Education loan: apply for and take out a favorable loan for education

Students on the laptop looking for a cheap education loan

Apprentices, trainees and students usually do not have a regular income, but they have to bear running costs related to their training or studies. In order for them to be able to cover their living expenses, there are training loans, which are often paid out on an ongoing basis, usually monthly for several years.

If you want to finance your vocational training or your studies. Would like to finance the associated costs of living at relatively favorable conditions, should definitely take a closer look at the many attractive offers on the credit market. Hausbanken, sparkassen and raiffeisenbanken give relatively easily education loans, but there are also very interesting and low-interest education loans and training loans from the federal government and the kreditanstalt fur wiederaufbau (kfw). Furthermore, online platforms also arrange education loans with fair interest rates. A detailed loan comparison is worthwhile here so in any case!

In most cases, repayment of these education loans does not begin until after the borrower has started his or her first permanent job. The most important requirement, in order to be able to apply for and take up a training loan, is the proof of a vocational training or a study to be furnished by the credit-looking for.

Note: we would like to note at this point that an education loan for us per se a loan to finance the education or. The associated cost of living is. In contrast to this the pupil credit, the apprentice credit, the credit for apprentices as well as the student credit are rather freely available credits, which are requested simply only by the appropriate group.

Loan collateral for a training loan

Who would like to take up a training loan, must be able to prove neither a regular income nor any loan collateral. This is a big difference, for example, to the conventional installment loan, which is also known as consumer credit or consumer credit. Savings banks, raiffeisen banks, online banks, private lenders and co. Do not explicitly check the income or assets of the potential borrower.

This circumstance does not mean that one should not nevertheless also put loan collateral. For those who can secure a training loan in terms of personnel or material, usually have a good chance to improve the usually already very fair conditions even further.

Personal loan collateral to secure a student loan

So-called personal loan collateral includes taking on a second borrower and posting a guaranty, for one thing. While in the first variant the co-applicant is liable in the same or similar way as the principal debtor, the guarantor is liable only when the actual borrower can no longer repay the education loan.

Real loan collateral to secure a training loan

In addition to the personal loan collateral, there is also the real or tangible loan collateral. Here, for example, assets can be used as collateral to secure the education loan. Since this reduces the risk of default by the lending bank or credit institution, interest rates and conditions usually improve here as well.

Types of education loans

As mentioned above, trainees and students can obtain a fair and favorable education loan from a wide variety of banks, institutions and lenders. Some types of education loans are mentioned below:

Training loans from savings banks and raiffeisen banks

Since sparkassen and raiffeisenbanken, like many other banks, provide favorable training loans, it is often worthwhile to go to his own house bank. It is advisable to make an initial non-binding consultation appointment, as interest rates and conditions are sometimes amazingly good here. Of course, the requirements and conditions vary from bank to bank. The great advantage of taking out a training loan at your own savings bank or raiffeisen bank is the existence of a personal contact person.

BVA bildungskredit: low-interest education loan from the german government

Very interesting for apprentices, trainees and students is the BVA education loan or. The official education loan of the german government. This is applied for through the state-subsidized kreditanstalt fur wiederaufbau (kfw) and offers particularly low-interest conditions. Loan seekers can receive monthly disbursements of 100 euros, 200 euros, or 300 euros through this, as long as they can prove that they are currently in training or studying, and of course meet the other requirements as well.

If trainees or students need a larger sum to purchase more costly work materials, even a higher advance can be paid out as a one-time payment.

The BVA education loan is even open to students, provided they meet the requirements for taking out this loan. Furthermore, it can be combined with bafog, as these are basically two different support programs.


If you want to finance your education or studies, you have the possibility to apply for bafog. This is an educational loan that the borrower only has to repay half of. Bafog, like the BVA education loan, is also a state-sponsored program from which not only students and trainees can benefit, but also school pupils. With the pupil bafog applies even that the training loan does not have to be repaid.

Kfw student loan

The kfw student loan is also available for financing studies and doctoral studies. This offers students and doctoral candidates a flexible monthly payment of up to 650 euros. The kfw student loan is also not tied to proof of a regular income. Furthermore, no loan collateral is required in this case either. The repayment can be chosen very flexibly.

Training loan from private sources

In addition to the training loans from credit institutions such as savings banks and raiffeisen banks and the state-subsidized loan programs, trainees and students can also apply for and take out a training loan from private sources. Through relevant online portals, private lenders and investors can be quickly located, for example.

Whether it makes sense to take out a private education loan depends above all on whether you can meet the requirements for a government funding program and benefit from the same or not. As a general rule, state-subsidized education loans and credits are much more favorable than loans from private lenders.

Training loan without SCHUFA

For those who wonder whether a training loan can be taken out without SCHUFA, it should be noted that although the SCHUFA score has little influence on the approval of a training loan. However, a negative entry can have a negative impact on the granting of a loan. Especially savings banks, raiffeisen banks and similar credit institutions are a negative SCHUFA entry virtually a red rag.

Purposes of use of education loans

The monthly disbursement of a training loan is not tied to a specific purpose of use. The borrower is therefore free to decide what to do with the money received. Of course, the training loan is basically designed to enable trainees and students to meet running costs associated with their training or studies. In practice, however, the monthly payments can also be used to finance other things that are not directly related to the training.

In the case of larger one-time payments, however, the situation is different. Anyone who needs a large loan for an expensive purchase or a particularly cost-intensive further education is usually obliged to use the sum received for the specific purpose for which the education loan is being applied for.

Conclusion on the loan for training and studies

Pupils, trainees, apprentices and students should by no means neglect to get a very precise overview of the possibilities that exist in connection with a training loan. Many banks, credit institutions and lenders are happy to support the desire of young people to complete a solid education or an eligible course of study at fair and low-interest conditions.

Credit institutions such as savings banks or raiffeisen banks, the federal government, kfw, private lenders and co. Offer fair and flexible education loans at favorable interest rates. It is therefore all the more advisable to make use of loan calculators and carry out a detailed loan comparison before actually applying for a training loan! Only those who make detailed and accurate comparisons have the chance to find the really best and most favorable education loan! In other words, if you don't compare, you're making a big mistake!