Student Loans: What to Know

One of the first problems an international student will have to face when considering studying here is finding the necessary funds to cover the cost of the course and the cost of living. College is expensive no doubt, and it not very common to have all the money necessary upfront to pay tuition fees. There are a few options for incoming students when it comes to receiving financial aid for their education. One may be able to get financial aid in the form of a discount from the college itself. Foreign students may be eligible for government aid, this aid may likely come in the form of reduced fees or can be taken off rent fees and or added to public transport cards. There is also the possibility of scholarship programs, if you are a talented incoming student you should check and apply for a scholarship for the possibility of partial fee reduction or even free fees. Some scholarships may even cover the cost of some of the students living expenses.

Loans

The more common option for students is of course taking out a student loan. Most banks allow student loans of up to five thousand, although some banks will give up to ten thousand depending. To get approved for the loan the student must be able to provide proof that they are able to pay the loan back. The best way to do this is to try and get a part-time job. Part-time jobs are not too hard to find in the city. There are always bars, restaurants, food, and retail stores not too far from campus looking for staff. Most of these jobs require a certain level of English but we have seen from previous students that being hardworking will stand to you more than anything. Once you have proof of employment you will most likely have no problems getting a loan, and the work will help to pay for your day-to-day needs also.

What Size Loan Do I Need

When taking out a loan, you have to remember that you have to pay it back, so it is important that don’t take out much more than needed. The easiest way to make sure you don’t take out too much is to add up all of your possible costs, not forgetting your living expenses. A local travel card (Leap Card) will cost you about €20 per week. From previous students, we know that €30 is most commonly spent on food per week. Students should not have trouble finding rent for €700 or less around campus provided the location is not too central. Students usually earn something around €10 per hour on most jobs around campus and in the city center. It is useful to note, the while retail and grocery store jobs free up you Friday and Saturday nights., Restaurant and Pub work tends to pay more due to tips, and you will likely be working the next morning anyway.