Should You Get a Loan to Study in Sweden?

Sweden has one of the best education systems in the world and it accepts students coming from abroad. The education is free for those who are Swedish citizens, but foreigners need to pay the tuition and the overall costs of moving to Sweden.

One of the ways of doing so is to take advantage of the microloan market in Sweden and cover parts of your costs with such a loan. Since getting a university degree in Sweden provides many job opportunities this may be the simplest way to get the education you’re looking for.

What Kind of a Credit Card to Take?

Choosing the right type of credit card that will suit your needs and allow you to borrow with the interest rate you can agree with isn’t always easy. Sites such as Paydaysverige offer reviews and comparisons between different cards and their benefits.

Study those reviews before choosing the right card for you and you’ll make a better and more informed decision in the process. It can end up saving you a lot of money in the long run, once you take into account the repayment time and the interest rates.

The Biggest Expense

The biggest expense you’ll need to cover as a foreign student in Sweden is the tuition itself.  Choosing credit cards such as those from Kredit365 can help you cover this initial cost and the rest of them may be paid out of pocket.

There are numerous ways to pay the tuition and the universities in Sweden usually allow the students to pay their tuition in installments. If this helps, you should take advantage of the option. For the most part, it’s better to use the option of paying in installment even when you have the means to make the payment in full.

Cost of Living in Sweden

There are other costs a student living in Sweden will need to cover beyond the tuition itself. The biggest one of those is probably housing but there are others as well. Doing so can also be done with the help of a company like DayPay.

For the most part, the cost of living can end up being as high as the tuition. There are ways to cut these costs by living in housing provided by the university and by trying to live below your means while abroad.

What’s the Cost of Studying in Sweden

Sweden has some of the most expensive universities in Europe if you’re a student coming from abroad. The price may vary depending on what university you’re going to and what your field of study but for the most part, you’ll need to pay between 8.000 and 15.000 euros per year.

This is quite a lot when compared to other universities in Europe and especially so if you take into account the cost of living that also falls on the student and probably more heavily so than it does on those who are actually from Sweden.

Is it Expensive to Live in Sweden?

This isn’t an easy question to answer and it depends on your lifestyle but it’s safe to say that the cost of housing is rather high. You’ll need to pay about 900 euros per month to cover the cost of housing and other living expenses in most university towns in Sweden.

There are other ways to find housing since universities tend to provide housing for some students. Even foreign students can apply for these and if you meet the requirements you’ll cut the costs of your stay in Sweden significantly.

Student Grants

There are numerous student grants out there provided by the Swedish government. These can be paid to foreign students as well if you meet the requirements set by the university. There are two main types of grants out there. One is a stipend and you can use it as you please and the other is basically a loan from the government, with no interest and you need to pay it off after finishing your studies.

The grant is usually about 120 euros per month but it can be more if you apply for grants that cover the cost of housing as well.

European Opportunities

It’s also important to take into account that you may be able to continue your academic journey in any other EU country once you graduate from a Swedish college. The EU has a common education market and those who study in Sweden can take advantage of that.

This makes the Swedish degree even more valuable and therefore may affect your decision to take on a credit card and cover the cost of your studies in Sweden first if that’s the gateway to higher academic achievement in the EU. You should also factor in how those additional expenses may burden you further while you’re already paying off Swedish cards.

Should You Take Out a Loan?

There are good reasons to come to Sweden as a student and those are mostly about getting a good education that can provide you with academic and professional opportunities. It’s, therefore, worth taking out a loan to do so, as long as you’re aware of the obligations you’re taking on.

As is the case with using any other line of credit you should only borrow as much as you’re able to repay and you need to have a plan for repaying it. With this in mind, you should explore the credit card options carefully and make your decision.