In the case of holidays caused by health or other reasons, the loan is not paid.

  • Monthly student loan payment of Social Issues:

    Monthly student loan payment of Social Issues:

It is usually around PLN 600, so adding up the entire academic year (10 months) during a year you will get PLN 6,000. If this is not enough for you, you can apply for PLN 800 or PLN 1000, it can also be reduced to PLN 400.

So the withdrawals:

  • 600 zlotys – the base
  • 800-1000 PLN – increased installment
  • PLN 400 – reduced

If your payment has decreased with the change of job, you have the right to apply for an increase in the student loan payment and again you can stabilize your finances somehow. There are many good options in this loan, and one of them is the possibility to apply for an increase or decrease of the loan withdrawal. Are you interested in additional financial knowledge? Check what an Instantor is.