Completing at least part of your studies abroad is now a good way to distinguish yourself later when looking for a job, because in addition to improving your language skills in a foreign language, the student also trains his key qualifications, such as his social skills, during a stay abroad. As the degrees at all European universities are now recognized throughout Europe, the only thing that ultimately has to be done is to finance the stay abroad. There are various approaches here.
Bank education loan
The Bank education loan is a loan for studying abroad provided that the study is an advanced, supplementary or additional course. First degree programs cannot be financed through this loan for studying abroad. For this educational loan it is important that the student is at least 18 years old and at most 36 years old. In addition, the period of study abroad must not last longer than two years. The foreign universities must also be treated as equivalent to a German university.
If these requirements are met, a loan for studying abroad can be applied for. The student can then cover part of his costs with a monthly sum of 100 to 300 euros. On the one hand, the advantages of this loan for studying abroad are the conditions – the borrowing rate is from 2.78 percent per year. On the other hand, no collateral is required for this loan for studying abroad and it can be applied for in addition to the Cream Bank.
Student loan from the Bank
At least one semester abroad can be financed through the Bank student loan. The basic requirement here is that the student remains enrolled in Germany and does not claim a semester of vacation. In this case, the semester abroad counts as a sponsored semester. It is important, however, that the semester abroad does not increase the funding duration of a maximum of 14 months and the proof of performance must be provided at a German university. With this loan for studying abroad, the borrowing rate is at 3.99 percent per year.
The house banks, such as the local savings banks, may also offer a loan for studying abroad. Here, however, the requirements and interest rates vary greatly from place to place. Nevertheless, a visit to the local savings bank is worthwhile to clarify the respective offer, because some savings banks offer attractive special conditions for studying abroad.