Agreement, student loan: this is how it works "for Merit"

Intesa Sanpaolo launches an honor loan for students university students residing in Italy. The initiative was called "per Merito" and allows young people to access a credit line with lower than normal rates, disbursed without the need to provide personal or family guarantees, respecting only one condition: be up to date with their studies.

In fact, the loan is aimed at students who maintain a rate of at least twenty credits (ECTS) or 80% of the exams required by the study plan in the semester.

“This is the first initiative that belongs to the impact fund created as part of our Business Plan – he explains Charles Messina, CEO of Intesa Sanpaolo – With an allocation of 250 million euros, we are making 1,25 billion of new resources available to entities with less ability to access credit such as young families, researchers, new businesses, students. We started from the latter with a solution that aims to support them without exclusion in their university and post-graduate studies. We are convinced that in Italy we need to invest more in education and fill the gap that separates us from other major European economies. This is Intesa Sanpaolo's contribution to making education once again a key factor for the economic and social growth of our country."

FOR MERIT: FROM FEBRUARY 25 THE QUESTIONS

Applications for access to funding can be submitted by Monday 25 February. To do this, it will be necessary to go to the Intesa Sanpaolo website, accessing the "Youth section".

Once done you will need to access the section "active for Merit” and register. Inside the space there is also a guide to the loan of honor with the necessary figures and conditions.

INTESA SANPAOLO: WHO CAN REQUEST A LOAN

They will be able to request the honor loan students residing in Italy attending an Italian or foreign university, students attending a master's degree and those studying at post-diploma higher education institutions such as AFAM (Higher Artistic, Musical and Dance Training).

From the second quarter of 2019, "per Merito" will also be extended to those who attend ITS - Higher Technical Institutes and other post-secondary diploma training institutions, as well as to students who are interested in participating in or extending the Erasmus period abroad.

As mentioned, the bank requires only one condition: to have at least twenty training credits (ECTS) or 80% of the exams required by the study plan in the semester.

HOW THE "MERIT" LOAN TO STUDENTS WORKS

Students who request access to the so-called honor loan will be able to access a credit line that will arrive up to 5 euros a year for off-site students and up to 3 for those studying "in-house". The duration of the loan will be 5 years and the money can be used to cover study expenses, mobility, residence and training periods abroad, pay for university fees, study material, etc. There are no restrictions.

Not only. Anyone who attends a university abroad, a master's degree, or a course of study with "special characteristics" iThe loan could reach 50 euros.

As regards interest, it is a fixed-rate loan, lower than that envisaged for personal loans and similar solutions on the market, defined at the time of signing the credit line and currently equal to 2%.

“You only pay for the money you use. The current account used for the credit line is free, and there are no ancillary costs", explains Intesa Sanpaolo in a note.

But be careful: because the bank, through Habacus, a startup owned by H-FARM, will take care of verifying not only the requirements for accessing the loan, but also that the students maintain the required conditions over time, i.e. being up to date with studies.

“BY MERIT: WHEN THE LOAN IS RETURNED

The refund of the sum received can also begin two years after graduation. In fact, a "bridge period" is envisaged during which students will have the possibility of finding a job which will then give them the possibility of repaying the loan.

The repayment can be spread over 30 years, in monthly installments. “It is also possible – underlines Intesa Sanpaolo – to ask for the payment of the installments to be suspended up to 3 times, with interest only charged, as well as to modify the amortization plan, for once, by reducing or increasing the duration of the loan”.