6 things you should know about student finance

Higher education is the dream of thousands of people, however, few are able to afford the costs immediately, in which case, student financing can be a viable option.

What is student finance?

THE student financing It's like financing a car or property, but in this case, it's intended for studies.

The student receives a type of credit from a bank or financial institution, in this way, the company pays for his studies and he pays the company afterwards.

Some rules tend to vary depending on the model, for example, there are situations where the bank only covers half of the monthly fee.

However, in other cases, it covers the full cost of the course and the student only starts paying back the financing when they complete their studies.

Payment terms and interest rates vary according to each financing program, so it is important to be aware of all the clauses in the contract and only sign when you have no further questions.

Now, to help you understand a little more about the subject, we have listed some questions that you should know if you are looking to hire student financing. Keep reading!

1. What are the main student financing options?

In addition to being able to be obtained through Federal Government programs, for example, FIES, you can also obtain student financing in banks, creditors, companies or even at the university where you want to study.

The way you apply for this loan depends largely on where you will apply: whether it is from a private company or the Federal Government.

The first and best option for you to try is at FIES, you can do this by Single Portal for Access to Higher Education.

TRY FIES NOW ➔

Unfortunately, places are limited, and it is also necessary to meet some program requirements, for example, being a student from a family with a gross monthly income per capita (per head) of up to 3 minimum wages.

Even with the difficulty in getting it, it is worth trying, because FIES has no interest and the student only starts paying after graduating, apart from that, he can finance from 50% to 100% of the value of the degree.

The second option is the Pravail, despite being a private network, is very similar to FIES, but it is more comprehensive. You can find out all the details of the program and run a simulation by clicking here.

SIMULATE ➔

The next suggestions have different conditions and also higher interest rates, however, it can be an interesting alternative if you are unable to find the previous options, see below where to find it student loan:

Santander;
Bradesco;
CredIES;
PAIR.

To find out details, rules and to register, visit the website of each institution mentioned above, in particular, the page student financing.

2. Can someone with a bad credit history hire you?

Look, this will depend on the criteria of each institution, especially because, as it is a credit model, a credit analysis will be carried out before approval.

In the case of FIES, until 2013 it was mandatory to have a clean record to be eligible, however, from that year onwards the MEC allowed defaulters to enter the program.

However, they are not entitled to use the joint or conventional bail mechanism allowed to other students.

In other words, you will be able to enter university through FIES, but without group financing.

There are still other requirements for defaulting candidates, you can check them all on the FIES website.

Therefore, it is essential to try to organize your financial life and clear your name before applying for the student financing, as the chances of receiving approval will be greater.

A young person who dreams of going to university but does not have the financial means already encounters many obstacles along the way, so those that can be removed should be done with all possible effort.

3. Who can apply for student financing?

This financing can be requested by anyone who wishes to enter college, however, the requirements may vary depending on the model of the program chosen.

Therefore, first of all, it is important to choose where you want to study, then research where to apply for this credit and what the company's requirements are.

4. Do I need to have taken ENEM in the base year?

No. Many institutions do not require candidates to have taken the ENEM exam in the previous year to participate in student loans, for example, PraValer and Fundacred.

However, in the case of FIES, since 2015 it is mandatory for the candidate to have taken the ENEM in the base year and, in addition, to have achieved a score of at least 450 points in the tests and not to have scored zero in the essay.

5. What happens if I don't pay back the loan after receiving my diploma?

You will not lose your degree if you do not pay your debt. student financing, you will probably be blacklisted and your name will end up in SPC and Serasa.

In the case of FIES, in addition, the bank responsible for the financing can also file an enforcement action with the purpose of seizing or blocking assets that are in your name, for example, a car and motorcycle.

FIES debt does not expire, if you are unable to pay the monthly installments, renegotiate the debt and see the best way to start paying.

If you graduate to work as a teacher or doctor, you can pay off your public service debt.

6. How to get easily approved for student financing?

Don't just go and apply for financing with your face and courage, it is very important to prepare yourself to increase your chances of approval.

Therefore, the first step is to have a clean record and a good financial record. In addition, having proof of income or another way to prove that you have the financial means to pay the loan installments is also essential.

Another way to make approval easier is to find a guarantor with a good financial history. Other than that, plan your finances and always pay your debts on time.

Any type of restriction you have in your name may hinder you when applying for the child financing.

Conclusion

Achieving the dream of going to university and pursuing the career of your choice can be more difficult for some people than for others, mainly due to financial issues.

Therefore, programs like student financing are so important to ensure inclusion and give people from minority groups the opportunity to also have access to higher education.

Nara Sampaio March 29, 2022

Graduation