![]() ![]() Probably the best way to demonstrate how student loans work is to outline the differences between them and a regular loan construction. In some way, a student loan can be considered as an investment, since with the acquired knowledge and certificate, you will be able to reach higher income in the future. On the other, their interest rates are relatively low - compared to an auto loan or credit card, and they keep their value for a more extended period. On the one hand, both liabilities involve considerable amounts of debt that take an extended time to repay. For this reason, it is crucial to conduct a thorough review and analysis before taking out such a financial transaction.Īs for the rationale behind the borrowing, student loans are comparable to mortgage loans, in that they are generally considered "good debt". The essential difference between this kind of academic, financial support, compared to scholarships or grants, is that student loans, in general, must be repaid. Student loans are a form of financial aid used to help students access higher education, such as an undergraduate or a graduate/professional program. By employing this calculator with the data of a few loans you are eying, we can hopefully help you select the best student loan for your needs. #FINAID LOAN CALC HOW TO#Also, you can read some bits of advice on how to apply for a student loan, how to get a student loan for college, and you can learn what student loan deferment is and answer the question "How do student loans work?"īesides, you can also find out about student loan forgiveness programs and national student loan data systems. Through the following sections, you can read about government student loans (or federal student loans), for example, the Federal Perkins Loan Program, and we show you its advantages compared to private student loans. This tool is so specific you can use the student loan calculator to assess your in-school expenses, and make a financial projection for the payback period. ![]() The latter are discontinued for graduate students effective academic year 2017-2018 and for junior/senior undergraduate students effective academic year 2018-2019.The student loan calculator is an advanced device that allows you to create a comprehensive review of your degree's funding plan, from when you file the loan application until you're finally done paying off the debt. Student loans replace deferred payment option administered by AUA. The commercial bank will review the application within three business days after receiving the complete package and if the loan is approved will disburse the loan amount to the bank account of the American University of Armenia before the 30 th of the first month of the academic semester. Click here for the list of documents to be included in the application package. Loan applicants must submit a loan application package to the Byblos Bank Armenia within five business days after they receive a notification from the AUA Office of Financial Aid stating that their expression of interest has been forwarded to the commercial bank. It is not guaranteed that all loan requests will be met. Recommendations will be made based on availability of funds. Expressions of interest for loans towards the 2022-2023 academic year tuition are accepted by September 4, 2023.ĪUA Office of Financial Aid will perform initial review of the applications and submit the list of eligible students and recommended loan amounts to the issuing commercial bank by September 15 th of the academic year. Disbursement – once per semester, to the AUA bank accountĮxpress your interest through writing an e-mail to, with a subject title “Byblos Bank AUA Student Loans”, indicating your name, department, student ID number and the amount of loan you would like to be considered for.Eligibility – full-time graduate and junior/senior undergraduate students in good academic standing with good credit history of self and two guarantors.Penalties – none for early repayment, 36% annual on overdue interest or principal.Fees – One-time non-refundable AMD3,000 loan application fee paid at the Bank.Loan repayment – interest only during grace period, interest + principal thereafter.Grace period – period of studies at AUA stated in the education contract + 6 months.Loan duration – period of studies at AUA stated in the education contract + 36 months.Amount – AMD100,000 minimum, up to 80% of the annual tuition. ![]()
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