Moreover, it is no longer uncommon for some schools to require students to come to class with a laptop or tablet that allows them to connect to the Internet.
Unthinkable just a few years ago, credit professionals are often faced with credit requests from young teenagers or more often from students.
Can a student or a minor borrow in Belgium?
A quick overview of this question that is sure to spark interest…
Not before 18 years old
In Belgium and in all European countries, the legislation is clear. No one can apply for credit until they have reached the age of majority, which is 18 years old.
The emancipated minor: what does it mean?
It is little known, but a minor can ask the court of first instance of their place of residence to be emancipated, that is, to be declared an adult even though they have not reached the age of 18.
This status requires that legal conditions be met. To do this, the candidate for emancipation will need to seek the assistance of a lawyer who will help them with procedural steps. It should be noted that the minor benefits from free legal assistance, more commonly known as “pro bono lawyer.” This means that the minor is presumed to be indigent and will not have to pay fees to their lawyer. The procedure is therefore entirely free in Belgium.
Installment loan contracted by the parents
Apart from the exceptional case explained above, when a minor or a student wishes to take out a loan, they will have no choice but to ask their parents or legal representatives to contract it for them. In this case, the parents take out an ordinary installment loan and the minor’s name does not appear in the file. In other words, the minor does not engage their personal responsibility at all.
A banking product that comes from the United States
Some banks grant loans to students but only to finance their studies and on the condition that this loan is repaid at the start of their professional life. These loans meet strict conditions.
This phenomenon comes from the United States where this type of loan is absolutely common. This different situation results from the fact that in the United States, as in the United Kingdom or Canada, the cost of higher education is much higher than in Europe. Therefore, some students have no choice but to go into debt during their studies.
In the United States, for example, the average outstanding loans contracted by students is about €25,000.
Thus, the young person begins their professional career in debt, which is not without posing some difficulties or raising some questions of social and financial ethics…