FINS, a non-bank financial institution that offers loans to young people who want to study for a bachelor’s or master’s degree in Europe, has seen an increase of more than 100% in applications for funding compared to the last two years, say representatives of the company, quoted by Agerpres. The Netherlands, the UK, Germany, Denmark and Belgium are in the top five countries preferred by students applying for FINS funding.
“Amid the dramatic reduction in the affordability of studying in the UK due to Brexit, demand for study in the Netherlands has risen explosively, with this destination dethroning the UK. At the same time, demand for Denmark, where restrictions on the number of bachelor and master programs in English have started to appear, has decreased, but demand for Germany has increased. A surprising and interesting destination is Belgium, where we find a significant number of English language programs. Among the Nordic countries, Sweden, where there are several top 100 universities worldwide, is starting to show more and more interest for young people from Romania. Basically, with Brexit, the market has diversified and branched out in multiple directions. Clearly, the Netherlands has become the main destination, being the country that offers the most Bachelor’s and Master’s programmes in English outside the UK,” said Alexandru Ghiță, president of FINS.
More than 200 young people from Ilfov, Cluj, Timiș, Sibiu, Constanța, Arad, Maramureș, Hunedoara, Iași, Brăila, Suceava, Galați, Bihor, Bistrița-Năsăud, Neamț, Dâmbovița, Dolj, Olt, Mureș and Bucharest, as well as from Greece, Poland and Spain, applied for funding applications to European universities.
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“The young people who apply for FINS credit see this as a clear investment in their future, with a wide range of programs chosen: from Masters in Precision Cancer Medicine, Nuclear Technologies, Marine Engineering or Communication Strategies, to undergraduate programs in Fashion Branding and Communication, Game Technologies, User Experience Design, Pharmacy, Prosthetics and Orthotics. The 2021 generation of outgoing students is benefiting from FINS funding of over €1,500,000”, underlined Alexandru Ghiță.
In 2021, the European Investment Fund and FINS signed a second guarantee agreement under the EFSI Skills & Education pilot project. It allows EU pupils and students who want to pursue their undergraduate studies in an EU Member State to take out loans without co-debtors and without real estate collateral. The guarantee agreement allows FINS, a non-bank financial institution, to offer loans worth €5.5 million and provide support for around 300-350 students who want to pursue bachelor and master programs in EU countries.
According to FINS, loan repayments start 6-12 months after completion of studies and can be structured over 5-10 years.