A student loan is usually easier to obtain and has better terms than other loans. If you start your Master’s degree program late, you may not get a loan due to an age limit. Crediting for the Master’s degree replaces the missing income if you want to concentrate fully on your studies. However, with the usual credit comparisons on the Internet, students do not find what they are looking for. No one likes to take a loan if he does not have to.
Educational loan is a financial assistance
In some cases, the benefits of the guardians, the current German State Funding payments or their own income is not sufficient to pay the tuition fee, textbooks and readers for courses, rents, electricity, gasoline, etc. An educational loan is a financial assistance from a credit institution that you do not need to cover. Conventional loans require exactly this: economic security, for example through a temporary employment contract.
If you can not prove this, a normal house bank will not grant you credit. Therefore, the BMBF grants so-called education loans, which specifically target students and other trainees in the final phase of their apprenticeship. However, the granting of such a loan is subject to certain conditions.
You can then get between 100 and 300 per month from the house bank, the term of three to two years is arbitrary. In short: a full loan from Intrasavings bank. Up to 36 years of age, citizens or recognized asylum-seekers will be provided with a guarantee of up to 24 months for the costs of study and life support, the amount of the one-time payment being limited to up to 7,200 USD.
Student loan is another financing option for your master’s degree
In addition to the education loan, the student loan is another financing option for your master’s degree. As with an educational loan, no financial collateral is required to obtain a student loan. Up to 14 semesters can be funded with 100 to 650 USD. For students under 35 years. For students who do not have a university degree, as no second degree is supported.
The master’s program is therefore limited to a student loan! Max. 54,600, the monthly payment may not exceed 650. a loan with currently 4.02% annual interest rate (as of 10.2016). A loan with a 15-year interest guarantee, ie Interest may not exceed an annual percentage of 10.21% over this time horizon. Loans for which a fixed interest rate can be fixed on demand must be repaid after a waiting period of at least three and no more than 23 months with a maximum repayment period of 25 years (20 per month).