Studying to graduate from a public university is the dream of many young students when it comes to a professional career. If on the one hand, this is a great vision of the future, on the other hand, being able to pass the selection processes of these universities is not an easy task.
In such cases, opting for a private college is a way out to earn a much-desired higher education diploma. But what to do with the monthly fees, which often exceed the family income limits?
Continue reading and understand what student financing is, learn about some types of financing, and learn how to choose the model that best suits your profile.
Student financing: what is it?
The total number of private higher education institutions is almost 7.5 times higher than public institutions, with 2,238 private institutions versus 299 public institutions, according to data from the 2018 Higher Education Census, released by the National Institute of Studies and Research Anísio Teixeira.
With this growing number of private higher education institutions, forms of entry into these institutions have also increased, and financing is one of them. Therefore, student financing is the payment, by a financial institution, of the course fees.
Being ideal for those who need financial help to enter college, with funding, the student has even more time to pay the financial institution, which usually exceeds the course time.
What are the types of student funding?
There are several financing models on the market, from the public to private; with payment every three months or only after graduation; and even financing by the educational institutions themselves. Check out some:
With the most recent restructuring of the program, FIES now offers two forms of financing. In the first, vacancies at zero interest are earmarked for students with a monthly family income per capita of up to three minimum wages, while the second is destined for students with an income of up to five minimum wages.
The PRAVALER is a private student loan. In this program, the financing contract occurs every six months, and the student has a period of at least one year to pay the semester and the installments are not cumulative.
The program was created in 2001 and has already helped more than 200 thousand students to enter university. The interesting thing about PRAVALER is that you can simulate your financing directly through the website.
credit is another student financing option. Created by Fundacred, the program renews financing contracts every six months, and the student pays part of the tuition fees while studying. The payment of the other part of the tuition takes place only after the conclusion of the course.
credit also allows the simulation of funding directly through the program’s website, and in addition to graduation, the program also finances post-graduation lato or stricto sensu (specializations or master’s and doctorate).
With the growth of private HEIs, many began to offer their student financing models. It is interesting to get in touch with the universities and check the model of each one.
Is it worth opting for student financing?
Financing a higher education course is one of the alternatives most chosen by students, considering that, in almost all models, students have up to twice the course time to pay tuition.
This allows the student to stay focused on other areas, such as their studies, other habits, or even start saving money. Imagine starting your studies and then not knowing if you will be able to continue because tuition does not fit in your pocket …
How to choose the best student funding?
So, to choose the financing that matches your profile, it is worth considering these three aspects:
1. Assess your socioeconomic profile
To apply for a 100% financing spot by FIES, for example, and not pay anything for your studies, you must meet some of the program’s socio-economic criteria, such as minimum income, have studied at a public school and others, in addition to having Enem provided and have reached the minimum grades for registration.
2. Check if the funding covers 100% of the course
Not all financing covers the full monthly fee. In some cases, you will have to pay part of the course while studying or every three months (such as FIES interest rates) or only after completing the course. Then, confirm all the information about the financing programs and, if the chosen one does not cover 100% of the course, analyze your income and see if it will be enough to cover these expenses.
3. Check if the financing asks for a guarantor
If you have no income, if your income is low, or even as a guarantee of payment, most student loans require you to have a guarantor. Remember that the name of a third party will be at stake, so it is good to comply with all program obligations.
4. Compare interest rates for each program
Another important step in choosing the best student finance is to analyze and compare the interest rates applied by each program, in addition to the time you will have to pay tuition. As you can see, government financing can reach zero interest (considering socio-economic criteria), while private financing can offer better interest rates.
With this mini-guide, you can see that it is worth betting on a student loan, mainly because the term for payment of the loan goes beyond the time of the course and, in some modalities, interest can reach zero. Just remember that even funding the graduation, it is good to start organizing yourself financially now.