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19th August 2020

Student loan: your checklist and other important information!

Wherever you decide to study, you are automatically entitled to a student grant as well as a student loan! If you are wondering what the next steps are and how exactly the interest work, this article is for you.

To do

First things first:

  • choose a university and enrol
  • find yourself a place to live (apartment, host family, flat-share or on campus)
  • make a bank guarantee for your apartment
  • establish a monthly budget: how much do you need to cover uni, rent and personal expenses?

Once you have chosen a university, registered and received confirmation of your registration, you can apply for a scholarship through the Financial Aid Department:

  • by either filling out your application online and anytime at guichet.lu
  • or download the form from www.cedies.lu and send it by mail (the form will be available on August 1rst) Need help? Our advisors are there for you!
Watch out: the deadlines are 30 November for the winter semester and 30 April for the summer semester!

Your scholarship application got accepted? Great, so now all you need to do is go to Spuerkeess and apply for your student loan!

Applying for and repaying the loan

The student loan amounts to 6.500 euros (in other words, 3.250 euros per semester). As the interest rate often changes, the Luxembourg government guarantees you a maximum interest rate of 2%. In other words, even if the current interest rate is 3%, for example, the government will take care of the difference!

Interest is calculated based on the total loan amount and is due every semester. You only need to begin repaying your student loan two years after completing your studies, but you can also do it earlier if you want. You have a total of ten years to repay the full amount.

Waiting to receive your CEDIES grant? If this is the case and you are applying for a student loan, you may also be able to get an advance payment of 2.500 euros from Spuerkeess. This 2.500 euros is interest free, which means you will ultimately repay exactly the same amount and not a penny more.

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