University degrees, and more specifically master’s degrees, have been very present in the media lately. This has occurred due to alleged facilities that universities have given some politicians to fatten their resumes. However, a (legitimate) master is something very important to many. It can be used to refocus our professional career or simply to expand knowledge in a specific area. Whether for one purpose or another, there is a problem: they are expensive.
For this reason, we can try to obtain loans that facilitate access to this type of study.
What are the advantages of loans for academic purposes?
It is difficult to identify the average cost for studying a master’s degree in the country because it is necessary to distinguish between those who are qualified and not, and those of public and private universities. However, in the best case scenario, the lowest price that we could access (public university and qualifying master) would not drop on average from 3,000 dollars in and 2,500 dollars.This last cost would be the cheapest in the market, so paying several thousand dollars to study for a master is most common.
As a result of these prices, a widely used alternative is to finance studies. This type of loan also has special advantages that we summarize below:
- Its cost is lower than the average of personal loans (8.07% APR in November 2018 from the bank). In some cases they can be interest-free (or with very low ones that move above 5% APR) and simply charge some opening commission.
- They allow the beneficiary to enjoy a grace period. With this option, we will be able to start repaying the loan some time later, once (perhaps) we already have more income and we can face its return with greater comfort.
- Parents can facilitate obtaining it. If the applicant’s income is not sufficient for the loan to be granted, many of these loans allow the addition of a co-holder or guarantee to facilitate it.
Your credit starts from 6.13% APR and can be a fast and safe alternative to pay for the price of a master and its derived expenses, since it allows you to request from 4,000 to 15,000 dollars to return in a period ranging from one to five years.
Loans, the alternative to scholarships
The logical order of action when one seeks to finance a study is to go, first, to the various public and private scholarships that exist in our country. However, only 30% of students benefit from these grants. Therefore, it is normal that there is a high demand for student loans, since in today’s labor market, competitiveness is increasing and training plays a key role in obtaining the desired job position.