In France, an important system of scholarships makes it possible to help finance the studies of his child. But for families who do not meet the award criteria, other funding solutions exist such as tailored personal loans.
Financial aid existing in France for students
Very many financial aid for students exist in France. Here is the list:
- student grants awarded on social criteria (the most common);
- scholarships abroad (eg Erasmus);
- specific aid (annual allowance or one-off assistance for people in a critical situation);
- housing aid;
- merit aids (for those who have obtained a high honors degree);
- mobility aids for masters (for students wishing to enroll in a master’s degree in another academic region);
- other scholarships and financial support (for students preparing a public service competition, with a disability, etc.);
- aid from local authorities.
In addition to these financial aid for students , it is possible to anticipate this funding upstream. For example by taking out life insurance when children are small, in order to use funds once students, or by applying for bank loans (student loans guaranteed by the state, personal loans).
The criteria to be respected in order to qualify for different aids
All these different grants and grants are subject to different award criteria, which we have already seen for some. Student grants based on social criteria are awarded, in large part, according to the situation and income of the student’s family. Throughout his years of higher education, the student will also have a duty of attendance to all courses, homework, practical work and directed, internships and exams. All other types of support are subject to specific award criteria that characterize them (a change of academy for mobility aids, obtaining a mention very well in the baccalaureate for aids to merit, etc.). Some local authorities also have help for local residents.
The use of the personal loan
In April 2016, there were 682,695 student fellows in France out of the 1.9 million students taking an open scholarship course. For all students who do not meet Crus grant criteria, the personal loan is the appropriate financial solution. Investment in the future, the student loan is flexible in terms of both amount and repayment duration. A loan simulator is available for you to perform a simulation of personal loan .
If you want to anticipate the financing of your children’s future studies, the use of life insurance is interesting.
Just note that after 8 years of opening the contract you benefit from a more favorable tax. Remember to open it before 10 years of your child!
A credit commits you and must be repaid. Check your repayment capacity before you commit.