Since early 2005, when new rules regarding the tuition fees were set by the Constitutional Court, alternative loan schemes in Germany have been developed. Until that time some banks had already presented plans for student loans (German: Studentenkredite). Long after the DKB (Deutsche Kredit Bank) had implemented the first academic credit supply together with Career Concept, the world's first provider of educational funds, in October 2005 also the Deutsche Bank began to offer student loans. Meanwhile, there are several offers from other private and public banks, including the KfW.
The "dbStudentenKredit" of the Deutsche Bank is free for all students at German universities or colleges, regardless of their particular study topic. The age limit is 30 years. As a further requirement for the grant of a "dbStudentenKredit" the credit institute needs a complete study plan. All lectures that a student wants to take should be listed up and future career plans need to be described. Furthermore, the bank wants to have information about the creditworthiness of the students from the Schufa book that contains the financial information of all German citizens. These two categories of information provide the bank with the necessary security.
During the 1st and 2nd Semester one can get up to 200 Euros a month for living expenses and education fees. At a further stage the maximum amount of money is 800 Euros monthly. The rate of interest changes from time to time. After a student has finished studying the sum that has to be paid back is fixed by a new contract. During the first year after going off from university no repayments need to be made. The students have 12 years to reimburse the loan (Studentenkredit). Surely it is also possible to repay the total amount of money in one go.
The Kreditanstalt fur Wiederaufbau (Credit Institute for Reconstruction), was founded after the 2nd World War with the aim to finance the reconstruction of the German economy. Since April 2006, the KfW development bank also offers a study loan for all students doing their first degree.
The KfW Student Loan (Studentenkredite) does not call for many background information, but it is not approved in the case of a private bankruptcy. Furthermore it is free for all German students (also EU foreigners) and for all state-recognized universities. The only conditions are that the applicant has not yet ended his studies and not yet reached an age of 31. - 29904
The "dbStudentenKredit" of the Deutsche Bank is free for all students at German universities or colleges, regardless of their particular study topic. The age limit is 30 years. As a further requirement for the grant of a "dbStudentenKredit" the credit institute needs a complete study plan. All lectures that a student wants to take should be listed up and future career plans need to be described. Furthermore, the bank wants to have information about the creditworthiness of the students from the Schufa book that contains the financial information of all German citizens. These two categories of information provide the bank with the necessary security.
During the 1st and 2nd Semester one can get up to 200 Euros a month for living expenses and education fees. At a further stage the maximum amount of money is 800 Euros monthly. The rate of interest changes from time to time. After a student has finished studying the sum that has to be paid back is fixed by a new contract. During the first year after going off from university no repayments need to be made. The students have 12 years to reimburse the loan (Studentenkredit). Surely it is also possible to repay the total amount of money in one go.
The Kreditanstalt fur Wiederaufbau (Credit Institute for Reconstruction), was founded after the 2nd World War with the aim to finance the reconstruction of the German economy. Since April 2006, the KfW development bank also offers a study loan for all students doing their first degree.
The KfW Student Loan (Studentenkredite) does not call for many background information, but it is not approved in the case of a private bankruptcy. Furthermore it is free for all German students (also EU foreigners) and for all state-recognized universities. The only conditions are that the applicant has not yet ended his studies and not yet reached an age of 31. - 29904
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Find out more about the student loan (German: Studentenkredite)situation in Germany and go to www.studentenkredite.blogspot.com. Various possibilities of student funding in Germany discussed further.
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