Student financing is an excellent decision to make today, as in the long run, it can open many doors and opportunities for your personal growth.Many banks and financial companies are increasingly expanding their credit services, as there has been a growing demand for this type of financing in Brazil in recent years. And that's the topic we want to address today.
Are you thinking about going to college, but unfortunately, you're short on cash? Student loans may be the solution for you.
Maybe you weren't able to get into a public university or perhaps you're having trouble paying for a private college. Don't give up on your dream! There are currently opportunities that can greatly help you achieve this dream in your life.
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As society advances, more and more private institutions across Brazil are offering advantageous financing programs for courses in all areas, because they understand that this is truly important.
Therefore, with these student financing programs, you can study with peace of mind and only worry about paying back after you graduate.
You see, these days, there are many different types of programs. Some cover a portion of the tuition, while others cover up to 100% of the tuition. What's more, they all provide a solid foundation for you to earn your college degree!
Below, learn what student financing is, the main opportunities in the market, and how to get the benefit!
What is student finance?
Broadly speaking, financing essentially works like a loan. The student signs a contract with an institution (usually a bank), which agrees to pay the tuition fee, or at least part of it.
It is important to note that by doing this, the student will then be acquiring debt, which will need to be paid later.
This is the general functioning of the student financing, However, it's important to note that the models vary. In many of these models, you only need to start paying off the debt after completing the course. Interest rates and repayment terms may vary depending on the financing program.
A valuable tip for you, student: before you sign any contract, it's very important to pay attention to all these details so you're not caught off guard when it's time to pay off your debt. Don't be lazy about reading your contract!
Since Dilma's administration, financing programs have been expanding in higher education. There is a large government program (FIES) and also many private programs developed by the universities themselves.
How to get student financing?
We'll explain some popular student finance programs across Brazil and how they actually work.
The most famous program: FIES and P-FIES
FIES, the Student Financing Fund, is currently the most comprehensive financing program in Brazil. It was created in 2001 by the Lula administration through the Ministry of Education (MEC) to facilitate the entry of low-income students into higher education. The benefit applies to in-person courses at private universities.
A few years ago, under Dilma's administration, the Student Financing Program (P-FIES) also came into effect. The main difference is the income level required to participate, as you will see below.
What are the main rules? Here's a quick look: one of the requirements to apply for one of these loans is meeting the gross monthly income profile. To opt for FIES, your gross monthly income must be up to three minimum wages per person. For P-FIES, it must be three to five minimum wages per person.
It is also worth remembering that another requirement from the Government is to have taken the Enem (any edition from 2010 onwards) and obtained at least 450 points in the overall average of the tests, with a score above zero in the essay.7
Student finance application process
There's no mystery to it; it's very simple and practical. Registration is completed exclusively online. Within the specified timeframe, candidates must access the official website and complete a socioeconomic questionnaire, providing their CPF (Brazilian Individual Taxpayer Registry), date of birth, email address, CPF (Brazilian Individual Taxpayer Registry) of household members over 14 years of age, and the gross monthly income of each member, if any.
Next, they must choose, in order of priority, three course options from the available spots. During the open enrollment period, candidates have the opportunity to change their options.
Student Financing Selection Process
If the candidate is pre-approved, they must complete their application on the website, validate the information with the college and go to the bank to sign the contract.
The debt incurred only has to be repaid after the course is completed, in several installments. The interest rate varies depending on the contract signed.
Here's a tip: many renowned Brazilian private universities have already signed up for FIES and P-FIES. Among them, we highlight some that boast strong infrastructure and good MEC ratings:
Other student financing options
Where can I get student financing from a private bank? This is undoubtedly one of the biggest questions many students have.
We would like to mention a good option here: Santander's student financing.
This modality works through Credi Universidade, where students can get a loan to buy materials and computers. To apply for the loan, you must be a Santander account holder and go to a branch for a credit analysis. You can also finance postgraduate courses and MBAs.
For those who don't know yet, Banco Santander is one of these banks, which has a very interesting university credit proposal, and which is worth checking out below, throughout this article.
Finally, it's worth noting that taking out financing for a university education is a long-term investment, as the results promise excellent results with many open doors for job opportunities.
So, did you like it? Leave a comment or share this content with friends who would like to apply for student loans but don't know where to start!
Or if you want to read other content on this financing topic, Click here and check out special articles.
