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Further Below: Our Guide To Student Loans in France, Everything you need to know.

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Student Loans in France, All You Need To Know:

Student loans in France have gained popularity as studies at institutions of higher learning gain ground in the country. Depending on your studies’ needs, there are available student credits provided by the government and other lenders including banks.  

Read on to learn about all you should consider before taking out a student credit in France.

Quick Summary

What you should know about student credits:

  • Student loans have better conditions than other types of credit
  • Different student credits are designed to address different types of studies
  • Lenders will always ask for a guarantor before financing a minor borrower
  • If the borrower is a minor, the lender will have the parent make the loan application
  • The borrower enjoys a grace period of up to 5 years, depending on the entity
  • France has comparatively cheaper tuition fees than other countries, hence making it a good place to study from
  • Student loans granted by the government are regulated by the Centre régional des œuvres universitaires et scolaires (CROUS)

Types of student loans we can apply for

While we all anticipate that student loans cover our tuition fees alone, there are different types of loans in France that are tailored for different types of studies. Let’s take a look at what student credits in France cover:

  1. Financing undergraduate studies. The borrower has two options to choose from:

  • Loans that cover the tuition fees alone. Presenting the right documents will have the fees paid either in full or in part.
  • Loans that cover the tuition fees and other related costs such as accommodation, recreational expenses, and transport, among others.

  1. Scholarship advances. This type of credit is mostly applied by students with scholarships whose funds arrive later after the semester begins. The advance is used to clear the fees and other expenses and is repaid once the student receives the scholarship funds
  2. Financing postgraduate studies. Depending on the lender, the loan may only cover important costs such as registration fees and tuition fees or cover all the expenses.
  3. Studies abroad. Just like scholarship advances, this type of credit finances the student at the beginning of the course and is repaid once the scholarship funds are received
  4. Purchasing of laptops. Many lenders have come up to provide financing for laptops and other expensive learning materials. The credit’s conditions are preferable to other loan types

While there are many financing options for students in France, you can only end up with one option. Hence, it’s important to settle for a loan that will serve you the best for the whole tenure of your studies. 

What to Know before taking out a student loan in France

  1. Repayment period: this refers to the amount of time taken to clear the whole loan amount including the accrued interests and other charges. Many lenders in France will place a repayment term of between 5 and 7 years while others set it between 10 and 15 years.

  1. Loan margin: this refers to the amount of money that a borrower (student) will be required to incur which is mostly 10% for many public banks and non-bank entities. The lender, in that case, will cover 90% of the borrower’s expenses. However, many French private entities cater for 100% of the student’s expenses.

  1. Moratorium period: this is a time when a borrower is allowed to go without repaying the loan without attracting any charges or fines. This period is mostly 6 to 12 months long and happens when the student completes their studies.

Financing linked to the educational center

Consult with your school to find out if it has any agreements with loan providers. Financing that’s directly linked to the school is advantageous because it’s mostly designed to address the needs of a particular course. The entity may design better conditions for the students at the school, and the application for such a loan may not be a hassle.

Characteristics of student credits

To be able to make a successful financial decision, you’ll need to get a 360-degree view of student loans and their characteristics beforehand. France is a preferable place to take out student loans and further your studies because of their cheap loans and affordable tuition fees.

  • Cost of the loan. Student loans are way cheaper than other loan types owing to their low interest rates. A good loan should have interest rate of 6% at most, yet some offers have 0% interests. 
  • Commissions. While taking out a loan, you want to familiarize yourself with all the charges and commissions you’ll be entitled to avoid surprise payments to make in the future.
  • Early repayment is made possible with this type of credit and only then will the early repayment fee be charged. Hence, we’re exempted from these charges if we’re not planning to make an early repayment.
  • While some student loans appear attractive from afar, they may include other costs hidden under the blanket. Hence, be sure to always look out for any additional costs.
  • Any lender will need guarantors before approving the application when funding a borrower who is a minor.

Requirements to be able to apply for a loan as a student

While you’ll face fewer requirements with student credits than with other loan types, the lender might hesitate to finance you if you fail to meet all the set requirements. 

General requirements:

  • Age. Many borrowers are beyond the legal age for taking out a loan. Hence, they are required to have their parents make the application on their behalf or have a guarantor. Moreover, persons older than 28 years may not qualify for loans in France (especially when doing undergraduate courses).
  • The borrower will need to have French nationality or at least a French residence.
  • Income. In case the borrower is not a minor, they will need to demonstrate their ability to repay the loan by having a stable income. This also applies to the guarantor or parent applying on behalf of the student.
  • Many student credits, however, will finance the student without income and require them to start repaying the loan after completion of their studies. This depends on the type of studies the student is pursuing
  • If the applicant’s income is not enough for receiving the funds, the entity will request them to have a guarantor
  • Scholarship advances are laxer since they are always repaid once the borrower receives the scholarship funds

Can I get a student loan if I don’t work?

Yes, you can receive study funds without income. Many entities that grant student credits have them repay after their studies when they have some form of income. However, the student will need to have a guarantor with a stable income that can come in to pay the loan in case the student is unable to pay it. Moreover, the borrower will have some time after completing studies during which he/she can get employment and repay the loan without straining.

There are study credits that can be paid later

Student loans are so beloved for their ability to be repaid later and because even minors can access them. Many student loans are good debts because they always have a moratorium period of about 1 year after competing studies after which the borrowers have the income to repay the loan. 

About this page, our methodology

What is this page for: the main aim of this website is to help you end up with the best available financial product according to your needs. We, therefore, take time to provide you with the most updated information about the available credits in the market, equipping you with skills to compare them before signing up for an option. 

Source: Information about the regulations on student loan providers is sourced from CROUS, and the French Law on Consumer credits, among other reliable sources. 

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 that specializes in personal finance and home economics products. Besides comparing the available options, we provide you with rich information that makes it easy for you to identify the most suitable option.

Note: There are no charges attached to any of our services, as FUNDGECKO obtains its income from advertising and its featured products.