Being in education is not always quite cheap. It may require a computer available or a lot of money to be thrown after expensive books for semester start. Maybe you even lack money for an overseas vacation where tuition has to be paid to attend school.
Therefore, borrowing money now and repaying it later may be an option. However, here are several options to consider, which you can read more about here.
Loans for education – see your options
You can lend to your education in several ways. Here you can see some of them.
A traditional consumer loan is a loan, as the name indicates, that can be used for consumption. It is possible here to borrow a larger amount, it may take longer to repay.
Typically, you can borrow between 3,000 and 350,000 dollar and choose a maturity of up to 15 years. You then pay off on the loan with monthly repayments. The advantage here is that you take out a loan and pay it back over a longer period of time. However, it will also mean that you will hang on to it longer if you have chosen a long term.
A quick loan is a slightly smaller loan, typically up to USD 6,000, which must be repaid fairly quickly – usually within 30 days. This type of loan often has high interest rates, so it is very important that it is repaid quickly so that it will not cost you too much money in costs. This is where the advantage is that you can get some money quickly and easily in between hands, and in some places it is even free to borrow the first time. Ie that you do not pay the cost of the loan, however, with the condition that the loan is paid off within the 30 days.
A third option is to take out an SU loan , which you can take while studying. That’s something that you can take next to your normal SU rate.
The SU loan costs 4% per annum in interest and will, after education, be paid at the discount + a supplement of no more than 1% or minus a deduction. How much the allowance or deduction is fixed each year in the Finance Act. In other words, the SU loan is one of the cheapest loans you can take. It must be paid back a year after you finish your education. As with the quick and consumer loan, this loan can be used for whatever you want and many people use it as a supplement to the current income.
Compare your options for education loans
You can compare the options you have for taking out a consumer or quick loan. You can do this here at Mikonomi.dk by filling in our loan calculator with the amount you want to borrow and the maturity you are interested in. Then you will get an overview of the loan providers with which you can apply for a loan. Then simply choose the provider that suits you best.
Here it may be a good idea to look for the APR , which is an expression of the annual costs to be paid, expressed as a percentage. Here you can see how much the different loans will cost you.