Student loan is it worth taking it?

Studies are a unique time when we haven’t started adulthood yet, but on the other hand we feel some independence. We don’t usually study at the place of residence, but rather move to another city. In the country, admission to full-time studies is free, but the costs of rent and other charges, as well as food, remain. Therefore, students are mostly dependent on their parents, possibly earning some extra money on weekends or holidays. However, not every family can afford such a thing. At this point, there is a solution – student loan. Student loan is it worth taking it? On what terms is it granted?

What is a student loan?

Student loan terms are more profitable than any other loan or credit in the country. Despite this, relatively few people still use it. This may be due to reluctance to indebted at a young age or little awareness about it. Either way, it’s worth knowing what it’s about. This loan is granted to full-time and part-time students as well as extramural students for the duration of their studies. The maximum can be 6 years, but it can be extended in the case of doctoral students. It is set for a given academic year, so it may vary from year to year, but it is very high and most students do not exceed it.As the assumption is that this loan is to help students from poorer families who cannot afford independent living, there is an upper limit on income per person in the family who cannot be exceeded to receive it.

The amount of student loan

As a standard, student loans are granted for USD 6,000 a year. The money is paid out in 10 monthly tranches of USD 600 each during the academic year. However, you can apply for an increase or decrease of the installment – to 1000, 800 or 400 zlotys depending on our needs. Such a change can be made at any time during the loan period.

Can a student loan be redeemed?

If, after 2 years of graduation (or at any time when paying off the loan), we find ourselves in a poor financial situation, we can ask the bank for help. There are several options – suspension of loan repayment, reduction of its installment, and even total cancellation. Additionally, even if our financial standing is good, we can count on the write-off of even several dozen percent of the loan. It is possible, we finished our studies among the best students from a given year.

Student loan whether it is worth taking it should be decided by everyone. There is no doubt, however, that it is granted on very attractive terms.