Many students finance their studies through part-time jobs or through parents. But if the money is scarce, a student loan can help. Unlike normal loans, the student loan does not pay out the amount granted, but in small monthly installments.
Student loans are granted only under certain conditions.
Tips for applying
Currently, such loans are offered by about 40 companies in Germany. The student loan is solely for the purpose of financing a degree course and can only be granted upon presentation of certain documents. In addition to the certificate of enrollment at a German university, students with higher semesters must also be provided with proof of performance. In addition, the applying student must present his / her own ID and have a German account.
The payment is made in monthly installments of about 200 to 1000 euros. The used loan does not usually have to be repaid by the student immediately after entering the profession. After the last paid out rate often a so-called waiting period is inserted and only after its expiration it goes to the repayment of the credit. Some loans, however, set the beginning of repayment on a minimum income.
Beware of the debt trap
A degree of caution is also required with student loans so that they do not fall into the debt trap after graduation. For even with a university degree, a secure job is not always granted, but the loan must be paid off in any case. It is therefore important to pay close attention to whether the student can afford the future repayment installment.
Compare offers exactly
A comparison of the various offers is also worthwhile with a student loan, because the interest rates are very different. It is advisable to choose a fixed interest rate in order to plan safely. There are particularly favorable loans in the form of state-subsidized Intrasavings bank loans, which, however, do not support any special features such as study abroad or leave of absence. Ideally, the student loan should be a supplement to the student job, Federal financial aid and financial support of the parents, which overcomes financial bottlenecks. Otherwise, within a study with nine semesters can accumulate quickly a debt mountain of well 5000 euros or more.