Is It Worth Taking Out A Student Loan? – Financial Portal

As many people are perfectly aware, the student’s life is not the easiest one. Especially if we are talking about financial matters. Not everyone has rich parents who can finance their studies and student lives, so those who want to learn need to look for other solutions that will allow them to learn. Of course, the first thing to do is come to work. However, not everyone can afford it. Quite simply, many students must devote all their free time to learning and to work, simply missing. Does this mean that the student can not find another source of money? Of course not. A great example can be, for example, student loan, which for many years can financially support students.

We have been able to apply for student loan since 1998. Interestingly enough, few people use this opportunity. According to statistics, so far only 400,000 students have used it, which is not a great number. Interestingly, each year the number of people who want to apply for such a loan decreases. Why is this happening? Hard to say. Most likely, the greatest financial impact is the low financial awareness of students who simply do not know how this loan works and are afraid that after graduation may have problems with its repayment. Meanwhile, it is probably the cheapest loan on the market, where we can theoretically even earn.

Getting a loan is very easy. We have to meet only the income conditions. They are not too excessive. Income per person in a student’s family applying for a loan can not be higher than PLN 2,500 gross. So people who can take advantage of such a loan is quite a lot. If the loan is already granted, the money will be transferred every month, except for the holiday months. You can choose the amount of the monthly tranche, and you can choose between 400, 600, 800 or 1,000 PLN. The money can be paid for 5 years, unless someone goes to doctoral studies, then the period may be longer. Admittedly, student loan can be a solid support for every student.

 

And how are the costs of such a loan shaped? It turns out that they are very low. His interest rate is only half of the bill of exchange rediscount rate, which is currently only 0.88% per annum. And what’s more, the interest rate is charged only when we start to pay back the loan. If we take into account the fact that the repayment takes place two years after graduation, we can assume that we get a 7-year interest-free loan, and then the interest we have to charge is the cheapest on the market.

Financial specialists have calculated that you can even earn on student loans. For if we get the money we invest in, then the sum of interest we get will outweigh the cost of the loan. Of course, this solution is for those students who do not have to use the borrowed money and can invest them entirely. But it is definitely worth considering such a solution.

Acquiring knowledge costs. But for the benefits that we gain from studying, they can be very large. We can partially finance the costs of study with student loan, which is cheap, easy to obtain and will not charge too much money when we finish the studies.

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