Are you thinking about taking out a loan or credit to finance your studies? This decision needs to be well thought out, because it can mean that you will have to pay back high interest rates later on. However, there are also favorable conditions for certain loans for students.
So find out about the various offers here! And before you decide on a loan, first make sure that you are not entitled to BAföG. BAföG is the most favorable form of student financing: Half of it is free and the other half is an interest-free loan!
- is for students who are already advanced in their studies.
- can be applied for up to the age of 36.
- is additional aid for special situations, such as for financing expensive study materials, excursions, study visits or internships abroad.
- The education loan is paid monthly in advance in installments of 100, 200 or 300 euros by the Kreditanstalt für Wiederaufbau (KfW). Other options are possible.
- Income and assets of the students or their parents do not play a role in the awarding of the loan.
- The interest rate is currently 0.52% (effective 0.52%; as of October 1, 2020; KfW Förderbank redefines the interest rates of its loan offers every April 1 and October 1).
- Repayment begins four years after the first disbursement.
- The loan must be paid in installments of 120 euros per month.
There is no legal entitlement to the education loan. Since only a certain annual sum is available for the education loan program, the application should be submitted early. If the annual sum is not sufficient for all applications, the date of application is decisive.
More information on the education loan can be found on the BMBF website.
Many banks offer special loans for students at very different conditions. The Studentenwerk Hannover is a sales partner for the KfW student loan.
This offers students (independent of BAföG) an additional possibility of financing their studies - without checking their own income or financial situation or that of their parents.
Students are eligible for funding if they are
- are 18 to 44 years old and
- at a state or state-recognized university located in Germany
- on a part-time, full-time or part-time basis
and belong to one of the following groups
- German citizens*,
- Family members of a German citizen who are staying with him/her in Germany (their own citizenship is irrelevant),
- EU citizens who have been legally resident in Germany for at least three years,
- Family members of such an EU citizen who reside with him/her in Germany (their own citizenship and the duration of their previous residence in Germany are irrelevant),
- "Bildungsinländer*innen", i.e. students with foreign citizenship who have acquired their higher education entrance qualification in Germany or at a German school abroad.
Repayment must be completed no later than 25 years after the end of the reference period and by the age of 67. There are no waivers for short periods of study, good grades, or early repayment. For example, someone who receives 400 euros a month from KfW for ten semesters incurs 24,000 euros in debt - plus interest. Note: The interest rate is variable, it is reset twice a year.
Before taking out a KfW student loan, you should definitely get advice from the BAföG department or the Studentenwerk's social counseling service as to whether there are any other more favorable options for financing your studies (BAföG, educational loan, etc.).
We as the Studentenwerk do not see this offer as being degree-oriented. Our goal is not to arrange as many loans as possible, but to give you good advice.
More information is available from the KfW-Förderbank.
Special financing problems can arise shortly before graduation. BAföG funding has expired because the standard period of study has been exceeded, or there is not enough time left for working alongside the final thesis.
The Studentenwerk therefore helps students in particular need with long-term student loans. These loans are interest-free (!) and are intended to facilitate graduation. The amount of the loan is based on the BAföG rates.
In principle, the loans are also open to students from abroad.
The exact terms and conditions for student loans can be downloaded as a PDF below.
You need more information? Contact our social counseling service.