“Rich parents for all!” – a funny slogan, but unfortunately a pious wish. Because in everyday life, most students are dependent on additional funding. Some apply for BAföG, while others go to work. And more and more take on a loan.
We show you, which possibilities there are for students and what should be considered when choosing the right loan.
Student loan – installment loans often also interesting for student financing
The student loan is a conventional installment loan that non-students can apply for.
However, to obtain a loan applicants must meet certain conditions. As a general rule, a loan is only granted to adults of permanent residence in Germany. Even borrowers with a negative Schufa entry are usually rejected.
In addition, almost no bank or savings bank awards a classic loan to applicants who do not receive regular income. BAföG and child benefits can not be taken into account as they are public benefits. Even family allowances and income from a 450-euro job can not be used to calculate liquidity.
Often it is therefore worthwhile to find a co-applicant – such as the parents. This usually strengthens the confidence of the bank and increases the chances of a grant. This variant has proven itself over the years.
Further information and tips on student loans on our guide page
Student Loan – Especially for students: No credit check
Especially for students, the student loan is aimed. The number of student loans offered is still quite clear. So it is relatively easy to find a suitable offer. The market leader Kreditanstalt für Wiederaufbau (KfW) waives collateral and a credit check. In addition, other banks offer students cheap loans. Except at the DKB and at some savings banks are offers for example at loan funds of the various Studentenwerke.
Student loans usually provide for a grace period between the last payout and the first repayment installment due. This means that after graduation, borrowers get a grace period until they find a job and have a regular income before the loan has to be repaid. The waiting period usually lasts about two years.
Student loans are often limited in age and payout levels. Both the total amount and the monthly payment amount may be limited. At KfW, for example, a maximum sum of 650 euros per month is paid out. The maximum age for applicants is usually 30 years.
Additional one-time payments are only possible in individual cases. Students in need of an immediate payment should therefore check whether an installment loan is eligible for them.
Further information and tips on student loan on our guide page
Educational Credit – For students on the home stretch – low-interest and variable
For students on the home stretch may be worth a “education loan”. The loans are granted by KfW to students shortly before their graduation and are often lower interest than student loans.
The loans are granted regardless of the income or financial situation of the parents. A credit check does not take place. Both credit volume and the amount of monthly payments are variable.
The term “education loan” also includes offers from other institutes and institutions. There are offers from the loan funds Bavaria, North Rhine-Westphalia, Hamburg and Berlin especially for the last phase of study. As a rule, the loans here are also relatively low-interest. Furthermore, the Studentenwerke Hannover, Lake Constance and Schleswig-Holstein also lend money for the last study phase.
The savings banks also offer a so-called education loan. However, the conditions are more comparable to those of a student loan. Thus, these education loans are not exclusively tied to the final phase of the study.
More information and tips on education credit on our guide page
Manage loans for free: Current accounts for students
All banks, whether branch banks or savings banks, offer students a free checking account. Still, it can make a difference for which financial institution you choose. On the one hand, some direct banks offer attractive cash bonuses for opening an account. On the other hand, a farsighted bank choice prevents you from having to look for a new bank immediately after the foreseeable ending of the training. The advantage of many direct banks, for example, is that often there is also the interest for overdrafts slightly cheaper than at branch banks.