If until then the majority of banks offered loans for students, the conditions for obtaining these loans were so draconian that it was very difficult to obtain credit. Either the type of study (literary sector for example) or the impossibility of obtaining a parental guarantee led the banker to say no! As a reminder, only 5% of students succeeded in obtaining this type of loan.
Nicolas Sarkozy had promised it during the presidential campaign and it is Valérie Pécresse , Minister of Higher Education, who presents the project of this new student loan with reduced formalities.
The student loan launched in September 2008 provides access to funding for students (under 28) in all fields, but also for those whose parents cannot stand surety. Indeed, the new student loan will be guaranteed, in the event of non-payment by Oséo (which currently finances SMEs), and the lending bank. The student whose parents have few means will therefore be able to take out a loan to finance his studies. Of course, this new student loan is not necessarily accepted. Banks and financial institutions will have their own rules for acceptance . Whether in case of refusal or in case of acceptance, you will never have the reason ...
The student must prove his identity , his student status, the diplomas already obtained, his bank details and his place of residence . No proof of income (from the student or his parents) can be requested.
During the deferral period you have the choice between 2 payment methods:
- either you pay absolutely nothing, but in this case the calculated interest is deferred and greatly increases the total cost of the credit,
- or you only pay the interest , which allows for substantial savings. It is this formula that we recommend as a priority.
For example, for a loan of 5000 us dollars, the monthly premiums are around 30 us dollars (with an annual APR of 7%).
For the moment, only 2 financial institutions will offer student loans: the Banques Populaires and Paydaynow .