Do you want to grow up with a good professional future? Find out how to finance your master’s degree and do not let money be an impediment to continue training in what you like most. On the next page, we help you find the student loans with the best conditions so you do not have to mortgage your future.
Reasons for hiring credits for a master
The credits for students usually have much more advantageous conditions than the rest of the university loans offered in the market for another type of user profile. This is due to the fact that banks seek to obtain potential clients while being aware of their social role.
For this reason, we can currently find loans to finance a master from 4% APR that may not have associated fees and that, in addition, have the following five advantageous conditions:
- It allows payment in installments, which makes the studies accessible to more people.
- We can get the amount of money we need to finance part or all of our master’s or doctorate.
- The interest on credits to finance a master’s degree is lower than the interest in generic personal loans.
- We can get loans to finance master with a grace period.
- It is possible to choose between several financing channels: one of the university, the one of the bank, scholarships …
If we request this type of loan, especially banking, we play with the great advantage of taking advantage of one of the products with the best advantages of the current financial market. In comparison with the rest of personal loans, with those of the purpose studies, we can finance our future with added benefits such as a longer repayment term, a lower interest rate and the possibility of requesting grace periods. This is because banks are aware of their social role in society and, at the same time, they want to achieve the loyalty of future clients.
Current status of the cost of a master’s degree and forecasts
Our country is not characterized by being one of the cheapest in terms of the cost of their postgraduate studies. The average price of studying a master’s degree in Spain is 2,020 euros, which is considerably high if we take into account the economic situation of many families. It seems that this price has been increasing during the last years, especially in the non-compulsory masters. However, the cost of these studies varies greatly depending on the autonomous community in which we are going to enroll.
In any case, certain changes are expected in the panorama of postgraduate university studies. The Ministry of Education, Culture, and Sports has approved a measure that allows different communities to lower the cost of non-habilitative master’s degrees, equaling them with the average price of the degrees. This novelty could help students to finance their master’s programs at a lower price since rates would be reduced by up to 30%. This drop in the financial outlay that is to continue with our studies once we have finished the race, represents an improvement in the situation and accessibility of young people to training, which is so important in their future employability.
What is the lack of financing a master’s degree?
The deficiency is a period of time within the credit during which the bank allows us not to pay part or all of one or several monthly installments. However, we must bear in mind that this fee will have to be reimbursed later with the interest that has also accrued on the capital that has been postponed. Generally, in credits for students, the deficiency is usually applied during the first years of the life of the contracted product.
On the other hand, there are two types of lack: total or partial. With the first case, it is not necessary to pay absolutely nothing during the grace period. However, with the second option, we will have to pay only the interest.
This resource that many entities offer us is fine when we want to have one or several “rest” months to rebalance our economy, for example. However, we must bear in mind that it is only advisable to use it if we really need it since the interest we will pay in full for this advantage will be higher than if we do not execute it.
How to choose the best offer according to my needs?
Choosing the loan that will allow us to finance our studies is a very important decision because it supports our future. Therefore, before deciding on a loan or another that will help us finance our studies, it is important that we know what opportunities we have in the market to be able to face all the expenses of the university, a language course or any other type of studies. It would be convenient that we select the best financing for our studies taking into account our profile and our economic needs:
- Look for scholarships, grants or loans subsidized by public or private organizations.
- Ask your bank for financing options. Depending on your position in your bank, they can offer you credits for students. It is also advisable to make a comparison of offers in different entities to find the credit for studies that best suits us and has the cheapest interest.
- Look for offers in agreement with the University. Each of them can offer different conditions, some very favorable.
- Compare loans to find the best option. Maybe what your bank or university offers you do not suit your needs. Take a look at the comparator and expand your options
- Read the fine print well. When you apply for the loan, do not let yourself be carried away only by the interest rate, since there are several factors that can affect its real price.
It is important to make a small study of the current offers to be able to go to the promotions that best suit our profile. In this way, we make sure that the payday loan we hire is the one that best suits our needs and our profile- go www.Green-Touch.com.
What options do I have to finance my master’s degree?
The maximum amount that we can get with the loans to finance a master’s degree may vary depending on the type of credit we are requesting, since it is not the same to need funding to pay simply the tuition of our master’s degree for all our expenses (accommodation, food, books, leisure …). We will have these two options:
- Apply for bank loans to finance a master with which we can get from 3,000 euros to 80,000 euros, depending on what use we want to give money. In the current market, there is a great variety of offers, such as tuition loans or scholarship advances. Generally, the interest of these loans to finance a master’s degree is around 7%.
- Get some type of mini-credit, in the case that we need to get money to face a situation of economic need, we have the option to get up to 1,200 euros. For example, if the price of our master increases or if we have to buy more books than we thought. This option is more expensive compared to bank loans, but we must bear in mind that their conditions are different: they are processed 100% online, the return period usually does not usually exceed 30 days and its cost is usually measured according to the price of 100 euros lent to 30 days and not paying attention to your APR.
Choosing one type of financing or another will depend on what our economic needs are. We must bear in mind that these types of financing have repayment terms, maximum amounts, an interest rate and very different associated costs in each case, so it is advisable that we assess which one benefits us the most before requesting them.
Advances of scholarships to finance studies
When we need funding for a master’s degree, the first alternative that comes to mind is state aid. Obtaining a scholarship can be useful to be able to face the cost of studying a postgraduate course, but it is possible to find the problem of the delay of the income of the money. Many times we get a scholarship and we are waiting a long time until finally, we receive the capital that has been granted to us. This is a problem when we have to pay our master’s tuition. For this reason, some banks offer tuition loans or scholarship advances that have an interest that is usually around 7% TIN.
With this option, we can get an advance of the amount of the MEC scholarship to be able to face the payment that we have to make. In this type of loans to finance a master’s degree, we have to look at the fees that apply to us. It is also possible that they make us open an account in that bank if we still do not have one, which may entail some additional cost. Finally, when we collect the scholarship money, we will have to return the capital that they have lent us.
Is it safe to apply for a credit through the Internet?
In recent years, the supply and management of loans through the Internet have increased progressively in our country, mainly due to the increasing confidence of users and the technological innovations of financial institutions. The use of the Fintech (technology and finances) of the entities has led to the birth of new platforms and services that allow us to access the financing that we need in a simple way and with the total guarantee of security. However, we can now run into certain pages that offer fraudulent financial services.
If we opt to apply for a loan through the Internet to finance our master’s degree and we do not want to take the risk of hiring an unsafe service, it is convenient that we take into account the following aspects:
- A green padlock appears in the address bar of the browser.
- Let the web page begin with https://.
Also, if we want to be calmer, it is advisable that we search the Internet for different customer opinions or use forums like the HelpMyCash to ask our questions about this type of loans and have more information about the experiences of other users with the entity that we are interested in contact.