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Advancing your education in Austria has never been easier. If you’re looking for credit to finance your studies, the truth is, there are so many options in the market yet you have to end up with one. Meaning, you have to do all it takes to ensure that you end up with the best.
If you’re stranded, we’re here to help by explaining the types of student loans available, the parameters to use while comparing them, what to pay attention to, and the best options available.
What you should know about student credits:
Types of student loans we can apply for
A loan provider may have the credit designed to finance your college tuition only while others may have an allowance for other related expenses. Let’s discuss this:
Student loans are designed to cater to the needs of students. It’s noteworthy that the services, terms, and conditions vary with entities. Hence, taking time to do personal research or consult with the entity will be of importance.
Almost every institution of higher learning in Austria has developed a mutual agreement with student loan lenders. Student loans are preferable to other generic options since they are tailored to address your course’s specific needs and finance you in every way needed.
Be sure to consult with your school to know whether such loans are offered. If yes, take time to go through their terms of service to determine whether they’re best for you.
Generally, when compared to personal loans for any purpose, student loans have better interest rates. However, this is all dependent on the terms and conditions of your lender.
Besides, student loans have better conditions such as long repayment periods (10 years), flexible repayment methods, and in exceptional cases, the interest of 0%.
While student loans come with good conditions such as low interest rates and long repayment period, it’s important to look at all aspects of these loans:
Student loans notably have less stringent requirements than other loan types. However, it would be important to meet all the requirements asked by an entity to avoid having your application disapproved.
Here are some of the requirements in Austria:
While some lenders will finance you only when you demonstrate the ability to repay the credit through a stable job, others will require guarantors, who in most cases are parents, in case an applicant is a minor or doesn’t have a stable source of income. However, other entities will not have space for guarantors, hence, you’ll automatically be disqualified for the loan without a job.
In the case of scholarship advances, as it is necessary to provide proof of the award of this aid, it is easier for the student himself (even if he does not work) to hire him without a guarantee.
Generally speaking, student loans have a grace period, which varies with entities, and which allows students to stay for some time without repaying the loan. This is what makes a student loan a good debt because most students take them out while they’re still unemployed and without much academic advancement and repay them when they are employed and are better persons in the corporate world.
What this page is for: we are passionate about helping you get a financing option that best suits your needs. Therefore, here we explain to you what credits with guarantees are, how you can compare them to know which one suits you and which offers are the most attractive right now.
Source: the information regarding the main characteristics of student loans and their current regulation comes from the Austrian Law on consumer credit contracts among other reference portals.
Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.
About us: FUNDGECKO is an online comparator website specialized in personal finance and home economics products. Besides comparing the conditions of all financing options, we provide rich content that helps the user to get a financing option that’s best compatible with their needs and peculiarities.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.