The student loan, also known as an honor loan, is a type of personal loan that university students who want to support their studies can take advantage of, without the support of families.
Funding is often requested not only to complete university studies but also to obtain a master’s abroad, as in such circumstances the costs can be quite high. In this article, we will explain everything you need to know to get a Reference of student loan.
How the student loan works
Compared to a normal personal loan, the student loan has two main characteristics: easier repayment conditions and a greater possibility of accessing credit.
What does this mean? For a personal loan, the applicant must bring specific guarantees to support his request while for a student it will be enough to document the ability and will to study.
In fact, the student must simply demonstrate enrollment at the university and his / her aptitude for studies. Unlike a normal loan, you do not need a guarantor or documentation certifying some income.
To obtain a loan of honor, the student’s academic record is valid.
What are the requirements for obtaining a student loan?
But how does the credit institution determine if a student can be granted the loan of honor? Not having to present any type of income guarantee, the student will only need to bring the grade obtained at the diploma. In the case of the loan of honor, in fact, the scholastic career of the student is authentic and, if positive and brilliant, it will be his pass to obtain the amount that can be used to continue his studies.
Specifically, the conditions for applying for a student loan are:
- Be regularly enrolled in a study course ;
- Have a high average grade or, if the student is enrolling in the first year of university, have an excellent diploma grade.
Many universities have entered into agreements with credit institutions precisely to allow students who need them, loans at more advantageous rates and to be repaid with small installments spread over several years.