Studying a bachelor’s degree in Spain together with a master’s degree has an average cost of 6,460 dollars only in tuition fees , according to date from the Report of the Teaching Federation. If we add to this amount the rent of a shared apartment in a large city like Madrid or Barcelona, during a period of 5 years, the cost rises above 30,000 dollars . Figures that are equivalent to the cost of opening a full-fledged mortgage for all those families that do not have enough savings to meet the costs of higher education.
How much can a career financed with a loan cost on average?
Enrollment for a degree has an average price of 1,110 dollars per year, while the masters have an approximate cost of 2,020 dollars. Thus, a four-year degree and a master’s degree, the amount in tuition is close to 6,000 dollars.
In the current financial market we can find loans for these cases such as the one offered by Corefree Bank at 6.95% TIN with a term of up to 4 years and no opening commission. The amount to be returned, in this case, would be 6,895 dollars , with fees of just 145 dollars per month. So the financing has a cost of almost 900 dollars, which would be equivalent to approximately one year of career.
What if the financing also covers the rent?
Renting a room in Madrid in a shared apartment can cost us an average of 450 dollars per month, or what is the same, 4,800 dollars per year and 24,000 dollars in the five years of the race . If you do not have savings you will need a loan of approximately 30,000 dollars.
Some entities, such as Sabadell through its Credit Studies and Master, also allow to include in the loan all expenses related to studies, such as rent. In this case, for a financing of 30,000 dollars with a maximum term of 10 years at an interest rate of 6.50%, the amount to be returned to the bank would be 40,887 dollars . Thus, the financing would cost 10,887 dollars plus the opening commission amounting to 600 dollars.
What advantages does mortgage studies have with a loan?
The difference from mortgage studies to mortgage to property is that it is up to six times more expensive . The interest on a mortgage for housing which has an average interest of Euribor + 1.30%, while that of these loans usually moves by 6.50%, according to the date from the comparator of financial products LeapCash. However, they have these advantages:
- Requirements and conditions more flexible than conventional credits
- They can stretch the term up to 15 years (in some cases)
- Possibility of total or partial lack
- Immediate response of the request
- Wide variety to choose the option that best suits your profile.
Study loans may mean for some families the only possibility to pay for a career .