Today, studying is becoming the most interesting option for more and more young people because it opens up particularly good career opportunities later. But even if student life can become very stressful with many lectures, seminars, homework and exams, students still have to deal with the financial aspect of their studies.
According to calculations by the Association of Student Services, the cost of studying in the summer semester 2012 already averaged around 794 USD per month. The focus is not on the costs for the university, but on costs such as rent, energy and living expenses. So the question of how to finance a degree almost inevitably arises. A student loan can be an interesting solution here.
Student loan – what is it?
In addition to numerous other sources of finance such as parental support, Creambank or a part-time job, students should also sometimes think about a student loan. It is a form of credit that has some special features:
- The money is paid out in monthly installments
- Repayment often takes place only after completing your studies
- State-sponsored offers dominate the market
The payment of monthly installments is intended to ensure that borrowers actually use the money for their living expenses and do not spend them on a large purchase.
Note: Of course, you can also take advantage of particularly cheap bank loans to bridge a semester or to buy important materials for your studies (PC, laptop or specialist books). These are often awarded on very favorable terms.
What are the advantages of a student loan?
Many students drop out of college before graduation. In addition to performance problems and reorientation, the main reasons are financial concerns. With a student loan, however, you can work around these problems. Here is an overview of the advantages:
- A predictable, fixed amount comes as a transfer every month
- Financial worries no longer provoke dropping out of studies
- Less stress because you don’t have to spend as much time on part-time jobs
- Deferment of repayment until the end of the course
Apply for student credit – what needs to be considered?
If you are interested in a student loan, you can use the numerous offers from various banks. In this context, many banks offer the Best bank student loan, which on the one hand turns out to be cheaper thanks to state funding and on the other hand offers a whole range of advantages. The Best bank student loan is provided by the Good Finance, but it is brokered by the banks. However, some banks also offer their own student loans.
Who gets a student loan – prerequisites using the example of the Best bank student loan
Student loans from Best bank are generally not open to everyone, but have certain requirements:
|Type of requirement||shaping|
|Age range||18 to 44 years|
|Possible degrees||Bachelor, Master, Magister, state examination|
|Possible types of studies||– First and second degree (basic)
– Postgraduate courses (additional, supplementary, advanced or master’s degree)
|Type of university||State or state-recognized universities (no vocational academies and complete foreign courses)|
The requirements for a student loan are therefore quite generous. The age range of the Best bank student loan also refers to the start of your studies.
Note: Collateral does not have to be provided for such a student loan. It is therefore available regardless of income or assets.
How do student loans work?
The structure of student loans can be roughly divided into 3 phases:
1st payment phase
During this period, the loan is paid out monthly so that you as a borrower can cover your regular costs while studying. The length of the payment phase depends on your needs and the conditions of the respective bank. The conditions of the Best bank student loan are shown below as examples:
|payment period||6 months to 7 years (maximum 14 semesters)|
|payout||Depending on your needs, between 100 and 650 USD per month (maximum 54,600 USD)|
2nd maternity leave
This phase differs depending on the bank and can last from several months to 1-2 years. During this time, as a borrower, you can delay the repayment, for example to find a good job.
3rd repayment phase
Depending on the agreement, you will repay the loan including interest in this phase. Both repayments with fixed interest rates and options with variable interest rates are made available. The repayment is usually made in the form of constant installments.
Can a student loan be combined with benefits?
Since the Creambank only has to be paid back in half, it should be a very interesting opportunity for many students to cover their own financial needs. Unfortunately, it has some disadvantages:
- The parents’ income and assets are taken into account when applying
- Due to the crediting, the payment is not sufficient to cover the cost of living
- Proof of performance is required much more frequently
Nevertheless, it is usually interesting to apply for a Creambank and cover at least part of the financial needs in this way. Fortunately, student loans can be combined with the Creambank. With the Best bank student loan, this is expressly permitted and the offers of the banks do not exclude this. The total debt level is often an important factor for banks. This should not exceed certain amounts.
How can you find a cheap student loan?
As with other types of credit, the interest rate is of course the focus of student loans. For this reason, it can be very useful to compare the individual offers. In addition to the Best bank student loan and the educational loans from the banks, you should also include other cheap installment loans. This is the only way to ultimately recognize which loan suits you best and where you can save the most money. With our credit comparison you can get a good overview and thus protect your wallet!
Use our loan comparison and save money!
Are you looking for a cheap student loan and don’t want to search long? In this case, our credit comparison can help you. We take a close look at numerous offers and work with you to find the loan that best suits you! Use this opportunity and get yours today!