A new phase of life begins with your studies. Renting a flat, books, laptops, parties, trips back home – with all these expenses, many a student will stumble.
Why is there so much month left at the end of the money? The majority of students ask themselves this question regularly. So that money worries do not prevent learning, and prospective academics can concentrate fully on their studies, there are financing options, especially for students. One of them is the student loan.
There are now numerous providers of such student loans – state, private, regional, or even subject-related. With this extensive range, it is all the more important to get an overview first.
How does a student loan work?
Student loans are loans that are specifically tailored to the needs of students. Unlike ordinary loans that end up in an amount in the borrower’s account, student loans are paid in monthly installments that students can use to make a living. However, student loans and traditional installment loans have one thing in common: interest.
How do I find the right student loan?
In order for a student loan to really allow you to study without financial worries, enough time must be planned for choosing the right offer. The student loan must match the chosen course and your own future plans. Anyone who dreams of a master’s degree abroad or who is planning a practical semester should inquire whether funding is also possible during this time.
A student loan for two, four, six semesters: full financing yes or no?
Do I want to finance my entire studies with a loan, or do I only need the loan to bridge the gap, for example, in the early or final phase of my studies? An important question that everyone should ask themselves before taking out a student loan. If the financial injection is only necessary for a short period of time, the bridging loans or interim financing from some student unions can be an alternative to student loans.
If you finance your studies yourself by working on the side, but want to concentrate entirely on the exams in the final phase, you can also take out a final study loan.
The checklist that simplifies the student loan comparison
Which student loan is the right one? With the many criteria, you can quickly lose the overview. We have compiled a checklist that simplifies the student loan comparison.
Does the student loan match my studies?
✓ Does the funding institution support my university and my degree program?
✓ Is it possible to finance part-time studies or a doctorate?
✓ Can I finance my master’s degree with the student loan after I have successfully completed my bachelor’s degree?
Does the student loan match my study plans?
✓ What is the bank’s position regarding a change of subject or university?
✓ Is funding also possible during a semester abroad or studying abroad?
Does the student loan match my needs?
✓ What is the maximum monthly payment amount?
✓ Can I determine the amount paid out by myself?
✓ Can it be changed during the withdrawal phase?
✓ Does the bank offer one-off payments for any special expenses?
Does the student loan fit my wallet?
✓ What is the APR?
✓ Is the interest rate adjusted regularly, or is it a fixed interest rate?
✓ Will the interest fall due during the payment phase?
Does the student loan match my future plans?
✓ How much time do I have to repay my student finance?
✓ What is the minimum repayment rate?
✓ When does the repayment start?