Among the reasons for loan applications at Lendico, education has been gaining prominence in recent months. According to a survey by the company, there was a 16% increase in the percentage of people seeking a ” student loan “, ie a loan to support education, in May 2018 over the same period in 2017.
Student Loan Options
There are several student loan options available in the market, but not every student fits some of the required requirements. Also, for those who just want to take a refresher course or an extension, for example, getting this type of credit to fund the studies can be more difficult.
Listed below are some of the top options for those seeking education loans. See which one is best for you:
FIES Student Financing Program
Student Financing Program (FIES) is a student loan program that was developed by the Ministry of Education. It is intended for funding higher education courses for students who are enrolled in non-free universities.
To apply for the FIES student loan, students must be enrolled in higher education courses that have a positive evaluation in the processes conducted by the Ministry of Education, and follow the step by step application for credit.
Student financing in this way works in three phases (for contracts made from the second semester of 2015):
Utilization phase: period in which the student is in higher education and pays every three months a maximum amount of R $ 150 related to the payment of interest on the credit taken.
Grace Phase : Upon completion of your college degree, the student has up to 18 months of grace to be able to repay his budget and start paying the loan. During this period he will pay every three months the maximum amount of R $ 150, as well as in the use phase, referring to interest.
Amortization phase: As soon as the grace period is over, the student must pay the outstanding balance of the course funding. The amount can be paid in installments up to three times the funded period of the course. That is, anyone who has taken a 4-year course has up to 12 years to pay for it.
Private Student Financing
Those unable to enter FIES may opt for private student financing alternatives. They are usually offered by banking institutions and even universities. If you have a bank account, you can try to check if they offer this type of credit. It is also possible to look for educational institutions that offer.
Personal loan for education
If you just want to take a refresher course, for example, you can’t get a student loan alternative like FIES or such private funding. In these situations one option may be to avail the personal loan.
Personal loan interest rates are lower than other credit options on the market, such as overdraft and revolving card, and you can still try to get a discount with the school when paying the cash course.