How to Obtain Student Loans as an International Student in Russia

Russia is the seventh top study destination for international students who wish to study abroad. This is because Russia has a good educational system with affordable tuition, lots of scholarship opportunities and a wonderful cultural heritage.

It might interest you to know that students in Russia can also enjoy travelling across Europe whilst studying. There are also opportunities to learn the Russian language, participate in sporting activities and enjoy some of the benefits available to students in Russia.

Russia is a popular study destination for International Students especially in science and engineering due to its low tuition fee in comparison to other EU countries and the US. International students in Russia would soon begin to enjoy the benefit of working for up to  20-hours a week while studying.

Read Also: Obtaining Student Loans as an International Student in Spain

What are Student Loans?

Student Loans are education Loans which are designed for both citizens and international students studying at approved colleges and universities in Russia.

Student loans often serve as a source of hope to exceptional students who have insufficient funds to further their education. There are not so many student loans from the Russian government but lots of Scholarship options are available for international students looking to study in Russia.

Getting Student Loans in Russia

While there are not many student loans available for international students yet, one can apply to financial institutions or from your university. In a case where loan options are not available your university would offer other available options towards funding your education as an international student.

You can send a mail or visit financial institutions in-person to see in any other loan plan can be suitable for your needs.

Requirements to Apply For Student Loans?

In applying for loans as an international student, you should consider getting the following documents ready before heading to the bank:

• Admission letter from  your university
• Loan application form
• Passport size photographs
• Academic documents (certificates and Transcripts)
• Residency Status
• Statements of account

Is there a Maximum Amount?

Well, Most financial institutions and universities usually do not give out loans that exceed your tuition fees as an international student and sometimes some firms give out about 75% of your expense cost.

When do I Repay Student Loans?

You might be required to start repaying upon graduation and securing a job whilst some start the loan repayment process payments with no interests within the duration of your program.

Conclusion

You can try out other options such as applying for a scholarship, Part-time job or bursary. Also, before applying for a loan, endeavour reading thoroughly the terms and conditions of the loan you would apply for.