Financing of studies

5 days
30 days
Loan term
30 days
Loan information
Student loan

In Spain we have a public educational system that covers from primary to university education. Unfortunately for less well-off or large families (three or more children) this does not translate into zero cost, but rather into an expense multiplied by the number of children one has. Although it is true that the State provides study grants that cover part of the cost of books and waste material, tuition, dining room and transportation expenses, for these to be granted it is necessary to comply with a very broad and adjusted list of requirements in the that the middle classes are left out in most cases. For many families, once again resorting to an urgent loan can be part of the solution that allows them to finance their children's studies.
While we are not talking about a fixed monthly cost, but annually, applying for an urgent loan for the full amount of textbooks and college tuition can become a quick and timely way to finance these expensive payments. In a country where the average cost of going back to school is more than € 600 per student and where the average cost of a first university registration exceeds € 1,100, not many families are in such a comfortable economic situation that they can afford without financing joint full payments for the education of more than one child.
For this reason, when the ability to save is limited, financing for studies becomes essential. At this point, we must assess the financing alternatives that we have available. As we have already mentioned, the first possibility we have is to resort to an urgent loan requested through an online credit agency. Online credit agencies work with guarantees just like banks, but they are much more agile when it comes to processing loans, since everything is done online or by phone. You will get the money you need in that specific month easily and without complications.
As an alternative to loans, for textbooks and school supplies, some hypermarkets and department stores offer 12-month financing with and without interest, depending on the current promotion. If they charge us interest, we will have to do numbers to see which option is more profitable for us: choose the financing of the hypermarket or opt for an online credit. The use of credit cards is also usually common in these situations, so another aspect to assess is whether that credit is going to be necessary for other things and what interest we pay the bank for it.
In the case of the payment of university tuition, the universities allow the division without interest of the same in different terms. Although, however, the month that touches face the installment payment will suppose a whole hit for the domestic economy of said month and this will not exempt us either from taking charge of the cost of textbooks and university material that for some careers, especially those of Science, it is exorbitantly expensive.

about the author

Maria Solis Burley

Credit consultant in Spain. Financial Analyst at Crédito Victoria.
LAST UPDATED: September 29, 2016