Many people want to study abroad, don’t they? However, this dream does not match the financial reality of a large part of the population.
But there are interesting alternatives for those who want to make an exchange. Currently, with the growing economic needs of the population, several lines of credit have been created. So, if you have the dream of studying abroad, you can already count on financing to reach that goal!
If you want to know more about this subject, check out this post 4 answers to the most frequently asked questions about exchange loans.
How does the exchange loan work?
The interchange loan is a personal credit line for people who want to leave the country to study.
Up to 70% of the total amount of the course can be financed with this type of loan. However, other costs, such as housing and tickets, are not included in this type of financing.
The installments can be paid by credit card. The total amount can be paid in up to 24 months, but it is worth mentioning that this will depend on the conditions of the contract with the financial institution.
However, not all banks carry out this credit line. So do a lot of research on the conditions and requirements needed to purchase this loan.
What are the requirements for acquiring the loan?
Purchasing an exchange loan, compared to other types of financing, is quite simple.
The requirements for this financing line depend on each institution. It is usually necessary to prove income or show that you are able to afford the debt.
To apply for an exchange loan, simply contact the chosen financial institution and submit the necessary documentation:
• Proof of income
• Proof of address
• Exchange contract with all information about the course and the country where you intend to study
Then the institution must perform an analysis to verify the amount released for the loan.
How to organize yourself financially?
Deciding to study abroad is not easy, is it? This decision involves several factors, such as budget, documentation and means of subsistence in the chosen country. Therefore, it is necessary to plan the trip in the smallest details so as not to compromise your budget.
Since this type of loan does not cover all travel expenses, you will need to focus on planning that includes these expenses and follow it in a disciplined manner, so that it is a facilitator and no longer a problem in your budget.
Therefore, put the forecast of expenses with:
• Study material;
• Among others.
For the calculation, be sure to consider the time you will be living abroad and the currency of the country. Make spreadsheets, research cost of living and organize a financial reserve to cover these values.
Is it worth the loan?
The exchange loan is an option for those who want to study abroad but do not have the financial conditions to do so. With this type of credit you can pay the installments of the loan with great conditions that will not weigh in your pocket.
There are also scholarships offered by financial institutions. Letters of recommendation, admission tests and certificates of proficiency are generally required for the process.
The exchange loan is the best tool if you have the dream of studying abroad without financial conditions for immediate payment.
Now you know that the exchange loan may be the key to making your dream of studying abroad a reality. Just research the best payment terms and plan your trip in advance.