Any student over the age of 18 can apply for a loan to finance their studies with a financial institution. We have identified the best deals of the moment and tells you everything about student loans.
The characteristics of the student loan
A student loan is a consumer credit called “affected”, that is to say that its goal is known: finance his studies. Whatever your profile or situation, you can apply for a student loan from a bank. It is intended to pay tuition, equipment, but also accommodation, food, transportation, etc. during the course of your studies. This consumer credit, if it is intended for students aged 18 to 28, requires no proof of expenses from you.
Student loan: the conditions to be met to subscribe a credit
- Age, as we have said, is between 18 and 28 years old (sometimes 30 years old).
- Registration in a higher education institution (school, university) must be attested.
- French nationality is required or, failing that, proof that you have resided in France for at least 5 years.
- A third party’s deposit is usually required.
If you meet these conditions, you can expect to borrow up to € 45,000 (or more), for a maximum of 9 to 12 years according to the signs, knowing that the duration can often be modulated, without penalties.
The terms of repayment of a credit subscribed for his studies
At first, during your studies, you can only repay the loan interest – partial deductible – or refund nothing – total deductible. In a second time, you repay your credit itself.
Student credit: the various possible guarantees
The banking institutions, at the subscription, will ask you a deposit or the justification of incomes (a student job for example), often condition sine qua non of obtaining your credit. However, the state-guaranteed student loan allows you to borrow money to finance your education, without having to provide the bank with the surety of a relative or proof of income. The State then acts as guarantor to the partner banks, through the Public Investment Bank who will pay your monthly payments in case of default on your part. The student loan guaranteed by the State has a maximum amount of 15,000 euros and a minimum repayment period of 2 years.
Attention: the State guarantees the risk of default of only 70% and, consequently, some banks limit each year the number of student loans guaranteed by the State.
Alternatives to the student loan
There are also many non-student youth credits, usually with a much shorter maximum duration (around 36 months) for young people, most often 18 to 30 years old. For example, credit-serve laon credit, reserved for young people between the ages of 18 and 29, which makes it possible to borrow a sum of € 7,000 maximum over a maximum period of 60 months with a fixed APR of 1, 99%.
Student loan rate 0
Zero-rate loans for young people are also common, but in this case, the loan ceiling is relatively low: € 2,000, for example, for the wineloan offer. The credit offers entitled “cash advance”, “CROUS cash advance” or “1 € per day allowed offer” also show a maximum amount of low borrowing.
Comparative Student Loans
By APR (annual percentage rate of charge) reserved for major students
|Bank||Rate||Maximum duration||Maximum amount||Fees||Age limit||See the offer|
|Loans Studies||Fixed APR of 0.90% (1)||10 years||80 000 €||offered||Not disclosed||See the offer|
|Winey de Loan||APR from 0.90% to 3.5% depending on the fund||10 years||45 000 €||0 €||28 years||See the offer|
|Evolutionary Student Loan||TAEG fixed by 1%||9 years||120,000 €||30 €||Not disclosed||See the offer|
|People’s Bank: Student Loan||TAEG fixed by 1%||10 years||35 000 €||offered||27 years old||See the offer|
|RNP-Pares: Student loan||Fixed APR of 1.50%||12 years||No limits||offered||Not disclosed||See the offer|
|NNC||Unspecified||10 years||60,000 €||0 €||28 years||See the offer|
|The bank||Unspecified||9 years||35 000 €||0 €||27 years old||See the offer|
Student loan offers vary greatly from one bank network to another, from one fund to another, and often from one student to another, within the same institution. Some have signed partnerships with schools and / or mutuals to offer students preferential rates.
You will get a list of any organizations involved with the bank branches. Note also that some banks like the NNC systematically offer lower rates to the student children of their clients.
Tips for getting a student loan
Negotiate your loan and present a clear and coherent professional project
Feel free to negotiate the rate, fees and any type of advantage with, in support, your well-written file explaining your future career plan. The more serious and thoughtful you seem, the more successful the negotiation will be for you.
In terms of banking fees, everything is trading!
Subscribing to a student loan may be an opportunity to apply for a free credit card, for example.
In the absence of own income, you will have to rely on the joint guarantee of a person of your entourage. If this person is a good customer in his own bank, you certainly have interest in seeking the latter, but never forget to play the competition.
Study the competition and the various student loan offers
Refer to the chart above, study the different student loan offers and peel the conditions, rate, maximum loan amount before making an appointment with your bank advisor (or that of your parents). Start a negotiation knowing the supply of competition to fuel the discussion. This will also prove your seriousness.
If you do not win, do not hesitate to go elsewhere. Be careful not to be too greedy and to be reasonable. You can not apply for a zero-interest loan of 25,000 euros with a free premium card and non-existent account maintenance charges on the grounds that your parents have been clients of the agency for 20 years.
Reminder: Offers vary considerably from one network to another, from one region to another and even from one bank to another.