Do you want to do a degree, but realize that the course fees don’t fit your budget? You can apply for a student loan! This type of loan allows you to finance college tuition and pay the outstanding balance only after graduation. There are several options available, surely one of them will be the most suitable for your case. But is hiring a student loan worth it? Keep reading and check it out!
What are the student loan options?
FIES
FIES is a Federal Government program that loan estimate partial or full tuition fees for private undergraduate courses. Enrollment, made on specific dates, takes place online at Sisfies , the FIES Computerized System.
It is necessary, first of all, to see if the course of interest to you can be financed in this program. Not all higher education institutions participate in FIES and, even in those that participate in the program, some courses are not covered. The areas of Health, Engineering and Licentiate have most of the courses enrolled in FIES.
The great advantages of FIES are its low rates and long terms. Interest is 6.5% per year, a much lower value than other financing. During the course, the student is committed to making only low-value payments; maximum R$ 150.00 every three months. The payment of the debt only begins to be made eighteen months after the conclusion of the course. The amortization period is 3 times the regular duration of the course, plus 12 months.
In order to contract this type of financing, it is necessary to go through a selection, based on the grade obtained in the ENEM . That is, the student must have taken the last ENEM test, obtained at least 450 points in the test average and a grade other than 0 in the essay. Students with better grades are more likely to get the benefit.
Other requirements are: per capita family income of up to 3 minimum wages and commitment of at least 20% of this income to monthly payments. In some cases, it is still necessary to present a guarantor.
Student finance from banks
To contract private student financing at a banking institution, you must be an account holder of the bank in question. General conditions, such as interest rates and debt payment terms, vary depending on the financial institution.
Interest on this type of financing is usually lower than on other loans, but is still much higher than the interest on FIES. One advantage: to hire private student financing, you do not need to meet the FIES criteria, such as participation in ENEM and proof of family income.
Student financing from credit companies
Credit companies specialize in various types of financing, including student financing. Generally, hiring can be done directly over the Internet and it is not necessary to have a bank account or to have participated in ENEM.
The best known is the Pravaler Credit University . With this type of financing, you pay for your course in monthly installments, but each installment is made up of half the monthly fee plus charges. Thus, you pay for the entire course in up to 2.2 times the duration of the course. On the website, you can do a simulation to find out how much you will pay per month.
One of the advantages is the possibility of using the credit to pay off up to 2 course fees that are in arrears.
University student funding
Since Fies reduced its offer of places, several private colleges have been offering funding to their students. Look for your educational institution and find out if it offers any option to finance tuition.
The advantage of this type of financing is that it is contracted directly with the educational institution, with few bureaucratic procedures. In some cases, with fees and terms similar to those of FIES.
Is student funding worth it?
Hiring a student loan can be advantageous, as you will pay the tuition in longer terms. However, it is important to make some considerations and take some precautions before closing the contract.
Keep in mind that a student loan, even at low interest rates, is a loan. Even if only after graduating, you will need to pay this debt and the amount paid will be higher. If you really opt for financing, research several financial institutions and compare the conditions offered to choose the most advantageous financing before closing the contract.
The main advantage of student financing is to make it possible to obtain a higher education diploma for those who are unable, at the moment, to pay the monthly fees. Some courses, such as Medicine , have very high monthly fees. Therefore, financing can be the solution to not give up the dream of taking the course you want.
What about ProUni?
The student who wants to go to a private college and cannot afford the monthly fees has other options besides student financing. One of them is Prouni.
ProUni is not funding, but a full or partial scholarship offered by the Ministry of Education and subject to financial needs. To get the full scholarship, you must have a per capita family income of up to a minimum wage and a half. Those with a per capita family income of up to three minimum wages can receive a grant of up to 50%.
Participation in the selection of ProUni is also linked to ENEM and is very competitive. As with FIES, you must have taken the last ENEM and obtained an average in the exam of at least 450 points and a grade other than zero in the essay. The marks obtained in the exam are considered as a criterion for the order of distribution of scholarships. That is, candidates with better grades have more course options available.
As you can see in this article, there are many options for taking an undergraduate course at a private institution without compromising your budget. If so, choose the best student loan option for you and go for it! The important thing is not to give up on taking the degree course you want. Investing in education is the best way to achieve success!
