What is it?

A social loan for studies is a loan with a particularly low interest rate. The EQUALIS Foundation grants this kind of loan to students with financial difficulties, in order to encourage them to continue their studies.

The loans granted by EQUALIS have an interest rate of only 5.5%, due to the fact that EQUALIS is a non-profit, non-governmental organization, whose purpose is to support students, not to gain profit.

The interest

The interest rate 5.5% is calculated to cover inflation, as there is a difference of several years between the moment the loan is granted and its reimbursement. Other expenses required to obtain a loan, such as the loan application tax, are covered from the funds that the Foundation has received from sponsorships.

For whom?

For students who have passed at least their first year of study in a university or young people who take up specialization courses, provided that they finish them in two years at the latest (so that they could start reimbursing the loan).

Their successfully passing the first year means that they are capable of continuing their studies and wish to do so.

The eligible types of studies are: graduate and postgraduate studies, masters or PhD, but also specialization courses or trainings and summer schools. All these can take place in Romania or abroad.

Why?

The EQUALIS loans have been designed to help students continue and finish their studies and then find a job in their interest area, without having to accept small jobs which would not bring them a useful experience for their future. It also helps them gain experience through internships before they look for a proper job.

The loan is to cover part of the annual budget of a student, including tuition, accommodation, meals, schoolbooks, transportation, and other expenses related to a student’s life. The loan covers up to half of the annual budget for a school year in Romania, calculated for 2008 at 13000 RON. For the current year the maximum amount that can be granted is 6500 RON.

One condition

Because this is a loan, the beneficiary needs a guarantor who accepts to take joint responsibility in case the applicant does not reimburse the amount.

Easy to reimburse

From the moment they receive the loan, beneficiaries have to reimburse it in an interval of up to 5 years. The maximum grace period, with no due payments, is 2 years. After these 2 years, they will reimburse for 3 years at the most, by monthly payments which are not higher than a third of the salary. The loan can also be entirely reimbursed in advance, without penalties.

Due to this lack of taxes and commissions, as well as to the low interest rate and extended period of reimbursement, it will not be a burden for the student to pay back the loan, so therefore he will be able to get a job in his area of study and interest, without concern for financial restrictions.

How does it work?

According to Romanian laws, a recently created Foundation may not organize “profit-making” activities such as granting loans and perceiving interests. Therefore, the EQUALIS Foundation works with a loan company that acts as a service provider for EQUALIS.

This is how the system works:

> EQUALIS finances the loans granted in its name by the loan company.

> When the beneficiaries reimburse the loans, the loan company makes an equivalent donation towards EQUALIS.

Very simple and easy for you

Step 1: You apply for a social loan

Step 2: You receive an EQUALIS loan for studies

Step 2: You get your diploma

Step 3: You get the job of your choice

Step 4: You start reimbursing the loan

Advantages

The social loan for studies is specifically designed to help students like you by means of all the easy terms it grants:

·        interest rate of 5.5%

·        no risk insurance or life insurance

·        the loan application fee is 0 RON

·        very low interest rate which allow easy reimbursement

·        no guarantees required

·        the guarantor can be any resident with a minimum income

·        you don’t have to work in order to get a social loan

·        you gather the required documentation only after you receive the approval for the loan

Go to the "Simulator" in order to calculate the monthly payments, according to your needs.