SU loan: An overview
When you are a student in Denmark, you can receive SU (the state’s education support), which is offered by the state. This monthly amount is a financial aid that you can get while you are a student. This service benefits many students, but it is not always enough to make it all run around. Many students therefore often have a part-time job beside the program, while others choose to take an SU loan.
What is an SU loan?
An SU loan is offered by the state. The SU loan is offered for the purpose of allowing you to focus 100% on your studies during your study period, rather than having a job next door. With a SU loan, you receive money each month that complements your regular SU. This money can be spent on various expenses such as study books and bills. The SU loan is a long-term financial aid that several people choose to use.
Rates for SU loans
There are different rates for SU loans, depending on the situation you are in. The rates may vary from year to year, but they will always be available at www.su.dk. The following rates for the SU loan are figures from 2016.
Ordinary SU loan
If you choose to borrow money through an SU loan, you will generally receive DKK 3,040 each month. This loan is possible for all students who already receive SU.
Supplementary SU loans for dependents
If you are a breadwinner, you can also take out a supplementary SU loan for dependents. The supplementary SU loan for dependents is DKK 1,521 per month. This amount you can choose to borrow alone or together with the regular SU loan (DKK 1,521 + DKK 3,040), so that you receive a total of DKK 4,561 each month.
If you are in education, but have no more SU left, you have the opportunity to take an SU loan. This can be taken within the last 12 months of your education. The SU final loan is DKK 7,842 a month.
The benefit of a SU loan
The benefit of a SU loan is that you can concentrate on your study and not think about making money next door. In addition, the loan must first be repaid after you have completed your education. Therefore, do not think about repaying the loan while you are training. The SU loan repayment starts only on January 1 a year after the end of the year in which you completed your education. This will say, for example, if your education ends on June 30, 2016, you must first start repayment on January 1, 2018. In addition, the SU loan is the cheapest loan that students can take.
The downside of a SU loan
It is always a good idea to think carefully before choosing to borrow a SU loan. It can quickly be dangerous to borrow money through an SU loan, as you automatically get money deposited into your bank account every month. It can therefore be difficult to maintain an overview of the amount you have borrowed. For many, it comes as a shock when they have completed the education and are informed what their debts are. Several students may have built up a student debt of around DKK 100,000. It is therefore important that the loan is well considered. While it may be hard to have a part-time job beside study, it can often be a good idea.