Student loan: dispensing with a guarantor is possible thanks to the state-guaranteed loan

Student loan: dispensing with a guarantor is possible thanks to the state-guaranteed loan

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Tuition fees, accommodation, transportation … To finance your higher education, it is possible to get a student loan, even without a guarantor. Enlarge the student loan guaranteed by the state.

by MoneyVox,

In order to be able to pay for higher education, it is sometimes necessary to take out a student loan. However, this type of loan has a drawback: banks require a guarantee from a third party, most often a parent or family member. But it is also possible to apply for a student loan with a state guarantee, allowing those without a guarantor to still be able to borrow up to 20,000 euros.

The country can guarantee a student loan with BPI France

When taking out a traditional student loan, banks require a guarantor link to it. Course ? Reassure the lending organization that in the event a student defaults, the person who was confident should take on the task. However, not all young people entering higher education necessarily have someone close to them who can make this commitment. This is where the state-guaranteed student loan comes into play.

Through BPI France, the state guarantees a study loan of up to 20,000 euros. This type of loan has been in effect since 2008 and every year gives a large number of young people the ability to finance their studies in addition to all the costs associated with this. In 2021, 16,000 student loans were provided with state guarantees in this way. Double the number compared to 2020! For 2022, 4,800 loans of this type had already been granted at the end of May.

How to get a student loan with state guarantee?

Several conditions must be met in order to qualify for a state-guaranteed student loan. First, the loan amount cannot exceed 20,000 euros, linked to a partially or fully deferred repayment over a period of 2 to 10 years at the most. In addition, the young person applying for this funding must be under 28 years old at the time of application. He must also be a French national or from a member state of the European Economic Area.

Second Step: Go to one of the partner banking institutions of BPI France. Thus several French banks have been authorized by the state to market these secured student loans: Crédit Mutuel, CIC, Banque Postale, Caisse d’Epargne, Société Générale, Banque Populaire, Crédit Agricole, BFCPOI (French commercial bank Océan Indien, Mayotte represented in Réon). .

The sooner you get the student loan guaranteed by the government, the better

“The bank decides based on its criteria. If it accepts, we authorize the insurance,” explains Gladys Brochandi, who is responsible for developing the bank’s partnership and network support for BPI France. It is also up to the concerned bank to determine the applicable interest rate, which may therefore vary from one lending institution to another. So it may be appropriate to solicit several commercial offers. Either way, it’s best to start early. In fact, the state gives a financing envelope to each bank, and when this is exhausted, the institution can no longer grant a new student loan with a BPI France guarantee.

Previously, you had to do it between May and August at the latest in hopes of getting the most out of this device. However, the state has increased the budgets granted, with nearly 450 million euros allocated for 2022. “Then the level of envelopes allocated to each banking partner is greater, allowing the student to request a loan of this type from January 1 to December 31,” she notes. Gladys Brochandy. But it is still best to apply as soon as possible to make sure you can take advantage of the state guarantee and have time to play the competition.

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