Student loan – special financing for students
Statistically, more than a third of Germans in the past have already financed a consumption issue through a loan. In the meantime, it is accepted in the population, when upcoming expenses and purchases are financed by a loan. This applies in principle to all citizens, irrespective of their profession or what kind of person they are. In the meantime, more and more banks are responding to this growing demand and are beginning to offer not only standard loans but also special loans aimed at specific customer groups.
These special loans are increasingly found in practice and are aimed, for example, at retirees, apprentices, freelancers or even students as a target group. In addition to apprentices, the students are even a particularly popular target group for many banks, since the banks promise to have a long-term business relationship that can be relatively profitable, especially after graduation.
Features and characteristics of the student loan
In many cases, students will first turn to their bank or perform a comparison of providers, so specifically looking for student loans. In most cases, these are in any case ordinary installment loans, which are characterized above all by the peculiarity that the lending in this case takes place exclusively to students. As a rule, the applicant must be able to prove for this purpose that he is still studying what can be done by means of a matriculation certificate. Under this condition, the bank checks the creditworthiness of the customer in the second step, which should not be burdened by a negative Schufa information. In addition, of course, the student should have some income, for example, a part-time job, so that the student loan taken later can be properly repaid in the form of monthly loan installments.
Of course, student loan offerings may vary significantly in terms of terms, but there are certain benchmarks that help students compare offers and find the optimal loan offer in this area. Mostly student loans of the banks are characterized by the following characteristics:
Student loan especially for one-time purchases optimal
The loan for students, which is given by many banks as a special installment loan, is due to its construction particularly suitable for covering one-off expenses. If, on the other hand, the student wants to finance his or her regular expenses incurred during the course of studies, such as livelihood, another type of loan is much more suitable.
Student loan from : financing of regular expenses
Unlike the student loan of the bank, ‘s student loan, which is awarded in the course of a special support program, is particularly suitable if you do not want to finance a one-time purchase, but regular expenditures. Therefore, the Student Loan is ideally suited for students who want to cover a large part of the monthly expenses over the entire duration of their studies. The Student Loan of -Bank addresses these needs optimally, because the loan amount made available, which is dependent on the number of semesters planned, is paid out in monthly installments. The student does not receive – as with the ordinary student loan of the bank – for example, 10,000 euros paid in one fell swoop, but for example, a monthly loan amount of 300 euros made available.
A major advantage of the student loan from -Bank is that the loan can not only serve to cover the monthly expenses, but that the repayment of the student loan does not start until after the degree has been completed. Therefore, the already often tense financial situation of the students is not additionally burdened by credit installments. Only the agreed interest must generally be paid monthly after borrowing. However, for a total loan amount of 5,000 euros, these currently amount to an average of only 220 euros per year.
The following conditions are currently to be observed with the student loan from :
- Effective interest rate: 4.16 percent
- monthly loan amount: 100 to 650 euros
- Special repayments possible at any time
- Repayment begins with grace period after the end of the studies
Student Loan suitable for financing current issues
The Student Loan is ideally suited as a student loan for ongoing expenses, such as livelihood and rental payments during studies. Since the loan amount is paid in monthly installments and the repayment must begin only after the end of the study, the financial situation of the student during the study is not further charged.
Crowdlending as a further financing alternative
A further financing alternative for students should be mentioned here only briefly, since it is in principle no special financing for students, but this form of loan can use in principle almost every citizen. What is meant is the so-called crowdlending, which has sometimes become known as crowdfunding. These are personal loans that will be provided through credit marketplaces. In this case, lenders are not the banks but private individuals. Loan seekers, including students, can find private investors through such a platform. In terms of construction, the loan is similar to the normal student loan of the banks, so that this financing is again only suitable for one-time purchases, but not for the financing of the current expenses during the entire study.