More and more young people are giving up their studies due to the
current state of the economy, which puts into question the goals and the
future of a generation that has more and more difficulties, both in
the education sector and in other areas of daily life, such as access to
housing and a decent quality of life. For parents, this is a
significant expense, which sometimes appears with difficulty as a burden
on the family budget. However, there are ways of getting around this
problem, and nowadays it is possible to take out loans for higher
education studies with tax and interest relief, which can be applied to
help with materials, tuition fees or food.
What is this all about?This type of contract
is a type of personal credit and works
with the purpose of education,
unlike other types of credits that can be used for holidays, for
example, the contracting party will benefit from better conditions,
paying the same amount. Compared to other types of credit, its rates are
minimal when placed side by side with the rates of other types of
credit, having been decreed by the
Bank of Portugal precisely to relieve those who need this type of financial aid.
Mutual Guarantee SystemThis type of loan guarantees the
"Line of Credit for Higher Education Students with Mutual Guarantee"
in which the State functions as guarantor of the credit, which allows
greater accessibility than in a common credit, having to make the
request directly to the adhering banks.
This system is aimed at all those who want to enter higher education institutions to follow studies,
whether public or private, in national territory, and covers students
applying for secondary education or technical vocational courses,
undergraduate, postgraduate, masters, doctorates or others that are
eligible.
Depending on the APR, which can range from 5.6% to
6.3%, the amounts of this credit can reach up to 30 thousand euros,
partially made available on a monthly basis, over a period of six years.
When do you start repaying the loan?You
do not have to pay this credit during the period in which you are
studying, and you can benefit from a grace period of up to two years,
being able to start paying it back as soon as you finish your studies,
since the reimbursement can be made in a maximum period of six to ten
years. However, if you do not perform well at school, you can even lose
this credit after the first year.
What are the access conditions?To
access this credit, the student must be, at least, 18 years old, a
national citizen with a valid residence permit, attending a public or
private education institution, either polytechnic or university, and
must assume the commitment of maintaining the studies and positive
results during the period of the contract.
There are several
banks that offer this type of credit and therefore it is important to
compare the values practiced among all of them, in order to get the best
offer. For this, our suggestion is that you make a careful analysis of
the APR (Annual Percentage Rate of Charge) and the total loan with
credit costs, which translates into interest, commissions, taxes and
other fiscal charges. Look at the spread, associated products such as
cards or insurance, and type of rate (variable, fixed or mixed).
Whether
you're advising your children at this stage of their lives, or pursuing
higher education yourself, grab our tips and start planning your
future.
Read more at Young people and savings: where to start?,
Erasmus+ takes money under the RRP
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