Education loan: apply to KfW-Bank
For apprenticeships, studies and internships, you need a lot of money in addition to time. What can you do if the latter is not enough? With an education loan, you can avert a possible endangerment of the completion of your training or studies when you submit an application.
The federal government is offering school and university students a special education loan program over the course of the education the opportunity to secure basic financial support with the help of a loan. The credit are available at individually agreed rates and regardless of wealth or income.
Education loan - advantages and requirements
BAföG is an educational grant that is dependent on income and assets. Such restrictions do not apply to education loans. Not only your own income and assets, but also that of your parents or your spouse are left out.
- The advantages of the education loan include, in addition to the very low interest rate, the loan volume of 1,000 to 7,200 euros, with monthly installments of 100, 200 or 300 euros.
- Alternatively, you can receive a one-off payment for training-related expenses (up to 3,600 euros). The application is easily made via the Internet. Once approved, you do not need to submit any further proof of performance.
- You do not have to start repaying at the earliest four years after the first installment has been paid out, with these payments being kept low at EUR 120.
- You must be of legal age when applying, maximum age 36 years. Only those training courses that have received BAföG funding will be funded. In the case of training financing outside Germany, foreign training institutions must be comparable to domestic institutions.
Anyone who starts an apprenticeship needs basic financial resources ...
Complete the application on the KfW online loan portal
- You can submit your application three months in advance. If you start studying in September from 1. June. Fill out your application online on the KfW Bank's web portal.
- You will need your identity card and certificate of enrollment as documents. You can check the website to see if your educational institution is state-owned or recognized.
- After completing the form, print the Online application completely off. Don't forget to sign later! However, you will only sign the contract offer after it has been checked by a KfW sales partner, your Sparkasse or Bank or the student union.
- Take some documents with you to hand in the documents to your bank or the Studentenwerk. Required are the contract offer (A, B and C), not yet signed, the certificate of study as well as information on the first degree subject, number of semesters and the envisaged degree. In addition to the identity card, you need proof of a domestic current account (presentation of a bank card).
- The bank or the student union will check all information. Then you can sign the contract offer. Once this is done, your online application will be activated by the KfW sales partner. He forwards all application documents to KfW Bank.
If the check of the contract offer is positive (takes about 14 days), you will receive the desired financing amount in your current account at the beginning of each month. You can manage your loan account via the On-line-Banking of KfW (online loan portal).
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