Loans for further education – taking advantage of state subsidies

Loans and funding for students

Bafog is a state subsidy for young people undergoing vocational training or university studies and is granted in the form of an interest-free state loan. Bafog is regulated in the social code with the aim of creating equal opportunities in education. Prerequisites for applying for bafog is german citizenship. In addition, foreigners with a permanent right of residence or the prospect of remaining in germany can also apply for bafog. In principle, bafog is granted as a subsidy for initial training. At the same time, at the beginning of the training, the 30. You must be under 35 years of age, or 35 years of age for a master's degree. Year of life. For the granting of bafog achievements must be furnished by the applicant/the antragstellerin, which suggest the reaching of the training goal. The benefits must be proven at certain intervals.

Support for gifted students

The begabtenforderung is a scholarship that is awarded to students with special talent and personality. The scholarship does not have to be repaid by the student and is supplemented by individual support programs.

Education loan

The state education loan can be applied for instead of bafog or in addition to bafog. This is a low-interest and temporary government loan. The granting of the education loan is independent of the applicant's education salary or the income of their parents. A creditworthiness check is not carried out when applying for a loan. Eligible for the education loan are students of legal age who are in an advanced stage of their studies and also students who are in the penultimate and final year of their education.

Low-interest student loan from kfw forderbank

Not all applicants meet the requirements for bafog or the education loan. Major banks now offer favorable education loans, including the kfw development bank. The kfw (kreditanstalt fur wiederaufbau) is a public institution and the world's largest development bank. Student loans or knowledge loans are aimed at students who are in their first year of studies. When applying for the loan, students must be between 18 and 31 years old. Students can apply for a monthly loan payment of 100 to 650 euros. The student loan may be awarded for up to 14 semesters of funding. Repayment of the loan does not begin until 6 months after the end of studies. The income of the student or their parents are not relevant when the loan is granted. The student loan can generally be combined with bafog or the education loan.

Student loan

Master bafog

The meister-bafog is regulated in the upgrading training assistance act (AFBG). In contrast to bafog, there is no age limit for the meister-bafog. It also serves to promote the dual education system, which is completed after initial training. The award of the meister-bafog is aimed, for example, at future master craftsmen, technicians or specialists. If you successfully pass the exam of the educational measure, a waiver of 25 percent on the remaining loan is granted. Another possibility within the framework of the meister-bafog can be proportionally subsidized costs for courses that prepare for exams or oral exams.

Interest-free and low-cost loans help students and trainees to focus on their studies. The government grants require good performance and student loans can be coupled with government grants. But with all funding options, students should be aware that the loans must be repaid after graduation. Therefore, the cost should be kept in mind from the beginning.