Student loan

When you are a student you probably not have a lot of money. Next to your study you also work, but it cannot be a fulltime job. Therefore your income is not high and you are trying to get around. For your study you do need a personal computer to assist you. Only way you can buy it, is getting a personal student loan at your bank. Which things do you need to consider when getting a student loan? Can you get a loan quickly and what does the bank require from you?


To get a student loan the bank will investigate your personal financial situation. Based on a steadily income the bank estimates if it is a risk to lend you money. Of course if you have many debts the bank will not consider your situation. But when you have a healthy financial history, your student loan can be provided quickly. For the bank it is important that you pay monthly the interest and pay back the total sum of your student loan. Considering your income, your current monthly costs and the interest rate, the bank can calculate up to which amount you can borrow.


As you get a personal student loan from your bank, the bank also wants a compensation for the money they give you. Every month you will need to pay interest over the sum of your loan. This interest changes with time, depending on economic growth. The interest rate will grow gradually when more money is needed in the world market. For you as a student it is wise to compare banks because different banks have different interest rates. Of course you want to select a reliable bank with a low interest rate for your student loan.

Student family loan

Another option for you as a student is that your family or your parents support you in getting a student loan. That way the bank is more assured about your situation because your parents can give their pledge on your student loan with their home. The risk for the bank drops and therefore you can get a higher lendable amount as well. As a student it is then possible to buy already a house near your college based on a student loan. It is also possible for you as a group of students to buy a house in the same way, with the support of each parent. This will save you on rent as the combined load most likely is smaller than each individual to rent a room.


If you compare different banks for getting your personal student loan, it is good to get information at first on internet before you go to a bank. That way you know what you can expect on interest rate combined with what kind of student loan. Next to this you should map your financial situation and estimate if you can carry the additional monthly costs. Furthermore try to assess if you expect any change in your personal “financial” situation in the coming months/ year. Any big change can influence the capability to carry your monthly costs.