Education loan
The education loan is a loan granted by KfW for training and studying, which supports the applicant financially in advanced training phases. The basis for the education loan is the guideline for the award of the education loan of the Federal Ministry of Education and Research. In contrast to BAföG, the education loan is granted regardless of your own income and assets and regardless of the income of your parents. The amount of the educational loan is between a minimum of 1000 euros and a maximum of 7200 euros, whereby the loan is generally not paid out as a one-off payment, but in up to 24 monthly installments of 100 euros, 200 euros or 300 euros. Deviating from this, up to 3600 euros can be paid out in one sum on request for one-off expenses (e.g. laptop, travel expenses for a semester abroad).
Application and funding conditions
The application for the education loan is made via the Federal Administration Office (BVA). The prerequisites for the granting of an application are, among other things, that the applicant is in the final phase of training, for example a master’s degree, main study for diploma courses or the last 24 months of an apprenticeship.
Interest and repayment
Interest is paid at the end of each quarter. The interest rate is based on the 6-month EURIBOR ( EURIBOR interest rate + 1%) and is fixed for six months on April 1st and October 1st. Interest is deferred for the first four years . From the start of repayment, the educational loan must be repaid in monthly installments of 120 euros. By June 2010, however, a quarterly installment payment of 360 euros was planned, in deviation from the current regulation. The borrower receives an account statement every six months, which shows the accrued interest and the progress of repayment.
| Historical interest rates | ||
|---|---|---|
| from date | nominal | effectively |
| 04/01/2005 | 3.25% | ... |
| 10/01/2005 | 3.22% | 3.27% |
| 04/01/2006 | 4.03% | ... |
| 10/01/2006 | 4.61% | ... |
| 04/01/2007 | 5.10% | ... |
| 10/01/2007 | 5.84% | ... |
| 04/01/2008 | 5.81% | 5.96% |
| 10/01/2008 | 6.37% | 6.55% |
| 04/01/2009 | 2.71% | 2.74% |
| October 01, 2009 | 2.03% | 2.05% |
| 04/01/2010 | 1.96% | 1.99% |
| 10/01/2010 | 2.13% | 2.15% |
| 04/01/2011 | 2.55% | 2.57% |
| October 01, 2011 | 2.76% | 2.78% |
| 04/01/2012 | 2.10% | 2.12% |
| 10/01/2012 | 1.45% | 1.44% |
| 04/01/2013 | 1.34% | 1.33% |
| 10/01/2013 | 1.34% | 1.33% |
| 10/01/2015 | 1.03% | 1.03% |
| 04/01/2016 | 0.87% | 0.87% |
| 10/01/2016 | 0.80% | 0.80% |
Web links
Information on educational loans from the Federal Office of Administration