The beginning of studies is the period of uncertainty, expectations, new challenges, but also costs such as tuition fees, charges for staying at the hall of residence, books or equipment necessary for working and learning. How to get the money to buy the student’s first laptop?
Laptop is actually necessary for studying. Students need it to take notes for classes, prepare papers or simply learn. The cost of an average level equipment is approx. PLN 3,000. If a computer is to be used as an entertainment centre, for example, for playing games, it is a good idea to invest in a laptop that comes with a solid dedicated graphics card and a good processor. But such a model may cost much more than standard models. The prices of top models of laptops for players start from approx. PLN 5,000. What else should you pay attention to? The choice depends on the method of using the equipment and obviously on the student’s financial situation. How can a student get cash to buy the first laptop? There are several options.
First job, or student’s own funds to buy the first laptop
Not only extramural students can get extra employment. Actually, students have quite a broad choice of opportunities. Working at weekends or remotely can boost the student’s budget. What is important, working students get another advantage – they are subject to favourable taxation as students up to the age of 26 employed based on an employment contract or a contract of mandate and earning a revenue up to PLN 85,528 a year do not pay tax (they exercise a tax relief for young people). With the minimum salary for work in the amount of PLN 2,800 this is equivalent to a monthly profit of PLN 137 in comparison to the people who cannot exercise such a relief. Students should not have problems finding a job which will enable them to buy the first computer. This is especially true for larger academic centres.
Student loan – a convenient option for the entire duration of studies
A student loan is the right solution for those people who cannot rely on financial support of their relatives while they are at university. With a loan, students can get from PLN 400 to PLN 1,000 a month. The money can be paid out to the student throughout the duration of studies and the amounts can change depending on the current needs. Such loans are granted by commercial banks but have preferential terms. Any student who has not turned 30 and whose family does not have an income per capita in excess of PLN 3,000 may apply for a student loan. Applications can be filed even before admission to studies. Students who have taken a loan are required to begin repaying it after two years of graduation, so they will have time to find a job and repay the debt with a peace of mind. Student loans can be guaranteed by Bank Gospodarstwa Krajowego, which means that students need not worry if they have sufficient credit worthiness and do not need parents’ guarantee. The loan funds can be spent arbitrarily, depending on needs, and obviously can be spent on the first laptop.
Lending money from a family – a way to get additional money without bearing costs
The money for the laptop can also be borrowed from the family. The advantage of this method of financing lies in the fact that it is not associated with any costs such as bank fees or interest. Sometimes civil law transaction tax will need to be paid. The rate of civil law transaction tax is 0.5% on the borrowed amount. However, if money is borrowed from next-of-kins, tax will not be paid. When you borrow money for equipment of average quality (around PLN 3,000) from your parents, you are not required to report it to the tax office (unless the borrowed amount exceeds PLN 9,637 where you are obliged to file a statement with the Tax Office) or pay tax. You should also remember that for loans in excess of PLN 1,000, a written agreement should be signed for evidence.
Will a student get a bank loan?
Students may have problems borrowing money for the first laptop from the bank. The lack of regular income or credit history may be obstacles to obtaining a loan. An overdraft can be a solution in such a situation. It is much easier to obtain than a compare the best loans. The bank’s decision on the grant of an overdraft limit is based on the history of credits and debits in the bank account. The money from the scholarship or first paid jobs can be taken into account by the bank in its decision in this respect. The overdraft can be used when you do not have your own funds in the account. This way of financing the purchase of a laptop will turn out useful if the price does not exceed the funds available in the account (own funds + overdraft limit).
The collection of the amount sufficient for the purchase of a computer may cause some trouble but there are various ways to get additional cash. The best solution is to find the first job. The money a student earns in this way can be spent on anything and will not need to be repaid in the future. If necessary, a loan or a student loan can solve the problem. Especially the latter may be attractive as it will not need to be repaid until graduation.
Source: financial comparison site finanse.rankomat