It is true that state studies in Poland are free, but living in a big city and buying the materials we need to study can generate considerable costs. Unfortunately, not every student can count on the support of parents who often do not have very high income themselves.
In this regard, students often look for different solutions that will allow them to calmly study without worrying about money. And among the most popular are student loans.
Student loan – what is it?
A student loan is one way to finance expenses generated during studies. The interest repayment associated with this type of financial liability is subsidized by the state, and therefore the costs associated with the loan are much lower than with a traditional cash loan . Many people even say that in this case we receive financial support for free.
Student loan is granted for the duration of studies, up to a total of 6 years. In the case of persons who obtain a PhD, this period may be extended to a maximum of 10 years. Consecutive tranches of the loan may be paid out for 10 months in the academic year. The amount of the monthly tranche is in most cases PLN 600. However, the borrower may apply for both an increased installment of PLN 800 and a reduced installment of PLN 400. Such a change may also apply already while collecting loan installments. Importantly, a student loan does not have to be repaid immediately after graduation. The university graduate has 2 years to stabilize his financial situation and start settling such an obligation.
Who can apply for a student loan?
Student loan is intended for students of public and private universities. They can be full-time, part-time and extramural students. The condition in this case is also that such a person should start university before the age of 25. But doctoral students can also apply for this type of loan. This right also applies to students and students of the National Defense University, Military University of Technology. Jarosław Dąbrowski, the Naval Academy of Bohaterów Westerplatte, who are civilians, as well as civilians who are students of the Main School of Fire Service.
The assumption is that student loan is financial support to help students from families with poor financial standing. Therefore, one of the most important conditions for applying for such financing is the amount of monthly income per person in the student’s family. Each year, a maximum amount is set so that a student can apply for a student loan.
What documents will we need?
As with any other loan, to get a student loan, it is necessary to go through the stage of completing all formalities. The absolute basis is, of course, the application that should be submitted to the bank where we would like to take out a student loan. Such a document should also be accompanied by a certificate specifying the income of the borrower’s family. In addition, we must also provide the bank with some evidence confirming that we are students or we are taking part in recruitment for a specific university.
Of course, the bank will also need documents, thanks to which it will be able to assess creditworthiness and loan repayment collateral. In most cases, it is about certificates obtained from employers of persons who are student loan guarantors. Each bank can also ask us for other types of documents, so you should learn everything about the formalities required by the institution before we apply for a loan. These, however, are composed each year between July 15 and October 20.
Student loan – which surety is required?
A person taking a loan for studies must have at least one guarantor. It is he who will be responsible for paying off the debt if the student is unable to settle such an obligation by himself. Who can be the guarantor? In the vast majority of cases, they are the parents, siblings or extended family of the student. However, there are situations when we cannot count on the help of any of our loved ones. Then, we have the opportunity to apply for a guarantee of Bank Mockery or the Agency for Restructuring and Modernization of Agriculture.
The first of these institutions guarantees the entire loan for students deprived of parental care and for those whose family income per person does not exceed PLN 1,500. However, if the amount of such income does not exceed PLN 2,000, the Bank guarantees 90% of the loan. In turn, when it comes to ARiMR, students from rural areas can apply for its guarantee. If the family income per person does not exceed PLN 1,000, the Agency can guarantee 100% student loan. In other cases it is 80%.