What is a preferential student loan and how can it be obtained?

 

The costs of eating, living and studying away from home can ruin the student’s budget. If the parents or other relatives do not help financially, he / she must apply for an occasional job or for a preferential student loan. A loan for a student is a special type of obligation paid out in tranches, the repayment of which starts even after two years from the end of studies. How to get such a loan?

What is a student loan?

A student loan, also referred to as student loan, is a liability granted by banks to borrowers with the status of a student or doctoral student. You can apply for a student loan from 1998 and it is an attractive form of financing during the period of study. A student loan may be granted for a maximum of 6 years and for doctoral students for 4 years. The student loan repayment begins with a delay – two years after receiving the diploma.

From August 2016, the conditions under which student loans are granted have changed. The changes concern the amounts of financing, because the maximum support increased to PLN 1000 a month. So far, it was only PLN 800 per month, paid for 10 months of the academic year.

Who is the preferential student loan for?

Pursuant to the criteria for granting student loans, such financial support may be provided to students, PhD students at universities and research units, and, more recently, to persons applying for admission to higher education. The basic criterion considered by the banks is the income per one person in the student’s or doctoral student’s family. A student loan will be granted if the income does not exceed PLN 2,500 gross (the criterion valid for the academic year 2017/2018).

How to apply for a student loan?

The basis for applying for a student loan is an application submitted to the crediting bank together with confirmation of the student’s family income. He submits, together with the application, a certificate from a higher education institution stating that the person is a student or a document confirming the applicant’s participation in the recruitment for a given university. You will also need a document required by the bank to assess your creditworthiness and to secure your student loan – most often it will be from the guarantors’ employers. Student loans can not be obtained without collateral in the form of a surety from private persons or from Bank or from the Agency for Restructuring and Modernization of Agriculture.

After submitting applications, the banks issue a credit decision within the prescribed period for the indicated loan amount. Until 31 December 2016, a student loan agreement must be concluded between the bank and the student or doctoral student.

Student loan repayment

Student loan repayment

A student who has used a student loan must start paying it back two years after graduation. At the repayment of the loan, the interest rate is calculated at the half of the rediscount rate of the bills of the National Bank of Poland. Repayment can last twice as long as the student loan payment period.

The costs of eating, living and studying away from home can ruin the student’s budget. If the parents or other relatives do not help financially, he / she must apply for an occasional job or for a preferential student loan.

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