Can a student borrow?
From what age can you take out a credit or mortgage loan? Can students borrow without parental help?
You wish to acquire a moped, a scooter, a car, take out a loan to finance your leisure activities, or even better to pay the rent of your accommodation, your university fees, the purchase of your courses, equipment necessary school…
Can you borrow when you are still a minor?
Simulate your credit online
We are receiving more and more credit requests from people who have not yet reached the age of majority.
What is he? Update on this important issue.
Student credit
The law is final in Belgium and as in most other European countries.
A minor – that is to say for Belgium a person who has not reached the age of 18 – is considered civilly incapable.
The law does not allow him to commit and therefore take legal action. He is deemed legally incapable and will need his parents or legal guardians to represent him in all circumstances.
A young person under the age of 18 cannot therefore take out a credit or loan of any kind on their own.
The legislator wanted to protect the minor against inconsiderate acts which he might regret later, acts which could thus heavily burden his assets for many years.
Is there an alternative solution?
Of course ! In their capacity as legal representatives, the parents of the minor or in the absence of parents, a legal guardian (under the control of the Justice of the Peace) can borrow for the minor.
In this case, the credit contract is not signed by the young person but directly by their parents or legal guardian.
The minor as such does not contract any legal obligation.
Student credit in the United States
On the other side of the Atlantic, it’s a very different story that has always been written because statistics reveal that on average young people who leave high schools or universities are in debt to the tune of almost $25,000 or roughly €20,000.
These are loans granted to them by banking establishments with the sole aim of completing higher education.
The young graduate then repays this credit as soon as he receives his first salary.
Supporters of this facility consider that it is an excellent way of allowing young minors whose parents do not have sufficient financial resources to also access studies, while others criticize the fact that these young people enter professional life with financial liabilities which already amount to €20.00.
Everyone has their own opinion. As far as we are concerned, we refer to the economic dynamism that exists in the United States to encourage our legislators to allow students to borrow solely for the purpose of higher education (to pay school fees, the rent of a student room, the purchase of courses, language courses, the purchase of school materials, a vehicle to get to courses, etc.).
This is an intelligent way of empowering young people very early in their professional career.
It is obvious that a bank can assess the quality of the candidate borrower based on the academic results obtained prior to their credit application.
Social equality is also considered funding even if it is an idea that a certain political tendency definitely cannot grasp, like many other concepts elsewhere…
We must plead so that one day perhaps Europe can have broad ideas and ambitions so that our young talents remain European…
