What is an educational loan and how to arrange it with state support
If you look for educational loans, offers you can find a lot. However, upon closer examination, it will turn out that these are common consumer loans. Sometimes they can be targeted. In this case, it will be necessary to provide additional paper to obtain – for example, confirm that the educational institution has a license. And in return to get a little more favorable bet.
Offer from Raiffeisenbank: consumer non-target loan
Offer from VTB: promise a bet just below the usual
But, one way or another, the loan is issued on conditions close to the usual loan for anything. At the same time, as a rule, it is necessary to have a constant income, age from 21 years and so on.
This Credit on education has specificity. The student cannot fully work – he has classes and exams. And parents are not ready to pay for the teaching of the child, including the loan, otherwise the questions would not have arisen. To pay off debt yourself, a student needs to get a diploma and find a job. It is such an opportunity that the educational loan is usually provided.
During training, the borrower pays the bank only interest for the use of money. With the main debt it will be necessary to understand already after receiving a diploma.
How the educational loan works with a delay
There are very few similar loans on the market, and it is clear. The economic situation in Russia is rare when you can call stable. And for the bank to part with money for several years quite risky. But such proposals are still found.
Let’s wonder how it works, on the example of the loan "Knowledge – Power" from "Post Bank". The establishment promises to provide a deferment for training and job search. At this time, the student will pay only interest, and this is how it happens.
Suppose training costs 100 thousand per year and last four years. The total loan amount will be 400 thousand, but it is not needed. The bank will be transferred to the university to translate additional portions of funds. For the use of money, the organization wants to get 9.9% per annum.
Gradually, the monthly payment of interest is growing: from 1,266 dollars in the first month to 4,639 in the last. At the same time, the principal debt is not necessary (but possible) to repay throughout the term of learning and three months, which are given to employment. The student receives a diploma, begins to work and pays 11.5 thousand per month for four years – period equal to study time.
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For example, the basic conditions are taken. Timing, the amount can be changed. In this case, no one can deny extinguish the loan ahead of schedule. And this applies to any loan, as provided by law.
How to get a loan for education with state
In Russia, there is a state program of preferential educational loans. Terms on it periodically change the Government Resolution of 15 September 2020. № 1448 "On state support of educational credit" . Now it works.
Who can take the education loan with state
Borrower – the applicant itself. He must be from 14 years. But to take out a loan to adulthood, you need parental consent. Proof of income is required – very likely the person is not working. Or, at least, does not earn significant amounts.
What kind of education can be paid privileged loan
Suitable and Secondary and higher education. However, only in our schools.
The same desire to learn is not enough. The Borrower shall do. In this case, the contract for payment of the university or colleges is precisely with the applicant. Otherwise, do not count on a soft loan.
With the support of the state can be obtained not only the first generation, but also any of the following.
How much can you borrow
The loan will be equal to the amount that is paid for education. The bank transfers the money directly to the educational institution.
But there is collateral loan – money for lodging, food, textbooks, etc. Maximum bank defines itself. But a loan can not exceed two living wages in the region for each month of training.
In what the bank can take the education loan
Only institutions that participate in the program of preferential crediting. Now it is Sberbank.
Under what conditions is issued a soft loan for education
Interest rate – 3% per annum. All that the bank will not receive due to low interest compensates the state.
There is a grace period during which the student does not pay the principal debt, as well as only partially reimburses interest in the first two years of study. In the initial 12 months to be given 40% of the accrued interest, second – 60%. Their balance and principal debt will be paid after the end of the grace period. You can do this for 15 years – the longer the term, the less payment, but more overpayment. The grace period is equal to the study time plus nine months, which are given to job search. The term increases if the student took an academic leave – for the length of this break. And when deducting from the educational institution, the grace period will end early – it will be necessary to immediately return and the principal debt.
In general, it works similarly to example above, only monthly contributions are significantly less – due to low interest rates.
For example, preliminary calculations look like Sberbank’s website:
True, here the total loan term, taking into account the grace period, is 19 years and 9 months, which is quite a lot. The faster to return the loan, the more profitable it will.