Education is expensive and would like to be financed accordingly. And, this is especially true for degree programs of all kinds. Especially studying over several semesters can be quite money, which is why students take up to 600 million euros a year in student loans. Of course, it makes a lot of sense to compare these types of loans. Because, even with the supposedly cheap offers hidden many a nasty surprise.
A student loan is for many students an attractive alternative to the normal student loans. Not all students want to just rely on government assistance. This will eventually have to be repaid sooner or later. Thus, a loan often appears to be a better solution than the state variant.
The student loan from Bank
The loans for students, which are awarded by the bank, are almost among the classics in this sector. For years, Bank was in the lead and waved attractive terms, driving many other banks or regional banks out of the market. However: the tendency is declining.
In recent years, fewer and fewer students have taken out loans from Bank. A decline of more than 10,000 contracts per year is no longer a rarity. But, why is that?
Bank’s student loan is no longer as competitive as it was at the beginning. The framework is old-fashioned and simply too rigid in today’s modern world. For example, the monthly payout is still limited to 650 euros. A sum that is no longer sufficient for many students. In addition, the payout is declining. Means: the longer the credit runs, the lower the possible sum that can be paid out per month. There are really better offers.
Educational fund of Brain Capital
The Brain Capital Institute, which specializes in educational funds, offers students very attractive conditions. The interest rate is individually negotiable and the payout is based on the individual tuition. These loan options are ideal for students who only care about being able to pay the sometimes horrendous tuition fees at the universities.
The savings bank education loan
The education loan, which can usually be applied for at any regional savings bank, attracts with attractive conditions. Thus, the loan amount is set at a maximum of 25,000 euros, of which students can withdraw up to 417 euros each month. Enough to afford a life as a student, without much parental support. The interest rate is the same for these offers of the savings bank and is around 3 percent. An attractive, thoroughly rewarding option to normal student loans.
Education financing of the VR-Bank
The bank, formerly known as Volksbank and Raiffeisenbank, also offers education financing. This is limited to a relatively low loan amount of 15,000 euros, of which you can withdraw a maximum of 250 euros per month. Compared to the education loan of the savings bank, the interest rate is slightly higher and amounts to 3.5 percent. Primary education financing is ideal for students who are looking for small financial support. This can sometimes save you some time-consuming side job with the education financing and you have more time to concentrate on studying.