Festo education fund
The Festo Education Fund is a study financing scheme and comes under the Education Fund category .
The fund supports students in the MINT area. The financing includes the financial service, the opportunity to acquire career-relevant competencies (soft skills) through various qualification measures and to establish practical contacts at an early stage with the help of the network.
background
The education fund is an initiative founded in June 2007 by the shareholders of Festo AG & Co. KG (Corporate Educational Responsibility). In cooperation with CareerConcept, Festo implemented the concept of the company's first in-house education fund as part of its self-defined corporate educational responsibility and founded the Festo education fund.
The financing is intended to enable students to concentrate on their studies and the desired degree without having to pursue gainful employment outside the subject. Thus, the study should be completed in the regular time and should be entered into professional life faster.
Fund volume
After the fund was founded, Festo made around 5 million euros available to finance students and has since increased it to 8 million euros. A generational contract was established, and the repayment of the graduates finances the support of the new participants.
canditature
Everyone has the same opportunities, regardless of BAföG entitlement. There is no specific application period. The application is only made online. The applicant creates an application profile and uploads the application documents.
The application process takes about 4–6 weeks. After the application has been received, the documents are checked in an initial evaluation. Technical, academic and personal factors are taken into account. If the initial evaluation was successful, the applicant will be invited to an online assessment center and a telephone interview.
If the application process is successful, the applicant receives two individual financing and repayment offers with different terms. The applicant can choose the appropriate contract variant.
financing
All courses in the MINT area (mathematics, computer science, natural sciences and technology) as well as combined courses such as industrial engineering or medical technology are financed. Bachelor , master , doctorate and part-time studies are funded . A semester abroad or a complete study abroad can also be financed.
Funding amount and funding period
The maximum financing amount is 40,000 euros. This money can be divided into cost of living (up to 800 euros per month), tuition fees (up to 100%, max. 10,000 euros per payment time) and one-off expenses (up to 5,000 euros). Overall, the financing can be used for all direct or indirect study-related expenses (rent at the place of study, stays abroad, internships). The funding period is a maximum of 48 months. The participant receives the financial benefits until the end of the standard period of study plus one semester.
repayment
The repayment to the fund is income-related. After starting their career, the participant pays back a fixed percentage of their gross income over a fixed repayment period. The amount of the percentage depends on the funding period and the amount of funding. As a rule it is between 4 and 10%. The repayment period is usually between 4 and 7 years. However, the content of the contract will be determined prior to conclusion.
If a postgraduate course is started during the repayment period, no repayment will be made during this period. Payment will be postponed to the time the graduate program ends. If the participant is unemployed or insolvent after completing their studies, the repayment will be temporarily suspended. It begins when the participant has a permanent job. If he is unemployed during the entire repayment period, no repayment will be made (Bachelor + Master). This means that the repayment only corresponds to the volume that the students can actually afford.
Qualification
The participants can build up job-oriented competencies parallel to their studies. The qualification offers are divided into different areas such as personal development, methodological knowledge or career start. All qualifications are free for the active participants and can be used at will.
network
The Festo Education Fund has put together a network of companies and universities. These networks serve as a platform for the students so that they can collect different practical experiences and exchange ideas.
Through excursions, theses or internships, the participants can get to know the network companies, which consist of medium-sized market and technology leaders, and establish contact. Another part of the network are professors who are available as contact persons for the participants.
The regional networks are an initiative of the participants in the education fund and organize regular get-togethers and excursions and maintain contact with one another. They are represented throughout Germany and serve as contact persons for interested parties and network partners.
Awards
- Initiative Prize 2008 Training and further education of the DIHK
- “Selected Location 2010” in the Land of Ideas
- TOP 100 "TOP Innovator 2012"
Web links
- Official website
- CHE Student Loan Test 2012 (PDF file; 770 kB)
- CarrerConcept market leader in education funds
- Studienkredit.de Information portal on topics about student financing with education funds
Individual evidence
- ↑ Corporate Educational Responsibility of an entrepreneurial family - Festo Education Fund ( Memento of the original dated June 11, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Festo supports engineers with an education fund - ingenieur.de
- ↑ Financing your studies with the Festo Education Fund is the clever alternative to student loans, BAföG or grants - Festo Education Fund
- ↑ a b Everything you need to know about interest rates and interest comparison for education financing
- ↑ Your scholarship for job-oriented qualification - Festo Education Fund ( Memento of the original from July 7, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ^ Network - Festo Education Fund
- ↑ Festo Education Fund receives initiative award for training and further education 2008 ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Land of Ideas - Germany - Festo Education Fund ( Memento of the original from May 25, 2015 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ TOP 100: The most innovative medium-sized companies ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
