- The entities have designed financing programs.
- They can be used to pay tuition, materials, clothing, master’s degrees and courses abroad.
- View or download the PDF of ‘My Pocket’ for the month of July.
Folder to the course 2014 / 2015. The books are parked until next September, at least for those who managed to approve everything. Classes will be resumed in the last weeks of summer, but first the next academic year, 2015/2016, must be prepared. And the cost involved is important at all levels, from the school to the university or the master.
The family budget for studies has increased since 2008, the year in which the crisis began. The last INE survey on family budget in 2014 concludes that it was of an average of 27,038 euros, slightly lower than the previous year. The amount per person stood at 10,759 euros.
The National Institute of Statistics quantifies what a household allocates for food, clothing, housing, water, transportation and leisure; that is, both items that are considered basic (food) and alternatives (hotels or restaurants, for example). Since 2008, the year of the beginning of the crisis, the population has been reducing its budget in all items except two, which has increased: fixed housing, such as electricity and water, and education, which are those who have increased the most, 25%.
The reasons are several: enrollments and courses have increased, public spending on education has been reduced since 2010, and master’s degrees are already necessary for many careers to obtain a degree.
Therefore, studying becomes increasingly expensive. For example, the report The cost of studying in Europe carried out by the Observatory of the University System, places Spain among the top 10 where more money is needed to take a master’s degree or a university degree.
Another study by the French agency for the promotion of education, CampusFrance, points out that “receiving higher education in the French countryside is five times cheaper than in Spanish.”
The inequalities between the autonomous communities themselves are also very significant. The differences can be over 200 %, according to the teaching union FETE-UGT.
If all this is added to the fact that the number of scholarships has decreased, as well as its amount, the result is that it is becoming increasingly difficult to complete the training.
Banks have also seen in this group a new option to boost their business and offer aid. In the last year, new entities have been added with specific programs to finance different types of studies.
The possibilities are wide and there are products for both tuition and teaching materials, courses abroad, master’s degrees, university courses, Erasmus … even for clothes. This type of financing is granted through loans or credits; in the first case, the amount is delivered in a single term, and the second, for agreed periods.
The offer designed for students is like a personal loan, which practically all financial entities sell it. But student products have more advantageous conditions, both in terms of interests and requirements.
Everything has a price
Asking for any type of financing has a cost. In addition to the amount requested, the type that the bank will apply will have to be calculated.
Higher courses and master’s degrees are the most credit The average range is over 7%, although it varies depending on the reason for which it was requested. To this, the commissions are added. They are asked, in most cases, for the opening of the loan or credit, and in some cases for the study of the application, an option that some entities include to assess whether the candidate is suitable from the point of view of solvency.
Another advantage of the financing of the studies is the lack. Entities such as BBVA, La Caixa or BBK include this possibility, which allows delaying the refund of the amount received in more than one year from the end of the course. Keep in mind that interests may vary.
But in all cases the repayment terms are very broad; that is, the period in which the payments are prolonged. This can be up to 10 years, as in the Total University Credit of Banco Santander or in the products sold by Banco Sabadell. Likewise, there are amortizations for very short periods, of months, but they are for loans of a lower amount. For example, the Blue Erasmo Loan of BBVA, of 6,000 euros, must be returned between 6 and 9 months.
The amounts received vary depending on the objective. The higher courses and the master’s degrees are the most credit. You can get up to 80,000 euros with the Total University Credit of Santander. In parallel, banks are expanding the possibilities of financing for exchange studies, Erasmus or stays abroad, which cover up to the expenses of maintenance, such as the CrediEstudios Superiores of La Caixa.
The majority of students who complete their corresponding degree do not have an income. The economic and solvency situation of the owner, usually the parents, or the person who endorses it, is the one that will give the option to request this type of product.
Normally, the entity will require the recent payrolls, the IRPF declaration and the accreditation by the student that he is carrying out the course for which he demands the financing. In any case, the concession is not immediate.
After the documentation provided, the entities study the acceptance. The support of the banks to the students is extended with the granting of scholarships every year. In some cases, the period is still open.