We have heard a lot about educational credits , although we know that they can help us to complete a university or postgraduate career, the truth is that the information we have about this type of products is very basic. For this reason there is a large gap of information in young people that does not let them land the idea and know if they are really suited for an educational credit or not.
Is it really an educational credit to complete your studies?
The answer can be very relative. All kinds of education is always an investment and well, unfortunately we can classify it as long-term, since what we have learned today is not always applicable and paid tomorrow. Sometimes you have to wait, months even years to take advantage of those years invested in the classroom.
Therefore, it is very inaccurate to give an answer, since the fact that an educational loan or can grant you depends on the combination of the following factors:
Duration of the race
The longer the career, the more interest you will pay, and therefore the monthly payment will increase as well as the total amount of your credit
Career or postgraduate you choose
This point is of the utmost importance, given the social, political and economic conditions of the country, there are careers that are highly sought after in the work area, which offer high salaries and some others that do not. We suggest you take into account the demand for existing professionals and the average salaries of graduates of the career that interests you. Try to compare it with your possible monthly payments and the term of the educational credit and accordingly determine if it would be convenient to invest and pay it
To determine whether a credit suits you or not, you should also take into account the percentage of expenses that will help you cover, since sometimes the credits do not cover 100% of school expenses. You may be facing the best financial conditions, but with a loan that does not cover the total of your expenses, vice versa, you could face the credit that pays all your expenses, but at a very high financial cost
Time you find a job
This point is of absolute importance, since whether the credit is appropriate or not, it also depends on whether you can pay it, and well, the idea is that you get a job and with what you earn you will settle it. So far, if this happens, credit is very convenient, however it is always useful to think about the opposite … What happens if you can’t find a job? Here interest would increase and your credit history would be in serious trouble
The grace period is the time that financial institutions or universities grant you between your graduation and the time you must give your first payment of the educational credit . If you are studying postgraduate and you already have a job, this period would not necessarily be a problem, however if you are a full-time student take the grace period into account to determine if an educational credit suits you
Do I request my educational credit?
Yes, if most of the above factors are in your favor. While most are not, it is not the end of the world, either you can look for the combination of two credits , or continue looking for financing options that fit more with what you need.
Remember that to know if an educational credit suits you, you do not necessarily need to have all the financial information about it, sometimes external factors also influence the possibilities of requesting and paying such a credit .