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How much money do you get?
Within a training period up to 7.200 EURO will be granted, but only up to 36. Year of life and until the end of the 13. University semester. The educational loan is awarded regardless of income and for study at home and abroad. In addition, it can be arbitrarily combined with other promotions, but a legal claim does not exist, the funds are limited.
But also banks have now discovered the market for educational loans for themselves: There are so far about 40 50 offers from various institutions in Germany. There are already numerous different models, from which the students can choose the best one for them.
More detailed consideration is worthwhile
A closer look is worthwhile: the offers better than their reputation. The interest rates are quite in the frame When selecting the right loan, one should make quite clear, for which one needs the money.
Because if you know what you want, you can find the right offer with your personal requirements. Do not let anyone talk, but look closely.
This is best asked for by various providers. However, many Studentenwerke also offer financial advice. In addition, you should always ask. Even if certain conditions are not actually included in the loan package, many banks like to adapt to customer requirements flexibly.
Consider whether you want to cover only the study fees or the cost of living with the credit. Calculate your total monthly revenue and calculate how much your needs really have to be. Have you really exhausted all possibilities without or with low repayment obligations (jobbenches, scholarships, BAföG, parents)? Are your financial claims to the life standard really appropriate to your life stage, the education,?
Who needs something?
Every jeck is different - and every student needs a loan that suits their circumstances. The differently structured loans are also differently attractive for different student types. Not always the offer with the cheapest interest rate is also the best for you!
Those who attach particular importance to flexibility or support in studying abroad may have to accept higher costs in order to be able to use the funds as they wish.
See if there are any problems with the loan when you are doing a trade or relocation, internships or stays abroad. Is a study credit necessary only for a certain phase (for concentration on the study, eg in the phase of completion of studies) or for the complete course of studies?
Inquire about the conditions you need to meet to get the loan. Most offers have very low access barriers, especially for German students. Thus, hardly any collateral is required that can not be provided by the students themselves (such as parent guarantees). For foreign students, especially from non-European countries, the situation looks quite different again. Also ask: How easy is the loan available? Are there any knockout criteria, eg a certain age limit? Can the study loan provide for the independent financing of the study or are the students (further additionally) dependent on the parents? Unfortunately, in some cases, residual debt insurance, credit insurance, term life insurance and the like are required as necessary collateral.
Particularly noteworthy is the openness of the offers. Only in a few cases are guarantees required that can not be provided by the student himself, such as parental guarantees. For German students, access barriers are therefore very low. On the other hand, there are always very different restrictions for students from abroad (and here in particular the non-European), which can not be shown here in detail. In addition, most lenders rarely want to impose on the students ongoing reporting requirements or even want to see the curricula.
But how the debt settlement looks and whether the debt risk can be limited is very important. Most providers offer repayment-free phases directly after the end of their studies. Special repayments that enable faster repayments immediately after the end of your studies are also possible at most institutes. Payment and repayment can be kept flexible in most cases. Clarify exactly on what terms the loan is granted and what total costs you will incur. And: How is the individual risk limited that the debt mountain "grows over the head" in the case of interest rate changes, unemployment or the like?
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