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.
Conditions
- 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.
- Please visit the KfW Bank website for information on the current interest rate. 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.
Unsure if the loan is a good option for you? Take advantage of the advice in our BAföG department or social counseling.
Many banks offer special loans for students with 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 circumstances or those of their parents.
Students are eligible if they are
- are 18 to 44 years old and
- at a state or state-recognised higher education institution based 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 legally resided in Germany permanently for at least three years,
- Family members of such an EU citizen who reside with him/her in the Federal territory (the own citizenship and the duration of the previous residence in Germany do not play a role),
- "Bildungsinländer", i.e. students with foreign citizenship who have acquired their higher education entrance qualification in Germany or at a German school abroad.
Funding is available for undergraduate first and second degree courses (Bachelor's, Diplom, Magister, Staatsexamen), postgraduate courses (Master's, additional, supplementary and postgraduate courses) and doctoral studies. Funding is also available for part-time courses of study.
Funding amounts of between €100 and €650 per month can be paid out (with the funding amount decreasing monthly). At the latest after the 6th semester, proof of academic achievement must be provided, otherwise no further payments will be made.
The duration of the subsidy depends on your age on 01.04. or 01.10. before the start of financing:
| Age | Duration of funding |
| 18-34 years | up to 14 funding semesters |
| 35-39 years of age | up to 10 semesters |
| 40-44 years of age | up to 6 semesters |
Repayment must be completed no later than 25 years after the end of the period of receipt and by the age of 67, and there are no forgiveness options for short periods of study, good grades or early repayment. For example, someone who draws €400 a month from KfW for ten semesters will owe €24,000 - plus interest. The variable interest rate is currently 5.90% (effective 6,06%; as of 1 October 2022; KfW Förderbank redefines the interest rates on its loan offers every 1 April and 1 October).
For the repayment phase, however, there is also the option of choosing a fixed interest rate option for the remaining term of the loan. However, this option is valid for a maximum of 10 years, even if the repayment takes longer. This makes you independent of interest rate fluctuations on the capital market and you know exactly how much interest you will pay.
Before taking out a KfW student loan, you should in any case seek advice from the Education Funding Department or the Social Counselling Service of the Studentenwerk as to whether there are any other more favourable options for financing your studies (BAföG, education loan, etc.).
The Studentenwerk does not see this additional offer in a conclusion-oriented way, i.e. with the aim of arranging as many loans as possible, but rather in advising students.
More information online at 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.
