Installment loans in the test – installment credit test winner
Studying can be expensive. Both tuition and teaching materials, and the apartment must be paid. Despite Federal financial aid, some students can not cover their living expenses or receive too little other financial support. Since the Federal Constitutional Court has allowed tuition fees in Germany there is a higher demand for complementary funding options. For this reason, there are many offers for student loans from banks.
Apply for student loan
- Interest and repayment are decisive criteria
- Alternatives can be scholarships
- Smaller banks usually offer more individualized solutions
1. Find out about the conditions: The most important thing in brief
Before you apply for your student loan, you should be familiar with the modalities of this particular form of credit. The student loan application, the interest rate, the repayment are weighted differently by the student loan providers. In particular, you should inform yourself whether the respective student loan requires a credit check or guarantee, how much money you receive monthly and how high the interest rate is. Often credit for student loans must be provided. We have compiled a guideline for you in which you can check the criteria for student loans.
- Age Limit: Student loans are primarily for high school graduates and graduates of vocational training, who then want to complete a full-time study. Thus, this target group is approximately between 18 and 26 years old. However, the age restrictions can vary significantly, which is why you should keep a close eye on the terms of your loan.
- Federal financial aid: For many students the Federal financial aid is not sufficient, which is calculated depending on the parents’ income. For this reason, a student loan can be useful. In any case, make sure that half of the surviving Federal financial aid as well as the complete student loan usually have to be repaid in parallel. This can result in a heavy financial burden after graduation.
- Internship abroad: If you are enrolled at a state-recognized university in Germany or abroad, you can finance an internship abroad with many lenders. It is best to contact providers of educational funds.
- Berufsakademie: Studying at a Berufsakademie is in most cases co-financed by the employer. Student loans tend not to be suitable for this purpose.
- Part-time study : Student loans are aimed at full- time study. Nevertheless, you can check whether your university offers cooperations with a specific bank.
- Distance learning: Distance learning courses are usually part-time part-time. However, student loans can only be used for full-time study at a state-recognized university.
- Standard period of study: For most student loans, the standard period of study may be exceeded by one to two semesters. In individual cases, you can apply for an educational loan or a graduation loan.
- Promotion: Most student loan offers cover only the first degree. Doctoral projects are only occasionally supported. For this you can inform yourself about supraregional offers such as the DB Student Loan or about the providers of educational funds. However, the doctoral project must already be described as concrete as possible, and a schedule is created.
- Repayment: The conditions for the repayment vary greatly between the providers. In most cases, a certain number of months (between 6 and 24 months) are determined, which after graduation serves as a waiting period. If you finance your studies through an education fund, the repayment only begins after graduation and entry into professional life. So you do not have to make the repayment until you make money.
- Final examinations: You may be able to apply for an educational loan or a graduation loan. It is also possible to contact the Student Loan Fund (Daka) in Berlin.
- Second degree: student loans are primarily intended to finance the first degree.
Study without worries
If interested, please read on here: The credit negotiation: How to prepare yourself. In many cases, flexible solutions are possible, such as interest rate cuts through voluntary parental guarantees. Especially smaller banks often offer individual solutions. Be careful not to accept additional insurance that you do not need. Since student loans must be selected individually and tailored to different target groups, it makes sense to compare the offers themselves. An overview provides the CHE study credit test every year. You can reach this test here.
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