Between 2007 and 2011 the government of José Luis Rodríguez Zapatero granted more than 12,000 euros to students who needed money to train and access a job. Ten years later, 5,000 of these beneficiaries have problems to return the loan due to the precarious work that exists in our country. In the process of economic recovery, there are more ways and better conditions to access debt consolidation loans.
12,000 student loans during the crisis
At the beginning of the economic crisis, more than 3,500 students requested credit lines from the Official Credit Institute (ICO) that allowed them to continue with their studies. Conditions in 2007 were attractive for a generation that did not have enough income to pay for college tuition. Only the money should be returned when the beneficiaries had sufficient income, that is, an annual income of 22,000 euros. The debt was extinguished if this level of income was not reached.
Given the wide acceptance, the conditions changed between 2008 and 2011. The cost was no longer zero and disappearance the condition that the rent had to exceed the amount previously mentioned so that the financing had to be returned. A measure that had an immediate impact on the number of applications. In its last year, only 2,200 university students asked for this funding from the State.
Request financing online from private lenders
The current labor market has little to do with what was lived then. The unemployment rate has decreased and more and more young people are entering a job. This change is an opportunity for young people who want to be trained. If we do not have sufficient income in our account, there are credit products with good conditions that both banks and private credit entities market.
In addition, through the Internet, we can find online consumer credits designed to pay for college tuition when we do not have enough income in our account. Therefore, we can compare and request financing in just a few minutes without leaving home.
One of the advantages of these loans for students is that they have an interest lower than the average of 8.57% APR established by the Bank of Spain. Therefore, they have a competitive interest with which we will reduce the cost in relation to other products in the market. If we look for the product that best adapts to our financial capacity, having the curriculum in which the amount we need appears can help us to know more accurately the amount we are going to ask for.