Loans for university students are pretty known in most of the developed countries.But Have you ever heard of loans of honor or consumer loans for college students? In this guide we explain everything you need to know!
How to finance university studies: student loan guide
Most of First rate countries universities provide concessions, agreements and scholarships for students with good profits and financial difficulties, many of them often need bank loans to finance their studies. Loans for university students are lines of credit created ad hoc by banking institutions for those people who intend to enroll in a three-year or master’s degree course or a master’s degree, but need financial support to do so.
Precisely for this reason, university student loans generally have low interest rates and not too high installments . In this guide we will explain how student bank loans work, reminding you that there are two different types:
- loans of honor for university students
- consumer loans for working students
More and more students are choosing this solution to face the university course and we are not surprised at all, given that the costs for training are a heavy investment, but at the same time fundamental for the future of work.
Loans of honor for university students
As already mentioned in our introduction, student loans are divided into two different types. In this first part of the guide we will deepen the topic of student loans of honor . These are usually loans for students with no income and without a guarantor , for which there is no need either for guarantees from a family member, or for demonstrable income. Thus, among the advantages we can include the opportunity to access this credit even if you are not working. For student loans, applicants only need to demonstrate that they are enrolled in one of the affiliated universities and that they have a good predisposition to study, as evidenced by the marks obtained at high school and / or university.
Here are the main banking institutions that offer honorary loans for college students in Italy:
“Per Merito” is the loan of honor offered by Banca Intesa San Paolo for university students. To request it, there are no expenses and no financial guarantees are required. For each year of the ordinary degree course (up to a maximum of 5) it is possible to finance up to 3,000 euros for on-site students and up to 5,000 euros for off-site students in two semester installments; for Masters from € 10,000 to € 50,000 in a single solution. The requested amount can also be used for rent and teaching material. Once the course of study is finished, a bridging period of up to 24 months is available to repay the sum, also through a personal loan.
All adult students residing in Italy who attend any university (including telematic universities ) or polytechnics in Italy or abroad who, if newly graduated, have obtained an equal or higher diploma grade can apply for the loan “Per Merito” 85/100 or, if already enrolled at university, are in compliance with the payment of the tuition and have achieved 80% of the exams or 20 ECTS in the previous academic semester . The verification of the exams and CFU requirements is repeated every six months and conditions the payment of the tranche.
Furthermore, Intesa San Paolo has entered into specific agreements with many of the main Italian universities in order to create ad hoc credit lines for the students of those universities: this is the case, among the Telematic Universities, of Unimarconi .
“Ad Honorem” is the loan of honor from Unicredit which provides for a maximum amount of € 27,700 for a variable period depending on the course of study, after this period, the amount of money used together with the interest accrued will be transformed into a loan personal, payable in a minimum of 12 months to a maximum of 180 months. It is possible to start repaying the loan up to two years after the end of the course of study.
University students residing in Italy, of EU or non-EU nationality, enrolled in Universities affiliated with Unicredit can apply for the “Ad Honorem” loan:
- Piedmontese Universities COREP
- Johns Hopkins University
- MIB School of Management Trieste
- MIP Polytechnic of Milan
- University of Bologna
- Bocconi University of Milan
- Luiss University of Rome
The evaluation criteria for admission to the loan are decided by the various universities.
Banca Sella supports students who want to enroll in a post-graduate master through a loan of honor dedicated to them with simplified access to credit and more favorable conditions for repayment. The loan covers the cost of the post-graduate master’s degree you wish to enroll in, in Italy or abroad, in addition to any documented room and board expenses , for a maximum of 10% of the cost of the master. In total, the maximum amount that can be financed is 50,000 euros .
It is possible to repay the loan starting 24 months from the end of the master , so as to have time to find a job and have greater financial stability. In addition, you can choose to repay the loan up to 120 monthly installments .
All students who want to enroll in a 1st or 2nd level university master’s degree provided by an Italian university (including telematic universities ) or a foreign one (in the case of an MBA or LLM) can apply for the loan of honor from Banca Sella. a degree mark equal to or greater than 100 for the Bachelor’s Degree or 105 for the Master’s Degree .
Consumer loans for working students
As we have seen, honor loans are certainly an excellent opportunity for those who need to finance their studies, but they also have quite stringent access requirements : some do not cover all universities but only some, others are valid for masters but not for degree courses, others still require very high academic requirements. For this reason, it is not always possible to access these subsidized lines of credit.
However, there is a valid alternative to finance your studies: consumer loans . These are lines of credit designed for those who already have an income (or a guarantor) and have the great advantage that they can be requested quickly, by everyone: there are no requirements relating to the type of university chosen or the university performance .
Santander Consumer Bank: loans for those who study online
Often, working students are the ones who take advantage of consumer loans , which is certainly the most represented category within online universities.
Financing your studies: the advantages of telematic universities
Why is it easier to finance your studies at an online university? First of all, because these are structures that allow you to work and study at the same time: the teaching provided in e-learning mode , in fact, allows members to follow the lessons comfortably from home, at any time of the day simply with a click, by entering the virtual classrooms. In this way, you can work without fear of missing lessons and at the same time have the necessary money to pay the installments in due time , in addition to the possibility of being able to access loans for workers.
Without forgetting that online degree courses guarantee numerous savings in terms of ancillary costs . As previously mentioned, the lessons can be followed from anywhere, the important thing is to have a device connected to the Internet. This means that students do not have to have expenses for living off-site (food and accommodation) or for commuting (with the purchase of a bus / train pass or money for gasoline). It is necessary to go to the office only for the exams and graduation sessions, however each telematic university has several branches scattered throughout the Italian territory , in order to make the journey as short and as economical as possible.