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Apply for an education loan

The education loan supports you in financing your school education or studies by providing you with financial relief so that you can concentrate on completing your school or university education.

The loan is limited in time and low-interest.

Your income and assets or that of your parents or your spouse or partner are basically irrelevant for the approval of the education loan. However, you do not have a legal claim to approval of the education loan. You can claim the loan even if you already receive BAföG or a KfW student loan.

Funding level and funding period

The education loan can be granted per training phase as a loan up to a maximum of EUR 7,200. A claim is possible for a maximum of 24 months per training phase.

For a course of study, the loan can initially only be granted to you until the end of the 12th university semester. After the end of the 12th university semester, you must prove when applying that you are admitted to the final examination and can complete the training within the possible funding period (24 months).

For a school education, an education loan can only be granted in the last 24 months of training. In addition, you must finish your training with a professional qualification or have previously obtained a vocational qualification. The training must be eligible for BAföG.

Studying abroad

Even if you study at a foreign university, you can get an education loan. The foreign educational institution must be recognized as equivalent. The Federal Office of Administration will check for you whether this is the case.
Your nationality does not play a role in the application for the education loan. It is decisive that the residence permit granted to you does not preclude an application. The Federal Office of Administration will also check this for you.

Disbursement and repayment

The KfW Group will pay you the education loan in monthly installments of EUR 100.00, EUR 200.00 or EUR 300.00 each. You cannot change the amount of the rate you have requested during the requested payment period. However, you can receive an advance payment if you claim a corresponding need, for example for cost-intensive work materials. The advance payment can be up to EUR 3,600 if the total of 24 monthly installments and EUR 7,200 are not exceeded.

The repayment begins 4 years after the due date of the 1st payment. The repayment is made in monthly installments at EUR 120.00.

You can repay the loan in whole or in part at any time without incurring any additional costs or fees.
Interest

Interest accrences for the term. The interest rate is variable and depends on the 6-month EURIBOR (European Interbank Offered Rate). It shall be fixed on 1 April and 1 October for six months each. The nominal interest rate includes an annual administrative cost surcharge of one percent.

You can apply for an education loan in writing or online at the Federal Office of Administration (BVA).

Source: Serviceportal Niedersachsen (Portalverbund des Bundes und der Länder)

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