How to Obtain Student Loans in Sweden as an International Student
One of the reasons why Sweden is a top study destination can be attributed to its emphasis on self-development while learning. The country is also blessed with wonderful vegetation, tourism and rich cultural heritage.
International students in Sweden get to enjoy certain amounts of scholarships which helps cover the cost of tuition and living expenses.
Another advantage of studying in Sweden is its close proximity to other European countries thereby making travelling less stressful for you during the holidays.
READ ALSO: How to Obtain Student Loans as an International Student in Russia
Contents
Why Student Loans?
The cost of living, tuition, health insurance and travel expenses for international students can sometimes be expensive even when scholarships are available.
Student Loans help to aid their financial expenses, there are a lot of financing options for both EU and Non-EU international students studying in Sweden.
How Can I Apply for a Student Loan?
Mostly private banks give out loans to international students. These institutions work closely with Swedish universities to determine student eligibility for a loan.
You should always take your time in reading and comparing the interest rates, repayment terms, and duration before putting in for a student loan.
What do I Need to Apply For Student Loans?
During your enquiry process, you can find out the requirement for a student loan although here is a list of some documents that may be required:
- Admission letter from your university
- Be above 18 years
- Loan application form
- Passport photographs
- Academic documents (certificates and Transcripts)
- Proof of residency for the student and guarantor
- Statements of accounts
- Statement of Tuition Expenses
Is there a Maximum Amount?
Usually, it is advised that you apply for loans that would cover your exact financial requirements. This is because asking for more than you need can lead to more interest during the repayment period.
Do I Need a Guarantor?
Most student loans given out by banks require that you have a guarantor who lives and works in Sweden. However, in recent times, there are banks that are partners with your university sometimes do not require guarantors.
How Long does it take to Repay Student Loans?
Repaying student loans is quite dependent on the interest rates of the bank which you apply to.
Payments sometimes start upon graduation and securing a job whilst some start collecting payments with no interests within the duration of your program.
It usually takes about a minimum of 20 years to repay student loans depending on how fast you get a job and the interest rate.
Conclusion
Before considering applying for a student loan, it is advisable that you exhaust all possible options such as applying for a scholarship or bursary.
Working a part-time job can be a good option as the Swedish government allows students to work part-time as long as it doesn’t affect your studies.
In a situation where these options are not viable, then I will recommend you read thoroughly the terms and conditions of the loan you would apply for.
