Not everyone has the chance to have parents with a good income, but studies are expensive because you often have to live in a big city. How to borrow without income and without having a guarantor while being a student? This is where the state comes in, with the Osico loan scheme. This financial support from the state for students without parents able to stand surety will allow them to start their studies in acceptable conditions.
All about the loan guaranteed by the state
Getting a student loan without parental guarantee is now possible. If financing your studies without the help of your parents is not the easiest option, you can make a student loan without a guarantor.
The students must know: they can borrow thanks to the guarantee of the state (it’s a credit, not to be confused with a student grant). It is not necessary to have proof of wages or the guarantee e his parents (with tax sheets) to pay for his studies.
Choose your bank
Caution: not all banks are affected by this feature.
How much can one borrow when one is a student?
If the cost of the studies is different according to the chosen faculty and the specialty, the credit without deposit is the same maximum amount for all: 15000 euros, with a deferred refund at the key. The device works because it is the state that stands surety for the loan, up to 70%, which explains the absence of guarantee of the parents.
A conditional loan
Some restrictive conditions mean that not everyone can borrow this way. You have to start by enrolling in a graduate program that leads to a degree or a competition. Late students are not included in the scheme, you must be at least 28 years old at the time the loan is contracted. Finally, for foreign students, you must be part of the European Union or prove that you have been living in France for at least 5 years.
Learn more about Osico
It is a guarantee fund set up by the state, which will act as surety in the place of parents, for those who can not do otherwise. This does not mean that it will not be necessary to repay, but simply that the risk is covered, which reassures the project’s partner banks.
This guarantee of Osico explains why the sum is limited to 15000 euros, the budget being not extensible. Note: In case of substitution of the state for reimbursement, the latter reserves the right to initiate recovery procedures with the subscriber of the credit for student.
The student loan was set up to promote access to credit for those who need it to continue their studies, without worrying about the means to put in place to finance them. Of course, it will often be necessary to complete it by a small job, but it is already that. The student loan is for fellows and for all those in general who need money at the time of their studies.
Which bank to choose for a student loan without a deposit?
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The partners to follow can change every year, so the list may be incomplete. Banks that lend to students without means test are therefore Society General, but also the GIC, Credit Mutual, and the network of savings banks.
All banks offer the same loan
The credit for students who have no parental guarantee is the same regardless of the bank chosen to file. It remains to convince the bank, especially on the destination of the money lent. Well, for a student in full course, it should not be too much trouble.
However, if it’s just a matter of buying a computer, a loan of 1000 euros should suffice. To borrow the maximum, it is better to list his expenses to his banker: registration fees, purchase of books and supplies, housing, food, computer equipment…
How to repay the loan?
It will be necessary to repay the money lent over a maximum of 10 years, knowing that the first monthly payment may be widely deferred. Everything remains a matter of negotiation with the bank that will be chosen for the deposit of the loan file.
Playing the competition can still be good, especially for a subscription of ancillary financial products for example. Never forget the rule: a student even without money is a customer who will gain a lot in the future (in principle), and that, the bank knows it. She’s investing in the future…
Make a student loan other than the one endorsed by Osico
The amount here is not limited, it will vary according to the needs and repayment capacities of the student, or that of his parent surety. Do not have regular income does not prohibit taking a loan, but will require guarantors, and parents with good payroll are the best.
In the event of a refundable deductible (which may be up to 2 years), the student will only pay the interest and the application fees, the capital beginning to be refunded after the franchise period. Do not forget to add insurance in your calculations.
Zero rate loans for computer equipment exist, inquire at your partner bank. A sum of 1000 euros can thus come to supplement the student loan, that it is guaranteed by Osico or by a person of your entourage.