FAQ
Below, FINS has prepared answers to the most frequent questions asked by those interested in a FINS loan, applicants, students and parents alike. We are sure you will also find here answers to most of your questions.
If you have other questions, or if you want us to talk about your specific situation, then you can write to us, using the contact form.
What is FINS?
FINS is the only financial institution in Europe providing customized loans for students who want to study abroad.
If you want to study in any country in Europe (including the UK and Switzerland), you can access up to 25.000 EUR for a Bachelor’s or a Master’s degree without the need for a job or other guarantees.
Why would I take out a FINS loan and not a consumer loan?
To access a FINS loan, you will not need income, a job or many times, not even a co-signer. To access a consumer loan, you will need at least one of these things.
The FINS loan has a flexibility that a consumer loan simply doesn’t. Repayment of the consumer loan is made from the second month after the loan was granted. Repayment of the FINS loan starts after you complete your studies and after the grace period, which varies between 6 and 12 months.
FINS loan can be used gradually, on an as-needed basis, and you will not pay interest for the amounts you have not used. E.g.: if you study for 2 years, FINS will give you money, based on your estimated budget, during the 2 years, and thus you avoid unnecessary expenses and you do not pay interest for the entire amount you will borrow, only for the amounts used. Instead, a consumer loan will grant you the entire amount from the day one and you will pay interest, even if you use a large part of the money only later.
You may freeze the repayment installments for the FINS loan for an additional period of up to 1 year, if you find yourself without a job, you become ill, you suffer from an accident, etc. You cannot do this with a consumer loan.
FINS loan can be repaid early, at any moment, without any additional costs, even if it is refinanced by a banking institution.
FINS loan will be granted in EUR so you can directly pay for everything you need for your studies abroad. Instead, consumer loans are usually granted in your national currency so you will have a foreign currency risk when you exchange the amount you need in a foreign currency.
Why would I choose FINS and not other financial entities that provide a student loan?
The flexibility offered by the way the FINS loan is structured and that of its conditions.
Certainty that you will be able to benefit from your money when and whenever you need it.
Reasonable costs of the FINS loan.
You will not start paying for your FINS loan until after you complete your studies and after you find a job, so you will be able to focus on your university experience.
What does the flexibility of FINS loan consist of?
FINS loan can be used gradually, depending on your needs. If you are employed during your studies, you can decide to reduce the borrowed amount, and if you need more money than you estimated, you can increase the borrowed amount, as long as it falls within the maximum threshold.
FINS loan has a grace period of up to 12 months after conclusion of studies, so you will have enough time to find a job before starting to repay the loan.
You may freeze the repayment installments for the FINS loan for an additional period of up to 1 year, if you find yourself without a job, you become ill, you suffer from an accident, etc. You cannot do this with a consumer loan.
FINS loan can be repaid early, at any moment, without any additional costs, even if it is refinanced by a banking institution.
You can cover an extensive range of expenses related to studies abroad and your university experience.
How is the FINS loan personalized depending on my needs?
FINS loan is primarily personalized depending on your monthly financial needs, an exercise you will make together with a financial or educational adviser that will help you plan your future costs and the amount you need in order to cover your expenses.
FINS loan is also personalized depending on the period of your studies, with a period of use that reflects the duration of studies. and a generous grace period of up to 12 months.
FINS loan can be paid in advance at any moment, depending on your future job or your financial situation, without any additional cost.
You can decide to reduce the borrowed amount if you need less money (e.g. you become employed), and if you need more money than you estimated, you can increase the borrowed amount, as long as it falls within the maximum threshold.
What budget do you need to study abroad?
Can I combine FINS loan with other loans?
Yes! We encourage you and we actively inform you that you can apply to scholarships from the university or any other forms of government loans from the country in which you will study.
Can I refinance the FINS loan?
Yes! And without any additional costs.
FINS loan seems expensive to me. Why?
Most likely because you didn’t compare it with other similar lending products. For example, if a loan runs for a longer period of time, it is more expensive. Also, FINS loan takes into account both the period of your studies, in which you will not reimburse any amount from the loan, and the generous grace period after completing your studies. These conditions of the FINS loan are considered exceptional conditions and are not found in other loan products (e.g.: consumer loans, credit cards etc.). Last but not least, the FINS loan can be granted without the need for you to have an income, a job or even a co-signer, all these representing an additional risk that is found in the costs of the loan.
However, FINS loan has a variable interest rate between 9.5% and 12.5%, similar to other loan products.
See how much you can borrow with FINS!
How and in how much time do I have to repay the FINS loan?
It depends on the type of loan: loans for Master’s degree studies are repaid within 5 years and those for Bachelor’s degree studies, within 10 years.
How can I pay my monthly instalments? Debit card/bank transfer?
The loan can be repaid via bank transfer or direct debit (facility through which the bank automatically debits the account with the amount of the monthly instalment on its respective due date).
What happens if I cannot repay the FINS loan?
Firstly, you inform us, so that we can see how we can help you and so that we can find a solution together. You can ask for an additional time of a maximum of 1 year, during which you can find a new loan/a new financing source. Moreover, we can discuss and help you with the monthly installments for a while, until you recover, from a financial point of view.
What income should the co-signer have? Is there a minimum or maximum amount?
FINS provides loans both with and without a co-signer. If you need a co-signer or multiple co-signers, their income will be determined depending on the type of loan and your financing needs.
We seek for a maximum indebtedness of the co-signer(s) of 40% from their total income.
Do I need more than one co-signer?
Not necessarily, but it is possible. In such a case, the income of the co-signers will be aggregated.
What happens if I need more money than I initially calculated and I am already abroad for my studies?
If you are already abroad for your studies and you realize that the amount you need is higher than what you initially calculated, then you need to contact us. If the amount already granted is lower than the maximum threshold of EUR 25,000, then we can help you with an additional amount (top-up) to the existing loan, even if you are already studying abroad.
Keep in mind that this top-up is subject to certain terms and conditions and that is why we emphasize the importance of calculating your budget before taking out the loan.
How important is the subject of study in order to get a FINS loan? Are there any preferred fields?
At FINS, we give higher scores to fields with a high degree of employability, as reported by the university’s employability studies and other specialized statistics. However, FINS also focuses on the individual results of each applicant, which influences the final scoring.
The students we financed so far study very diverse fields: from Business, Computer Science, Law or Environmental Studies, to Arts, Drama and Archaelogy.
How important is the university where I will study in order to get a FINS loan? Are there any preferred universities?
We do not have a list with partner universities and we can award loans for any university in Europe, public or private, as long as it has a good reputation.