Credit for master school
Various reasons motivate employees to apply for a loan to attend a master school: the range of motives ranges from better chances on the job market to the intention to become self-employed. Since education is usually quite expensive, most people are dependent on credit. This market gap is not only closed by the Intrasavings bank, but also by banks and savings banks. In order to be able to bring order into the diversity of loan offers, it is necessary to present the conditions and conditions, separated into offers from state-subsidized programs on the one hand and banks and savings banks on the other.
Public law offers for credit for a master school
The majority of applications are between 3,000 and 5,000 euros. According to the so-called Advancement Training Funding Act, commonly known by the abbreviation Meister-Federal financial aid, the granting of a non-repayable subsidy is subject to strict conditions: The competent state authority calculates a basic requirement for the applicant and his family and subsidizes max. 30.5% of the costs. Intrasavings bank covers the loan requirement beyond the subsidies up to a maximum amount of currently 10,266 euros. The loan interest rate amounts to 3.48% per annum (as of 02.12.2011) and is variable. The loan is independent of the income and assets of the applicant’s parents. Collateral can not be provided. For the duration of the apprenticeship and after having passed the Master’s Examination period from 2 to a maximum of 6 years, the state pays the interest. The minimum monthly repayment is then 128 euros. The loan is to be paid within 25 years. Special repayments are possible at any time free of charge.
Offers of private banks and savings banks to the credit for a master school
Conditions and conditions for a non-state subsidized loan for a master school are as diverse as the number of providers. At present, interest rates range from 2.90% to 17.90% per year. The wide range is explained by the creditworthiness-dependent credit check. On the Internet many offers are available in comparison portals. All offers are in addition to the necessary credit check common that the possible loan amounts go well beyond the government-subsidized program loans: They reach up to 80,000 euros with a correspondingly good credit rating. So finding an individually acceptable loan for a master school is not an insurmountable problem.