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Obtaining a Master’s degree loan is not the easiest thing in the world, but it is definitely possible. Because in Germany, numerous students, provided certain conditions are met, have the opportunity to avail themselves of the so-called education loan. Such a credit for a master’s degree can be used both domestically and abroad, whereby it should be noted in this context that you are completing a full-time course.
Such a loan can also be approved without collateral
Anyone wishing to avail themselves of a master’s degree loan has a good chance of being granted it without collateral. It is advantageous that every student can use such a loan. Here, your own income and that of your parents may not exceed an upper limit. The aim of the Federal Government is therefore to offer an alternative to students from better backgrounds or those who are already using Bafog but who are seeking financial change.
The federal government acts as a guarantor in the event of default
The processing of the Master’s degree loan is simple and straightforward. The student goes to a credit institution with confirmation of acceptance of the educational loan. If he is unable to repay the loan in full after completing his studies, the state intervenes as a guarantor and assumes this default. This gives the banks a guarantee that they will definitely get back the amount they have granted.
The repayment rates are usually up to 300 USD per month
The main features that make up a master’s degree loan are that you get a loan of $ 7,200. This figure results from the fact that the monthly repayment rate corresponds to 300 USD and has to be paid by the students for 24 months. You can only deviate from this model in exceptional cases. Despite the fact that the loan is granted independently of the assets, there is no legal claim to an educational loan.