Student Loans for International Students in France
Students are searching for alternative ways to study abroad without sacrificing on the standard of education, way of life, or money due to increasing visa regulations in the USA and Canada. This is where nations like France shine since their institutions offer top-notch facilities, an organised curriculum, and the chance to practise at the same time. Around 17,000 students apply to French colleges each year, and the percentage of international students in the nation’s college population is around 10% (and growing with each passing year).
France places a high value on higher education because of its skilled teachers and accessible research possibilities. In spite of being primarily known for their arts programs, French universities currently offer majors in every field as well as a wide range of electives.
The overall cost of attending school in France should be comparable to that of any other European nation. Although the tuition prices are low, the entire cost is still higher than average for all of Europe due to living expenses and other costs.
State institutions have lower tuition costs than private universities, which range from 1,500 to 6,000 euros per year and from 4,500 to 7,000 euros for MBA programs. Without any large administrative expenses, you may anticipate that the base tuition for a first-level degree will cost 188€ each year. Few colleges impose additional fees. Yet the total is still rather little in comparison to other nations.
The baseline tuition is 259 euros for second-level degrees and 393 euros for third-level degrees. First-level degrees in specialised fields like engineering and medicine tend to be more expensive, costing 611 and 542 euros per year, respectively. The most expensive sector to spend a lot of money on is lodging, followed by grocery. With a student pass, public transportation costs about €25.
Aspiring study abroad students have a variety of financial assistance choices, from applying for scholarships to student grants, to help them pay for all these costs. These assistance, however, are only given to individuals who qualify in accordance with regulations. A student loan or education loan is the greatest choice for everyone else and has therefore gained popularity. As a consequence, practically all banks offer hassle-free and speedy approval for student loans.
Keep the following paperwork prepared in advance to guarantee a quick and easy loan approval:
- Completed Application Form
- PAN cards, Aadhaar cards, licenses, passports, or voter identification
- University letter of admission
- Evidence of Residence
- Photos of the applicants and their co-applicants
- Photo identification for the applicants and their co-applicants
- Proof of the applicants’ income
- Academic records
- Financial statements
- Documentation needed for real estate in case collateral is required
Some student loans for international students in France
The best place to apply for student loans an international student in France is the bank. It is easy and will be given quick approval. Before applying for a student loan in France, be sure to check out the bank’s loan margin, moratorium period and repayment tenure. Other than this, two types of loans are available;
Secured loans: Loans with collateral, such as FDs, real estate, or other physical or intangible assets, are known as secured loans. You may possibly be eligible for a sum up to 1.5 Crores, and the interest rate on these loans is often cheaper.
Unsecured loans: Unsecured loans, in contrast to secured loans, don’t call for any type of security or collateral. Additionally, you will typically receive a higher interest rate with these loans. NBFCs and other private banks offer unsecured loans.
In France, the Centre régional des oeuvres universitaires et scolaires (CROUS) and Établissement public à caractère administratif are the main government agencies that offer student loans and grants. The CROUS is in charge of France’s Student Finance. The majority of French undergraduate students are eligible for student loans.fr
Eligibility for a student loan for international student in France
Academic proficiency and accomplishments are the primary requirements to qualify for an education loan since banks like to grant low-interest loans to smart students. Other prerequisites for qualifying include:
- The candidate requesting the loan must be an Indian citizen.
- He or she must be enrolled in or have finished a graduate, postgraduate degree programme at a college or university that has been approved by the UGC, AICTE, or government.
- He or she must have received confirmation of enrollment in reputable universities overseas.
- During the loan application, the candidate’s age must fall within the range of 18 and 35 years.
- Full-time students must have a co-applicant, who may be either a parent, a guardian, a spouse, or a parent-in-law (in case of married candidates)
What expenses does the loan cover?
- Payable fees
- The cost of lodging or hostel fees
- Examination, lab, and library fees
- Expenses for books, technology like a computer, international travel, and uniforms
- Building fund, caution deposit, or refundable deposit
- Other costs associated with finishing the course, such study abroad costs, project work, or thesis
How to Apply for a student loan in France
International students must make plans and apply for student loans abroad in France at least 7-8 months before the start of the academic year. Let’s look at this step-by-step instruction on how to apply for a student loan in France:
- Obtain a letter of admission from a French university or college.
- Determine the full cost of your studies in France.
- Research carefully the amount of loan you need and the banks that provide education loans in France for foreign students.
- Complete the application for a student loan.
- Provide all required documentation
- Provide any necessary collateral
- Sign the loan agreement once the loan has been authorized.