5 Best Tips Before Acquiring Your Educational Loan
Up to 60% of university students in the United States turn to a student loan to finance their education, in Europe the figure reaches 30%, and although in Mexico they only want to reach 10% according to data published by Forbes , the truth is that Each semester the number of students who use this option increases in order to pay for the university.
Although there are educational, business and government institutions that grant "pure" scholarships (that is, those for which you do not have to pay once you finish your studies); the offer is small compared to the demand of young people who need financial support to study. Or, partial scholarships are obtained, whose amount is insufficient to achieve the objective.
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So students turn to student loans granted by banks, Multiple Purpose Financial Societies (Sofom) or by the same universities. Santander, Bancomer and HSBC are the three banks that offer this loan, while the Sofom that you can use in Mexico are Finae, Finem, Edupass and Laudex.
If you are thinking about applying for a student loan, here is a small list of elements that you should consider when processing it.
1. Requirements
Some Sofom request as backup the deeds of some real estate and have the support of a Solidarity Obligado. Both the beneficiary and the Obligado must have a good Loan history. It is important that the second has verifiable income.
Tip: Find out the conditions that will fall on the Obligado in case of non-payment or delays in the installments.
2. Coverage
Some institutions only finance up to a certain amount or percentage, regardless of whether you have finished your studies. Here, first calculate the total cost of studying at the university of your choice, and you can analyze if you should take that option.
There are agreements between the institutions that provide economic support and universities. So some Loans only apply to study in certain schools.
It also reviews whether the financing exclusively covers the tuition of the university or if it can be extended to other related items such as enrollment, titling or exchanges abroad.
3. Interest Rate
It is a very important point, since that is what you are going to pay to the institution that financed you for having lent you money. The lower the rate, the lower your payment will be for this concept. For example, if your financing is 100 thousand at a rate of 18%, you must pay 118 thousand pesos to settle your Loan. If it is 9.90%, your total payment will be 109,900 pesos. Remember: make sure you look for the Loan that has the best (lowest) rate.
4. Term of payment
The most common option is a payment term of up to twice the time you had the financing. That is to say, if you only used the Loan the last two years of studies, you will have up to 4 years to liquidate it.
You can also find cases in which there is already a defined deadline, such as the Santander Educational Loan. This establishes a maximum time of 10.5 years to settle the loan.
5. Payment plan
A very important point is to know if the payments are fixed. Let's take as an example that every semester - or every year - the tuition increases. This increase could be replicated in the amount you should pay, and therefore increase. Investigate the policy of the institution that will finance you on this subject. In the case of FINAE, they announce that they offer fixed payments.
In some financings the payments start from the time you study, but do not be scared. These payments are usually a small and significant fee. Others must start paying after leaving, or even after a few months of having completed their studies.
Check this guide before making your decision regarding this novel option in our country, so that your financial future is not so compromised. Do you know of someone who had educational Loan? What was your experience?
Although there are educational, business and government institutions that grant "pure" scholarships (that is, those for which you do not have to pay once you finish your studies); the offer is small compared to the demand of young people who need financial support to study. Or, partial scholarships are obtained, whose amount is insufficient to achieve the objective.
Loans from 0% interest. Compare today!
So students turn to student loans granted by banks, Multiple Purpose Financial Societies (Sofom) or by the same universities. Santander, Bancomer and HSBC are the three banks that offer this loan, while the Sofom that you can use in Mexico are Finae, Finem, Edupass and Laudex.
If you are thinking about applying for a student loan, here is a small list of elements that you should consider when processing it.
1. Requirements
Some Sofom request as backup the deeds of some real estate and have the support of a Solidarity Obligado. Both the beneficiary and the Obligado must have a good Loan history. It is important that the second has verifiable income.
Tip: Find out the conditions that will fall on the Obligado in case of non-payment or delays in the installments.
2. Coverage
Some institutions only finance up to a certain amount or percentage, regardless of whether you have finished your studies. Here, first calculate the total cost of studying at the university of your choice, and you can analyze if you should take that option.
There are agreements between the institutions that provide economic support and universities. So some Loans only apply to study in certain schools.
It also reviews whether the financing exclusively covers the tuition of the university or if it can be extended to other related items such as enrollment, titling or exchanges abroad.
3. Interest Rate
It is a very important point, since that is what you are going to pay to the institution that financed you for having lent you money. The lower the rate, the lower your payment will be for this concept. For example, if your financing is 100 thousand at a rate of 18%, you must pay 118 thousand pesos to settle your Loan. If it is 9.90%, your total payment will be 109,900 pesos. Remember: make sure you look for the Loan that has the best (lowest) rate.
4. Term of payment
The most common option is a payment term of up to twice the time you had the financing. That is to say, if you only used the Loan the last two years of studies, you will have up to 4 years to liquidate it.
You can also find cases in which there is already a defined deadline, such as the Santander Educational Loan. This establishes a maximum time of 10.5 years to settle the loan.
5. Payment plan
A very important point is to know if the payments are fixed. Let's take as an example that every semester - or every year - the tuition increases. This increase could be replicated in the amount you should pay, and therefore increase. Investigate the policy of the institution that will finance you on this subject. In the case of FINAE, they announce that they offer fixed payments.
In some financings the payments start from the time you study, but do not be scared. These payments are usually a small and significant fee. Others must start paying after leaving, or even after a few months of having completed their studies.
Check this guide before making your decision regarding this novel option in our country, so that your financial future is not so compromised. Do you know of someone who had educational Loan? What was your experience?
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