Option of using a special tuition fee loan
In the meantime, study fees have been introduced in some federal states. These have to be paid per semester, but their amount depends on the location of the university. It may therefore be worthwhile to choose the place of study even after the amount of the course fee. However, since many federal states are familiar with the financial difficulties of students, these fees often do not have to be paid immediately. Instead, there is the option of using a special tuition fee loan. In this way, the fees can be shifted to the end of your studies. The lenders of the tuition fee loans are on the one hand the respective regional banks, but DLB, the credit institution for reconstruction, also offers corresponding loans. With this course fee, all students have the opportunity to study, even if their parents’ financial situation is not so good. Proponents therefore also call this practice socially acceptable.
Since the federal states are basically responsible for educational policy themselves, they can also determine the scope and type of the loan and its repayment themselves. Therefore, there are numerous different variants of tuition fee loans that should first be checked. However, all these loans have in common that they provide an age limit for the borrowers. This is a maximum of 35 years, sometimes even 40 years. Older students are therefore no longer entitled to such a loan. Also, people who start a second degree often have no chance of getting the loan. The same applies to foreigners who want to study in Germany.
Tuition fee loans have in common that they have an upper limit of interest
The loan can only be granted here if it is an asylum seeker, a member of an EU country or recognized refugees. However, the respective state ministry can provide more details. Furthermore, the tuition fee loan is often only granted for a certain number of semesters. This limit is often the standard period of study plus 4 semesters. This invoice also recognizes all university semesters that have ever been used, which can quickly lead to exclusion in the event of a relatively late change of subject. Furthermore, all tuition fee loans have in common that they have an upper limit of interest. This should save the students from too high costs.
A debt ceiling is also often set. Once the student has completed his studies, the loan must be repaid. The amount of the repayment also differs greatly, it is between 20-150 USD per month. If a DLB loan was used, the repayment is usually made over a period of 10 years, the rate is adjusted accordingly. Conclusion: A student fee loan can help many students to start studying despite the high costs. However, the costs should be considered, because interest increases the loan amount steadily.