zero rates have almost disappeared but conditions remain good

The 2022 baccalaureate holders will be able to finance their studies under good conditions. Even when interest rates soar on the financial markets (the rate of bonds issued by the French State over ten years now exceeds 2.3%, against 0.10% a year ago), most banks are indeed maintaining advantageous conditions for their student loans, and intend to continue in this way until the start of the school year in September.

For example, Cooperative Credit customers can borrow at 0.50% until September 30, while the best offers start at 0.59% for BNP Paribas and 0.60% for La Banque Postale and LCL. These last three institutions, however, reserve these very good rates for students in higher education with which they have an agreement.

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“We have more than two hundred partnerships with establishments from all walks of life: nursing training institutes, universities, business or engineering schools, apprentice training centers, etc. », explains Olivier Morin, member of the management board of La Banque Postale Consumer Finance, the group’s consumer credit subsidiary. But here, even the “normal” rate remains advantageous: 0.80%, against 0.60% for students benefiting from a partnership.

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Sometimes, the absence of an agreement is particularly unfavorable: the rate soars to 1.24% at Societe Generale, 1.50% at BNP Paribas and 1.51% at LCL. “You have to check with the bank branch close to your school because the partnerships are forged at the local level”, advises Solène Le Her, market manager in charge of strategy for 16-24 year olds at Societe Generale, which shows a rate of 0.79% in the event of a partnership.

The game is worth the candle since the agreements also sometimes include a reduction on the contribution of the bank card for a year, or even until the end of the studies.

No invoice

“We offer all students, whatever their training, a credit of 5,000 euros at 0% over sixty months maximum”, says Chantal Ledeme, head of customer marketing at LCL. Young people can therefore take out this loan, then, if necessary, a classic student loan whose rate is 0.60% (grandes écoles), 1.01% (other partner schools) or 1.51% (without partnership). A few other banks offered “free” loans of 3,000 euros to 10,000 euros in 2021 to support students in difficulty due to the Covid-19 pandemic, but these offers have not been renewed.

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