More and more young people are also making use of university loans in Italy. In America they are widespread, but there is a risk that the accumulated debt is too heavy.
Due to the economic crisis and the significant reduction in the purchasing power of families, more and more students are applying for loans to finance their studies. This practice has been affirmed for years in the USA – where studies are much more expensive – while only recently it has been gaining ground in Europe and Italy. For young consumers looking for a credit offer to access studies, it is possible to compare the most convenient loans by taking care to select the options of the banks dedicated to the categories of under 30 and students.
Lately the American model, however, is showing the first potential flaws. The debts accumulated by students who have requested to take out personal loans, in fact, have grown exponentially and some see this as the risk of a bubble bursting. The New York section of the Federal Reserve has recently estimated the amount of this debt at one trillion, against which the default rate is also increasing.
In Italy the system is very different, also because the burden of studies and all related expenses is much smaller. However consumers association has calculated that it amounts to about 9 thousand dollars per capita per year, a figure that for many today is prohibitive and can require the intervention of banks with loans.
Formula of loans
The formula of loans is also different in our country, because instead of real disbursements of liquidity, they are rather openings of credit (of controlled credit lines, in short) contained in current accounts. The set of guarantees also varies: in our case, it is the university that acts as guarantor, based on an agreement with the credit institutions and with the students themselves, who must, for example, maintain a certain average.
Like all forms of consumer credit, however, this too deserves to be carefully evaluated, especially considering that the repayment begins at the end of the studies, a moment not particularly happy for Italian recent graduates struggling with the chronic shortage of work and precariousness.