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Austria - Guidance To Apply Student Loan

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Procedure[edit]

Student Loan Programs - Banks:

  1. Gather all documents you may need to present or submit to the bank. One document that a bank may ask you to submit is a computation of loan amount you will borrow, you can start your computation with how much you will need per term multiplied with the total number of terms it will take you to complete your course.
  2. Complete an application, make sure that you have provided all the required information in the form. Most forms can be downloaded from the bank's website.
  3. Submitting an application:
    1. In person: Most loan applications are done in person, with the applicant or his/her guardian going to the bank, you may set up an appointment with the bank by giving them a ring. Submit the completed application form along with other required documents. Note: Banks may ask you to submit additional documents aside from the ones listed on the 'Required documents' section. It will be better if you can get in touch with the bank's representative/lending officer/customer service by phone first before you go to bank's branch. They can give you a checklist of required documents, answer some of your queries and direct you to the nearest branch of the bank in your area.
    2. Online: To save you some time, you may also check if you can start your loan application online. Some banks will ask applicants to complete a preliminary application to be submitted electronically, with some of the required documents sent via email. After reviewing the application, a lending officer will contact you to discuss your application.
  4. Once your application is approved, the bank will ask you or your parent/guardian to sign the loan agreement. Note: Read the loan agreement carefully before you sign, take note of the interest rate, grace period, when you will start repaying the loan and any penalties in case of default.



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Required Documents[edit]

Some of the documents that a bank might ask applicants to submit or present:

  • Letter of acceptance
  • Evidence of income
  • Some banks may ask for additional securities to be submitted if the applicant does not draw their own salary.


Note: The bank may ask you to present additional documents, check the bank's website first before going to their branch office to apply for a loan.



Office Locations & Contacts[edit]

Please list down the office locations that can be approached for applying. External links can also be used specifying office locations.



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Eligibility[edit]

Students under the following programs may apply for a student loan:

  • Undergraduate Programs:
    • Bachelor of Arts (B.A.)
    • Bachelor of Business Administration (B.B.A.)
    • Bachelor of Science (B.S.)
  • MA or General MBA



Fees[edit]

Explain the fees structure which is required for obtaining the certificate/document.



Validity[edit]

Repayment period for student loans starts after course completion.

Banks often offer flexible term period during the educational phase as well as the repayment phase.



Documents to Use[edit]

Please attach documents that can be used by people. e.g. links



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Sample Documents[edit]

Please attach sample completed documents that would help other people.



Processing Time[edit]

Please explain processing time taken in obtaining the document/certificate.



Related Videos[edit]

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 
	



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Instructions[edit]

Student loans - Banks:

  • A student loan can be used to pay for your tuition fees, education related expenses especially textbooks, scripts, tutors, PC, laptops etc.
  • The loan can also be used to pay for accommodation e.g. dormitory, rented flats and travel expenses.
  • Some banks offers student loans with flexible term period during the educational phase as well as the repayment phase
  • Disbursement of funds: once, monthly, quarterly, half yearly, yearly


Before applying for a student loan:

  • Make sure that you can present and submit all the required documents that the bank is asking for.
  • Take note of the interest rate, conditions, and repayment scheme that the bank is offering.
  • You might also need to consider the bank's customer service before you apply for a loan, since student loans are usually long term, it will make transactions easier and can spare you from a lot of headache in the future if your bank has good and accommodating bank representatives or loan officers.
  • It may be helpful if you can ask your university/college if they offer any loans to students or if they have partnered with any banks that offers student financing.
  • Loan amount: You may not need to accept the entire amount of the loan the bank is offering you. Remember that what you are getting is not a grant but a loan, meaning you will need to pay back everything plus interest sometime in the future.



Required Information[edit]

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or County of Birth.



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Need for the Document[edit]

Some banks in Austria offers student loans that can be used to pay for school related expenses like tuition fees, travel, accommodation and daily expenses.

Student loan schemes are designed to make the student's academic life easier with its interest rate substantially lower than other personal loans offered by the bank and repaying the loan may be deferred while the student is still in school.

Here is a guide that can help students apply for student/education finance in Austria.



Information which might help[edit]

Enter other informations which might help



Other uses of the Document/Certificate[edit]

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.



External Links[edit]

Place some external links which might help



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Others[edit]

More information which might help people.