The actual loan rate is significantly higher than 3%. The difference is reimbursed to the bank by a government subsidy.
the first period is a grace period. It lasts for the entire period of study, as well as 9 months after its completion. At this stage, there are no payments of the principal debt, and the interest is paid only partially. In the first year, monthly payments consist of 40% of the accrued interest, in the second year - 60%, from the third - 100%.
the second period is the main one. It starts from the tenth month after graduation and lasts 15 years. The monthly payment increases, as payments on the principal debt are added to it. But given the loan term and the low rate, the payments remain moderate.
Monthly payments must be made throughout the entire belgium mobile database course of study. The penalty for late payment will be 20% per annum of the overdue payment amount.
Advantages of the state program
The benefits of a government-supported student loan include:
a wide range of educational institutions and educational programs;
a grace period during which the principal debt does not have to be repaid;
low interest rate;
small monthly payment due to the long loan term;
the opportunity to receive funds from the age of 14;
9 months to find a job and normalize your financial situation: all this time you continue to pay only interest.
The state program allows you to choose any Russian university and move to any city without significant start-up costs. This opens up great prospects for professional growth.
Disadvantages of the state program
Some of the disadvantages of a student loan include:
targeted purpose. The funds can only be spent on education at a specific institution in the chosen specialty. If you don’t like studying at the faculty and decide to enroll in another program, the student loan will turn into a regular one, and you will have to pay it back;
significant overpayments associated with a long loan term. The principal debt is repaid over 15 years, but interest is charged from the first month. The main part of the loan will have to be repaid after graduation. You are just starting to work, and you already have a large debt;
restrictions in the choice of institutions. The program does not allow studying abroad, and the funds cannot be used to pay for courses in many educational centers, including language centers.