All About Student Loans for Studying in France: What You Need to Know

 Introduction

Whether due to the best quality education, industrial exposure, high employment, or affordable tuition fees, France is becoming the highly sought-after destination for higher education.

Whatever your reason for studying in France, it’s understandable that sometimes abroad education can be expensive. But this shouldn’t stop you from realizing your study abroad dream.

Aspiring students have many options to support their higher education in France, such as scholarships and France student loans.

If you are not eligible for scholarships, then an Education loan for France is your best option to gain access to funding.

But first, you need to discover various loan options and figure out which option is the best fit according to your profile.

We know you might be asking yourself, “Which education loan am I eligible for?”, “Which type of student loan is right to aid my higher education”, “What are the process and document requirements to apply for an education loan?”, and so on!

To clear all your doubts regarding student loans in France, we have listed down answers to all the above and more questions. Continue reading to know all about education loans for France.

Reasons To Get A Student Loan In France

Paying tuition fees in France and covering living and miscellaneous expenses are the main reasons why students seek financing through educational loans.

No doubt that the study cost in France is relatively low compared to other European countries, but on the other hand, the rising accommodation costs, travel costs, etc, necessitate students to take an education loan for France.

Tuition fees in France usually lie in the range of 1,500 EUR to 6,000 EUR annually, and the living expenses in France range between 1,000 EUR to 2,000 EUR annually.

Educational loans help students to manage and meet financial needs hassle-free and boost their career aspirations.

On the whole, France's student loan opens the doors to academic opportunities for students who don’t have a lot of savings to fund their higher education in France.

Different Types Of Education Loan In France

There are mainly two types of student loans in France, namely secured loans and unsecured loans. Let’s understand them in detail.

1. Secured Loans:

As the name suggests, secured loans are the ones that are secured with collateral. Such types of education loans require collateral as security and generally offer lower interest rates.

2. Unsecured Loans:

In contrast to secured loans, no collateral is required as security in unsecured loans. Such types of education loans usually offer higher interest rates and are provided by Non-Banking Financial Companies (NBFCs) and private banks.

Unsecured student loans can be taken for higher education in France without putting down any collateral to secure a loan. In secured student loans, you need to put down collateral. In case you fail to repay the loan amount, the lender can take ownership of the collateral, adding risk to the borrower, that is, you.

However, in unsecured loans, the risk is high for the lender, which is why it comes at higher costs.

To Read More : All About Student Loans for Studying in France