Many banks and financial service providers offer special loans for students. These loans for students are tailored to their needs and often have favorable conditions. Students can take out a loan if they do not receive Bafog and the parental support is not sufficient.
FAQ about the student loan
A student loan – also known as a student loan – is primarily used to finance living expenses and tuition fees during your studies.
When do you have to repay the KfW student loan?
Repayment always begins on 01. April or 01. October. You can find your repayment schedule in the online loan portal.
KfW student loan: When is the disbursement??
The KfW student loan is paid out monthly. The payment should always be in your account on the first working day of the month.
The student loan
A student loan is a loan designed for students to participate in the educational system. Meanwhile, there is a wide range of student loans offered by banks or other financial service providers. The purpose of the student loan is to cover living expenses and tuition fees.
With the help of this loan, which you can use for your studies, you focus exclusively on your studies. Money worries and time-consuming part-time jobs are thus a thing of the past.
This is important
Did you know that on average, a student has about 50.000 euro € for his study spends? Student loans ensure equal opportunity participation in the education system for those students who cannot finance their studies in any other way.
The reasons for student loans
If you don't have sufficient financial resources or support, student loans are often the only solution to begin and successfully complete a degree program. Because in the course of studies high costs are incurred, so a student loan is often the only solution for you.
High costs are often incurred for books, tuition fees and other materials. In addition, many students have to pay rent unless you are no longer living with your parents. Of course, you first try to finance your studies by other means.
If this is not possible, however, a loan offers itself to you. For numerous banks offer student loans aimed at those students who can not raise the necessary money on their own.
The alternatives to a loan for students
But what alternatives to a loan for the completion of your studies? First of all, the family is a possibility. If your parents have adequate financial resources, your parents can support you. In this case, you do not need student loans.
Parents are even legally obligated to support their child financially during their child's first education.
The obligation to pay maintenance extends at least to the standard period of study, so that in these cases the children do not need a student loan. If your parents are financially unable to support you, the state will top up your parents' maintenance payments.
This type of financial support is called BAfoG. One in four students in Germany receives the government assistance. The student loan BAfoG consists of a grant and an interest-free loan component.
However, BAfoG is dependent on parents. Not all students get the government funding, so you will need to consider student loans if you are not approved for BAfoG. An instant loan for students is then the solution. However, student loans are also useful if the approved BAfoG is not enough to cover the cost of living and other fees.
If you have enough time besides your studies, a part-time job is of course a reasonable alternative. In addition, there are numerous scholarships that offer a financial subsidy. Here it helps to be informed. In principle, student loans are also useful if other financing exists.
Because often a scholarship or the earnings of the part-time job are not enough to finance the entire study and life. Then it is possible to apply for a loan for your studies, so you can get the extra money you need.
The providers of an instant student loan
Study loans are now available from various banks, so that a study loan comparison before taking the loan is useful. Because of the immense choice of different student loans, a student loan comparison shows which offer is the best one. The best-known provider of student loans is the Kreditanstalt fur Wiederaufbau, the KfW (Reconstruction Loan Corporation).
Student loans from KfW are subsidized by the government, so you benefit from favorable terms when you borrow for your studies. With KfW, for example, you are free to decide how much financial support you need.
But there are now other providers competing with student loans from KfW. Various branch banks, direct banks and savings banks have developed their own loans for students.
In addition, there are various financial institutions that only support specific courses of study. Because of the abundance of providers, it makes sense that you do a comprehensive and thorough student loan comparison. Because only then you benefit from the best conditions with an instant loan for students.
The different stages in a student loan
No matter which loan you choose for your studies – basically all student loans consist of the following 3 phases.
1. The disbursement phase
The first phase in an instant student loan is the disbursement phase. As the name suggests, the phase is characterized by the disbursement of the loan. Typical of a loan for students is the monthly disbursement.
The approved loan amount is not disbursed all at once – rather, the bank pays you an agreed amount each month that you need to cover your living expenses.
Typical for student loans is the often individual determination of the monthly requirements. Financial allowances for one-time purchases are also available from some student loan providers.
2. The grace period
The study is completed. The payment phase has come to an end. The grace period begins. Almost all providers of loans for students then grant you a grace period so that you do not have to start repaying them immediately after graduation.
Of course, it is also possible to take advantage of the financial support only for a few semesters. Then the grace period is useful so that you do not have to pay back the loan while you are still studying.
The length of the grace period is often up to you within a predetermined time frame. A student loan comparison will tell you how long you are potentially exempt from repayment.
However, the maternity leave phase is not obligatory. For example, if you start in a well-paying job right after graduation, you can also skip the grace period. In this case, the third and final phase – the repayment phase – begins immediately.
3. The repayment phase
Last but not least, the repayment phase begins. You now have to pay back the money you borrowed. The duration of this phase depends heavily on how long you have been using student loans and what the total loan amount is at the end of the term. You can relatively freely clarify the repayment modalities with your bank for student loans.
Subsequently, you pay your installment monthly until the entire loan is fully repaid. Also regarding. of repayment, a student loan comparison is a good idea for you, because the options vary depending on the provider.
In some cases, repayment is possible within a 25-year period, such as with KfW, while other banks require full repayment of student loans within a shorter period of time.
Find the right loan
As more and more banks offer a loan to finance your studies, you need to compare different student loans when making a student loan comparison. Various criteria are crucial and should be mandatory consideration, so that you have subsequently found the ideal instant student loan.
First, flexibility is a critical factor. Student loans that allow flexible one-time payments or changing majors are much better than rigid products.
After all, no one knows at the beginning of their studies whether their plan will work out or whether something will change after all. In addition, the financial terms are of course an important factor when comparing student loans.