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Next Student loans: The options for your studies HOME • INSIDER • CYPRUS • Student loans: The options for your studies
  I want Thiopoulou
The summer is connected, apart from the holidays, to the announcement of the results of the all-Cypriot exams and essentially marks the steps that a prospective student's family must take to cover the cost of studies, depending on the country in which they will live and study. Parents and seniors are planning their studies, catching up on math and trying to figure out student expenses and their impact on the family budget. Of course, there are also studies in private education within Cyprus. And in this case, parents are asked to do their planning for the money they will need as tuition. If a family's income is sufficient, it may just take some monthly savings to cover tuition or tap into some savings. Otherwise, the bank loan is the only solution and inevitably the market research has started or is starting.
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Based on the research of “Φ” on the websites of the banks, it appears that there are several loan plans for studies. The amounts granted are sufficient to cover the costs of both studies and the cost of living and accommodation of the students, while the interest rates offered are considered quite attractive.
Bank of Cyprus:It offers the Starter student loan and the product is aimed at parents who want to cover the costs of their child's education, from primary school to university. Also, to students who want to finance their studies themselves. It covers tuition fees (of private primary and secondary schools, colleges and universities), books, uniforms, purchase of a computer, transportation, student living costs (rents, basic household equipment, monthly personal expenses). The collateral for the loan requires a home mortgage. The amount of the loan is determined depending on the planning of tuition fees, other expenses and the amount of the installment that the customer can pay. The bank on its website gives an example. For a loan of up to €50,000, the installment each month is calculated at €341.76 (a total of 180 monthly installments) and the interest rate (APR) is 3.16%.
The bank also offers the advance product. For a loan with personal guarantees, the financing amount can reach up to €20,000. With a property mortgage, the financing amount can reach up to €50,000, with a lower interest rate. It is addressed to students or parents to cover education expenses in Cyprus or abroad, for a postgraduate and/or professional qualification. In the example given by the bank, it is stated that for a loan of €25,000 the monthly installment is €170.88 (a total of 180 monthly installments) and the total interest charge is 3.22%.
Hellenic Bank :It offers the education loan. Student loans are granted with real collateral for amounts up to €250,000, which require the corresponding assignment of fire/earthquake insurance. Student loans without collateral are granted for amounts up to €30,000. Hellenic reports that with real collateral the interest rate is 2.30% (fixed) for the first 3 years and 2.70% for the rest of the loan, while the total annual effective interest rate APR is 2.95%. For a hypothetical loan amount of €40,000, repayment period of 15 years, the installment for the first three years is calculated at €262.99 and €268.98 for the rest. For an unsecured student loan it is 3% (fixed) for the first 3 years and 6% for the rest of the period. The total annual effective interest rate is calculated at 4.80%. For a hypothetical loan amount of €10,000 and a credit term of 10 years, the installment is €96.37 for the first 3 years and €106.14 for the rest of the loan term.
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Alpha Bank:The bank on its website presents the Alpha student loan, which is a consumer loan specially designed for students in Cyprus or abroad, in order to cover the basic needs of student life, including tuition fees, necessary household and educational equipment , etc. The amount awarded is up to €75,000 per student, to cover college/university tuition fees, as well as the student's living costs (rents, initial equipment, etc.), in Cyprus or abroad. The repayment period is up to 15 years for mortgage loans and up to 10 years for non-mortgage loans. The type of interest rate is variable based on 3-month Euribor and with collateral the total interest rate is 3.50% and without mortgage 4.50%.
Astrobank: The 'Just 1 consolidated” covers consumer loans (personal, student, car) for an amount of €5,000 – €150,000 and has a duration of up to 15 years.
Housing Financing Organization: On the website of the organization there are two projects, “Let's study” and “New students”. The first plan covers the financial needs of households for their children's studies and includes tuition fees, accommodation costs, living expenses and other study costs (transportation, books, computer, etc.). The organization also funds freshman studies and/or postgraduate studies and/or studies leading to a professional qualification. The second plan covers only the first degree. Characteristic of the plans are: loan amount from €5,000 to €120,000, repayment period up to 30 years. The maximum duration of the loan can reach up to the age of 67 of the borrower.
Ancoria Bank:The bank offers a loan of up to €100,000 and applicants can choose between Ancoria Bank's floating interest rate or 6-month Euribor. The repayment period ranges from five to 15 years and the prime rate is calculated at 3.55%. Student loans are granted jointly to the student and one or both parents and there are no origination fees. In the example given by the bank on its website, it states that for a €50,000 secured student loan with a repayment period of 15 years, the installment is €353.
Privileges and rights
Lucky are those who go to the University of Cyprus, at least from a financial point of view. First, because they will be able to live in the family home or perhaps more easily find roommates to rent an apartment, and secondly because there are no tuition fees. The same can be said for those who will study at a state university in Greece.
If you are an EU citizen studying at a university in another member country, you cannot be asked to pay higher tuition fees than the tuition fees for locals. and you have equal rights with them in terms of scholarships to cover tuition fees. If you have lived in an EU country for at least five years, you are entitled to a grant to cover living expenses under the same conditions as nationals of the country.
