Student loans:Learn how to get a loan and what it costs

Too many young people, the time you start in a study is also equal to the time when you move away from home and have to start managing yourself economically. It’s often a blend of reaching an age where you want to get rid of your parents and that many have to move to another or a larger city to get to the desired educational institution. In other words, there are many new things that you must suddenly relate to and have an overview of. One of the biggest is the economy.

It is common knowledge that students usually do not have a big financial profit. A common caricature of a student is one who lives with spaghetti with ketchup. But it’s actually not shot right next door. When going to higher education, it is often a full-time job where you do not have enough time to work enough to pay all your expenses.

Fortunately, in Denmark, students receive a grant from the state called State Education Support or the student loans in daily speech. It is not huge amounts you get, but it is a very good help for students. Find here student loans calculates here and calculate how much you can get in student loans.

With the housing prices have in educational centers like Copenhagen and Aarhus, the big mathematical exam does not have to figure out that the money does not go quite far. Therefore, the state offers that you can borrow money on particularly favorable terms. This loan is called student loans loan, and is not something to be paid tax on.

Who can get student loans loans?

In order to be eligible to receive student loans loans, you must be in training and receive student loans. That is, you lose the right to student loans loans, for example, if you holds leave from your studies or otherwise does not receive student loans for a period of time.

You apply for student loans loans for one year at a time, but you received student loans loans last year, you will automatically be offered student loans loans next year if you are still undergoing training.

3 types of student loans loans

There are basically three types of student loans loans you can search.

1. The first is the normal student loans loan, which in 2018 is DKK 3,116 per share. month
2. The second is a supplementary student loans loan for parents of DKK 1,559 per person. month (additional to normal student loans loan)
3. The third is the so-called final loan of DKK 8,039 per share. month.

You are a parent if you are the parent of a child under the age of 18, who has a population registration address the same as you.

student loans loan rates – changes over the years

Here you can see how the rates for student loans loans have changed over the years since 2013:

  • 2013: student loans loan (DKK 2,943), extra for parents (DKK 1,473), final loan (7,592 kr.)
  • 2014: student loans loan (2,987 kr.), Extra for parents (1,495 kr.), Final loan (7706 kr.)
  • 2015: student loans loan (3.020 kr.), Extra for parents (1,511 kr.), Final loan (7,791 kr.)
  • 2016: student loans loan (3.040 kr.), Extra for parents (1,521 kr.), Final loan (7,842 kr.)
  • 2017: student loans loan (3,078 kr.), Extra for parents (1,540 kr.), Final loan (7,940 kr.)
  • 2018: student loans loans (3,166 DKK), extra for parents (1,559 kr.), Final loan (8,039 kr.)

What is a final loan?

Final loans are for you who are on the last year of higher education but who do not have more student loans left. This may be due to change of study or for other reasons, which means that the study has taken longer than calculated.

The final loan is at a total of DKK 8,039 per month, but you should also take into account that you do not receive student loans at the same time. You must also remember that the final loan will be refunded after completion of the course. The requirements for obtaining a loan are as follows:

  • You must be enrolled in a higher education
  • You must not have more student loans left
  • You must not have more than 12 months left of the study

In special cases such as illness where you are not active in your study, you can apply for renewal of the final loan.

Increased student loans loans

There are some situations where you can apply for and get student loans. This applies, for example. If you are under the age of 20 and enrolled in a secondary education, but do not get full student loans due to your parents’ income. You can increase your student loan with the difference between your student loans and the maximum student loans.

Repayment of student loans loans

Some of the things that are attractive to an student loans loan are that you do not have to pay repayments while you are in training but can wait until you are graduated and thus either are at work or on unemployment benefits and are therefore much better economically oriented than when You are only at student loans.

In fact, it is not even after the issue that you have to start the refund but only one year after the completion of the education program, plus the time until January 1. For example, if you Completed 30 June 2018, you must first start deducting your student loan per. January 1, 2020.

What does an student loans loan cost?

A very relevant question is what it takes to take an student loans loan. Unlike many other types of loans, the only cost of a student loan is this kind of interest. There are no fees charged with an student loans loan.

As long as you are a student and do not pay off on the loan, interest rates are only 4 per cent a year, which is unheard of for a loan.

Once you have completed your education, you will have to pay off the loan. In addition, interest rates are changed at this time. Pt. the interest rates will be even lower after graduation. The new interest rate is determined by the discount rate, which is determined by Danmarks Nationalbank. The discount rate has been 0 percent since 2012. However, the policies may choose to deviate the student loans interest rate by up to 1% in the discount rate. This is determined by the Finance Act. This year with a particularly low discount rate, the policies can choose to allocate 1%, and this year with a particularly high discount account, the policies may choose to deduct 1%. Since the discount rate in 2018 is 0%, and thus ultra low, the Finance Act introduces 1%.

The above means that the interest rate on an student loans loan when you are no longer a student is at the same rate as 1%.

Student loans with retroactive effect

In 2010, it was decided that you can apply for student loans loans retrospectively. However, this applies only within the same year. If you have not received a student loan for one year, you may, for example, In December, apply for student loans with retroactive effect from January of the same year. This is only valid if you take the same education at the same educational institution within this year.

What other options are there to borrow for the study?

You may end up in a situation where your finances can not be linked to student loans and student loans alone or where you have exceeded the opportunity to get one or the other. If for some reason you are missing out on money, there are of course other options for getting money.

The first is to take a form of study job, which some students have to do. It can either be decidedly study-related jobs, or more general jobs, such as to stand in a kiosk or clean in the evening. The challenge of this solution is that there are often not enough hours a day to work and study and that the work will easily take too much focus from the study.

Another option is to borrow money elsewhere than with the state. The advantage of the state student loans is partly that you must first pay repayments after completing the study and partly that it is very cheap loans. If you borrow money from the bank or take a consumer loan online, you should take a good look at your finances and make the decision based on a serious budget.

If you decide to take an online consumer loan and have estimated that your economy can well pay the monthly installments, then it is important that you choose the loan that is the cheapest for you. This can be difficult to assess, but recommend that you review Consumer Loan Comparison Comparison and compare the individual loan offerings. OPP is a unit of measurement from Annual Costs in Percent and is a statutory requirement for all loans offered in Denmark. The unit of measurement includes all the costs associated with a loan, making it possible to compare more loans with each other very accurately and find the cheapest one. You can also check list of cheapest consumer loans . Here have assumed a 5-year loan of 50,000 kr. In the list you can accurately see how much you have to pay per. month during the term of the loan. There is pt. 16 different providers on the list and there are almost 500 kr to save per. month by choosing the cheapest loan over the most expensive loan.