Without a scholarship and without a plug? Types of loans for students that finance your training

Public universities sometimes offer payment facilities such as dividing enrollment in two or three installments. However, this option is not always available or, even in this way, it is expensive for us to cover the expenses of our studies or those of our children. So student loans may be an option. If, in addition, the place where we are going to study implies a displacement, we have to add rent, transportation, maintenance and other expenses. Also, the postgraduate studies involve a greater expense, so if we decide to study for a master, the 3,000 euros of cost are easily overcome. Student loans help us finance these expenses.

Different loans for students

In the credit market, various options have appeared to finance studies, both from private equity lenders and from banking entities. Personal loans that have the specific purpose of paying for a training usually have lower interest than the others. In addition, we can find different products for different situations:

Advances in scholarships. When the Ministry of Education grants us a scholarship, the income of the money can take too long. Sometimes, the scholarship money has even reached more than half of the academic year. For these cases, there are banking entities that offer an advance of all or part of the money granted in the scholarship. For example, Abanca, for its clients, advances 5,000 euros to return in 10 months with the only cost of 150 euros.

Loans to study abroad. Facing an Erasmus scholarship or any course abroad supposes high total expenses. These loans for students leaving the country have an APR of 5.5%. With the loan for Santander exchanges, for example, 10,000 euros to return in 4 years, we would generate a debt of 11,670 euros.

Loans for students with a shortage. These loans have the advantage of allowing us to return the money once we have finished studying. There are even some that allow us to reimburse him when we find work. For example, BancSabadell has a Credit Studies and Master with which we can request a grace period of up to five years, during which we will pay interest only.

Loans for more general students. The financing to pay for a university course can be very cheap, as BBVA has its Loan Studies with a 4.64% APR. Also, Caja de Ingenieros finances from Crediestudio up to 6,000 euros without interest. It only has an opening fee of 50 euros, so if we request 2,000 euros, we would only have to return 2,050 euros.

As we can see, there are many options to choose from. In most of these loans, there are opening commissions and they are exclusively destined to clients of the entity. However, comparing will allow us to choose the cheapest option and, sometimes, with opening an account or entering a payroll we will have exclusive advantages such as interest reduction.

Finance the most expensive studios with the cheapest loans

As we have already said, postgraduate studies, such as masters, or training in private centers have higher prices. When the amounts are higher and we do not want to link with any entity, we have the option to resort to personal loans from private equity lenders like PDN.