Student loan


Especially for students banks have created and offer two kinds of student loans, which allow anyone to study, regardless of its current financial situation. Despite the fact that titles of these loans are similar, they are meant for two different purposes.

There is a student loan that is meant for coverage of tuition fee. This loan is available both for full time and part-time students that are studying in any of accredited study programs. This loan is paid twice a year, transferring it to bank account of designated university, therefore, student does not have to worry about its tuition fee because the bank pain for everything.

And there is a student loan that is meant for coverage of different expenses that are not connected with tuition fee during studying, for example, for rent of living place, for transport, for study materials, and for many other things. This loan is available only for full time students. Thanks to this loan, students can fully dive into studying.

Both of these loans are available with government guarantee. In this case government guarantees that student will repay the tuition fee. Student loans are lend for 5 to 10 years, but only after 12 months or one year after leaving university student has to start to repay the loan principal. If the loan has a government guarantee, during studying, interests are paid by government (student loan for coverage of tuition fee) or by student (student loan for coverage of student needs). Loans that are meant for students have low interest rates, and borrowing one or another student loan, you will overpay less than in the case of any other type of loan.

There are banks that lend students special commercial loans. Commercial student loan is lend without mentioned government guarantee, but in order to get this loan, guarantor has to be some individual. Commercial student loan, like federal student loan, is paid twice a year, transferring it to bank account of university, but in the case of this loan, student has to start to repay interests from the first month after lending, but loan principal – after 12 months after end of study program. Repayment time of commercial student loan is 10 years.

Thanks to these special conditions, studies in designated university or speciality is not an exclusive opportunity for the chosen ones anymore – anyone can get a qualitative education, regardless of students or their parents financial situation. Taking into account that students have to start to repay their loan only after 12 months after leaving university, they have enough time to find an appropriate job in their speciality, moreover, the length of repayment term ensures that, regardless of salary, monthly payments do not affect person’s monthly budget.

The majority of banks offer free consultations where it is possible to talk about loan conditions as well as find the answers to many different questions.