Student Loans for International Students in Italy

By | February 21, 2023

Student Loans for International Students in Italy

Italy is well-known for both its wonderful cuisine and its people’s passion for the arts. However, it is also home to several colleges that offer students from all over the world top-notch educational possibilities. Thousands of foreign students enroll in these universities each year to study in Italy. Although English-language study programs are becoming more prevalent, the majority of study programs are still taught in Italian.

The main difficulty that overseas students have while trying to study in Italy is making financial arrangements. It may be highly expensive to study in Italy, and not everyone can afford it.

Categories of loans

For the majority of International students who want to study in Italy, an education loan is one of the most common ways of finance higher education. Student loans in India are separated into two groups. The requirement for collateral security forms the basis of this classification.

In order to secure a loan, a borrower must often pledge some form of an asset with the lender known as collateral security. Based on the requirement for this collateral security, loans for overseas education are separated into secured loans and unsecured loans. Applicants are needed to put up collateral security in order to be approved for a secured education loan to study abroad.

On the other hand, candidates for an unsecured school loan for international study are not required to put up any collateral. In reality, because unsecured education loans are awarded based on a student’s academic profile and the financial profile of their co-applicant, students have a harder time getting them. Non-banking finance companies (NBFCs) and private banks in India, such as Axis Bank, and ICICI Bank offer unsecured education loans for overseas study.

Examples of student loans in Italy

  1. PerTe Presito con Lode: A loan program called PerTe Prestito with Lode helps students pay for their college and graduate studies. It is open to Bachelor’s, Master’s, Ph.D., specialization programs, or other study courses and the loan amount varies on the academic year of the student. The installment comes every semester and it grants the student a maximum period of 15 years to repay the loan.
  2. UniCredit S.p.A: This loan worth € 25,000 is available to students who are residents of Italy and are registered in a bachelor’s, master’s, doctoral (Ph.D.), specialized, or another type of study program. The maximum loan period is five years and the student has a period of 24 months free of interest rates.
  3. The Italian Student Loan Fund, which provides up to 20.000 € to students doing doctoral-level research, grants loans to Italian students.
  4. The Global Student Loan Fund also offers support to students.
  5. “Per Merito” Loan: Every Italian-based student is eligible to apply for the “Per Merito” (Merit) loan. Students must complete their coursework on time in order to qualify for the loan. For “local” or “away from home” students, the offer is different and does not call for a guarantee. “Per Merito” enables you to get financial aid for things like college tuition, the cost of textbooks, accommodation, and other things you’ll need to successfully complete your studies.

These costs do not need to be reported by students. The student will no longer receive contributions but will not yet be forced to repay the loan during the “bridge period,” which is triggered at the conclusion of the studies. The return is made over a maximum of 30 years; there are no extra fees for early repayment.

At the moment of subscription, a set rate is applied and specified. Intesa Sanpaolo contributes all interest to the Fund for Impact, which was established for groups with poor access to finance and education. Please read the information sheets accessible at the bank subsidiaries and on their website for the terms of the contracts. Loans may only be given with the bank’s consent.

Before applying for a loan

You should know exactly how much money you will need and how much you would pay out of pocket before applying for a student loan to study in Italy. Other crucial elements include:

•       Decide on the institution and course you wish to enroll in for your studies.

•       Add up all of the costs associated with studying abroad in Italy to arrive at the total.

•       Make a list of all the paperwork needed to apply for the loan.

•       Prepare the guarantor in advance.

•       Once you get your letter of admission, don’t forget to apply for an international student loan.

•       Calculate the disbursement period.


Check to see whether you meet the requirements before applying to see if you qualify for the loan. Different financial institutions have various requirements for eligibility. The most typical qualifying requirements followed by banks are shown below:

•       The candidate should have an outstanding academic history.

•       The candidate needs to be guaranteed a spot at the Italian university.

•       The candidate must have received admission to a professional program of study. Typically, financial organizations want to finance courses that will lead to employment.

•       The borrower must be older than 18 to apply for a loan; otherwise, the borrower’s parents must do so.

How to apply for and get student loans in Italy

International students who plan to study in Italy with the aid of a student loan must begin the application procedure at least 7 to 8 months prior to the commencement of their course of study. You can begin the loan application procedure at the same time as the university admissions process. The following are the 8 easy steps you must take to apply for an education loan in Italy:

•       Find more about the qualifying conditions and documentation needs for the banks that offer loans for foreign education.

•       Determine the amount of financing you’ll need and the amount you can afford on your own.

•       Obtain an admissions letter from the Italian university’s admissions office.

•       Compare the many loan choices offered by the various banks for funding your studies in Italy, then pick the one that best meets your needs.

•       You should complete the loan application form as soon as you have decided on the bank and the loan amount.

•       Send in the necessary paperwork, such as a copy of your birth certificate, a copy of your passport, proof of identity, etc.

•       The bank will provide a loan document with all of the loan’s components as soon as it approves your loan.

•       Following your signature on the loan agreement, the bank will make the agreed-upon payment to you in installments or all at once as specified in the contract.

You will formally begin the application process here. You must complete the application after choosing the bank and figuring out the loan amount. You may do it offline or online. Make sure you fill out the form with true and accurate information. You must enter information such as your name, parents’ names, address, birth date, age, ID proof, course name, university, length of study, income, debts, employment information, tuition costs, additional costs, security information, etc. Before applying, ensure that all the information is accurate and double-check it.

Supporting Documents: Each candidate must also submit a completed Loan Application Form and a few supporting papers. The following is a list of the documents needed when applying for a loan:

•       Student Resources Documents (Primary Applicant)

•       a duplicate of a current passport

•       Recent passport-sized pictures of the applicant

•       Previous academic records, including grade reports from grades 10 and 12, diplomas, and certificates for further degrees.

•       Confirmation of identity; a valid passport, voter ID card, PAN card, etc. are a few examples.

•       Evidence of residence such as a phone bill, an electric bill, a driver’s license, an Aadhar card, etc.

•       Evidence of Age.

•       Evidence of acceptance in the Italian University.

•       Statement of attendance fees.

•       Statement of additional costs.

•       scores from standardized tests like the TOEFL, IELTS, PTE, GMAT, SAT, ACT, and others that are required for studying abroad in Italy.

The bank will provide you with the loan amount specified in the contract when you have signed and returned your loan documentation. It could be paid in full or in installments. Spend your money on the essential costs as soon as you receive them, such as tuition, books and supplies, lodging, a laptop or computer, etc. Spending money on unnecessary expenses should be avoided.

I hope that this article on Student Loans for International Students in Italy was helpful.