The granting of loans to students is a rather ambiguous situation for banks: on the one hand, the credit ratings that are found often have some shortcomings, but on the other hand, efforts are being made to tie well-qualified graduates to the company in the future. Not least because of this, many banks have a special student or student loan, which places comparatively few demands on creditworthiness.
The student loan at banks
This loan for students is particularly interesting if you want to get the study done quickly, but do not have Bafög or other income, with which the livelihood can be financed permanently. In contrast to Bafög, the income of parents does not play a role in the admission of a student loan. Although the credit rating is checked and in this case a credit bureauobtained, but these factors play less important role as for example in normal installment loans. As a rule, a student loan may not be used to replace existing loans, but rather is intended to end the course of study in the foreseeable future. Rather, it is important that an enrollment certificate is available.
The supply of banks has widened over the last few years. Initially, it was only the parastatal Intrasavings bank Bank, which offered this loan. Meanwhile, other banks, such as the savings banks or Deutsche Bank, have also joined the Astro financing program with a loan for students. Reason enough to check in advance exactly which student loan is ultimately the right one and where the most favorable conditions can be obtained.
Course of a student loan financing
A student loan usually goes through three phases. At the beginning, of course, is the payout phase, in which the student regularly receives a predetermined amount into his account in order to finance his daily expenses. However, the payout phases differed from provider to provider insofar as not every bank paid out the full amount right at the beginning. For example, some providers may find that the maximum amount that should be transferred each month is lower within the first two semesters because banks want to make sure that the applicant has really chosen to study properly. The duration of the payout is usually based on two sizes: semester number and maximum amount. For commercial banks, a maximum amount is usually used, up to which the loan is paid on a monthly basis. By contrast, for example, Intrasavings bank is promoting the financing of the study for at least 14 semesters.
After the payment follows the waiting period. Here, apart from any interest payments, no payment transactions take place, neither towards the bank nor to the (former) student. This phase is designed to ensure that the borrower can orientate himself and establish his position in the working life without repayment obligations before he starts repaying the loan.
It is only after the qualifying period that the repayment phase begins, in which the student loan is repaid. For this period, a separate repayment plan is usually agreed, which also allows repayment in very small installments. It is particularly important to ensure that this repayment can be done flexibly, since it is difficult to foresee the income situation of the next few years. Offers with free or at least favorable unscheduled repayments are therefore to be preferred.