Student loans – refinance student loans
Student loan (interest rates) is a very good way to finance your subsistence during your studies. Due to the fact that the interest payment is subsidized by the state, the costs of such a loan are extremely low, not comparable to consumer loans. By taking a student loan, you can spend it on your own expenses related to studies, costs of living outside the home, postpone and even invest. The interest rate on the loan is currently 0.875% (half of the bill of exchange rediscount rate at the National Bank of USA, which is 1.75%) – that is, almost free of charge, we receive capital for any use.
Who can get a student loan?
Loans with interest rate subsidies can be applied to: students of public and non-public higher education institutions who study in the day, evening or extramural system, who started their education before the age of 25, and also doctoral students.
In addition: listeners and students of the National Defense Academy, Military University of Technology. Jarosław Dąbrowski, Naval Academy named after Bohaterów Westerplatte, who are civilians, listeners of the Main School of Fire Service who are civilians.
Bad credit student loans
A student loan is meant to support students whose families are not very wealthy. Therefore, every year is determined the maximum amount of monthly income per capita in the student’s family, which entitles to receive a loan. This amount is given in December (it is set by the Minister of Science and Higher Education) and amounts to:
currently: $250 (net or wrist) per person – in the academic year 2018/2019
Documents for student loan, private student loan consolidation
The basis for applying for a loan is:
- application submitted to the crediting bank together with confirmation of the student’s family income,
- a certificate from a university confirming that you are a student or a document confirming your participation in the recruitment for a given university (download a certificate of completion of studies),
- documents required by the bank for the purposes of creditworthiness assessment and loan repayment security (most often they are certificates from the guarantor’s employers) – at the bank, at the bank, the person responsible for student loans will get full information on the documents needed.
- Applications must be submitted from July 15 to October 20 each year in a bank selected by the student, according to the template required by the institution.
Best private student loans
To get a loan you must have a guarantor (or guarantor) who, if necessary, will repay the commitment you have made. Parents, older siblings, and uncles are the most often guarantors of student loans. However, what if the parents do not have enough credit or are dead, and you do not have anyone else who could guarantee the loan? In such a situation, the student may apply for a surety from banks and for a surety from the Agency for Restructuring and Modernization of Agriculture.
Personal loans for students
In the current academic year (2018/2019), the following conditions apply for student loan guarantees by Bank of America:
100% of the loan amount – for students who have been deprived of parental care, regardless of income,
100% of the loan amount – in the case of students whose income per capita in the family does not exceed $300,
90% of the loan amount – in the case of students whose income per capita in the family does not exceed $250.
In turn, students living in a rural area can apply for the guarantee of the Agency for Restructuring and Modernization of Agriculture. The agency can guarantee up to 80% or up to 100% of the loan amount used, depending on the amount of income per person in the student’s family. The Agency’s guarantee in the amount of 100% can be obtained by students whose income per capita in the family, determined in accordance with the rules set out in the regulations on loans and student loans, does not exceed $200.
Personal loans for students
The ID card confirms the student’s status
The condition for continuing the payouts in the following semesters is to submit a valid student ID to the crediting bank by March 31 and until October 31. A student status certificate must be provided only when applying for a loan or when adding an existing credit agreement.
The bank ceases to pay monthly installments if: you fail the semester, you do not present a valid student or doctoral certificate to the bank (withdrawals may be resumed in the month following the month in which you submit a valid ID card entitling you to use the loan). That is why it is worth taking care of the quick acquisition of “stamps” (ie stickers) on the ID card, so as not to expose yourself to the suspension of the tranche.
When do you have to start paying back the loan?
The loan repayment begins 2 years after graduation. In the case of interruption of studies, the loan is repaid starting from the next month after the date on which the bank had to present a valid ID card. The number of loan repayment installments is twice the installments paid, i.e. if you have received a loan for four years, you will pay it in installments for eight years. It is possible to repay the entire debt in advance, but hardly anyone decides.
Student loan services
During the studies and within 2 years after their completion, the borrower does not pay interest on the loan. This interest is covered by banks from the Student Loans and Credit Fund.
The repayment of interest begins with the repayment of the loan. The amount of interest you will pay is half of the bill of exchange rediscount rate, which currently stands at 1.75 percent. (as of August 2018). Interest is therefore very low compared to other loans! Current information on interest rates can be found on the NBP website.
Best place for student loans
If you finish your studies in the group of the best graduates, you can count on redemption of part of the loan! In this situation, you must ask the university to complete the certificate.
International student loans
Due to the doubts of students who are not convinced about taking out this preferential loan, we have prepared an article in which we present the most important reasons for taking a student loan. We refer all those wondering to his reading.
What documents govern the granting of student loans?
The legal basis for student loans is the Act of 17 July 1998 on loans and student loans, the Act of 27 July 2005 – Law on Higher Education (Journal of Laws No. 164, item 1365, as amended) , Regulation of the Minister of Science and Higher Education of September 25, 2017.
How to apply for student loan in USA?
Remember that by creating an account in one of the student bank credits involved in the process of loan processing, you really have a relationship with a given bank for at least a few years. It is worth to think carefully about the decision about the institution to which you apply for a student loan. Especially for you, we compared the offers of two banks that grant student loans, which are by far the most popular among students.