It is not necessarily easy at this time to get a good student loan. If one receives a rejection of his federal financial aid application, has to deal quickly with very high interest rates, as banks often want to take advantage of the plight of students. It is even more complicated if it is not the first study, but even the second study. Nevertheless, there are ways to obtain a student loan – we show what is important.
Student loans – what funding opportunities are there?
In most cases, a student loan from a bank is the best option for second-degree students. If you are under 30 years old and free of any credit bureau entries, you will usually get a loan from most banks for time study. Mostly, however, one has to cut back on the loan amount. An important point: Compare the offers of several banks with each other and pay particular attention to the annual percentage rate. Only in this way can you find a suitable bank where the services and terms of payment are correct.
Most likely, however, you must convince your bank that you need financial support to complete your second degree. Therefore, a curriculum is strongly recommended. It is often the case for student loans that banks no longer guarantee payments after the third semester after the end of the regular study period. Therefore, you should plan this limit and at the same time make an effort to complete the study within the given time. The curriculum must be submitted to a majority of banks anyway, before a credit application is approved.
As long as the bank grants a loan, this is usually obtained in monthly installments directly into the account. In retrospect, the amount of these payments can usually no longer be influenced because the complete loan amount is determined when the contract is concluded with the bank. Basically, the subsidy per month in the first year is about 200 euros, later depending on the contract can be up to 800 euros per month. Important: You recognize a reputable bank that the repayment sum including the interest to the student is not more than 30,000 euros. Thus, a loan amount of up to 500 Euros per month is realistic for a maximum term of five years.
There is a clear difference to the normal loan: the student loan does not begin to pay back on the first payment, but only after the student finishes his studies. He can then sit down once more with the bank and work out a suitable repayment plan. As soon as you have your first full-time job with the right salary, you must start repaying the student loan by the third month at the latest.
What you should also know about the federal financial aid application for second degree studies
Anyone who has already received federal financial aid for their first degree, but would like to complete a degree course, usually does not receive a permit for this. By the way, this is decided by a clerk who himself grants a license or rejection – and the latter is more likely. Nevertheless, there are a few special cases that still allow federal financial aid to be procured. For this you should directly inquire yourself at the responsible office.