Financing your second degree with a student loan

Working life is no longer very consistent and an apprenticeship or course of study can be a good way to start your career, however, some employees can no longer rule out a second degree today. However, it is now difficult to pursue a profession in order to secure a monthly income while at the same time successfully completing a second degree within an acceptable period of time. The student loan can be a solution for this. As the name suggests, student credit is intended for people who are studying. The student loan is therefore not a classic consumer loan in order to make larger purchases. It differs very much from the well-known loan in many aspects, which is also due to the fact that this loan is tailored precisely to the needs of students. Important differences from the usual loan are that, for example, the loan amount is not paid out in one amount, as is known from the consumer loan.

How to use student loans?

How to use student loans?

With student loans, monthly amounts from the loan amount are paid to the student at a fixed agreed amount, so that the cost of living can often be financed continuously and reliably without a second job. The term of the loan is initially based on the payment period. Another important difference to the classic loan is that the installment payment by the borrower does not start with the payment of the loan amount. In the case of student loans, installment payments to repay the loan and the interest only begin after the payment period. For example, a student can then expect regular payments from the student loan for 72 months without starting a repayment.

Which provider is better for student loan?

Which provider is better for student loan?

The repayment phase, in which the loan is then repaid, only begins after the 72 months, i.e. when the student is working. A term of up to 14 semesters is granted for the student loan, depending on the provider. After the disbursement phase, many banks grant the borrower a so-called career-finding phase, in which no installment payments have yet to be made. This means that the student can initially put his professional life on a solid footing and only then start repaying the loan with a steady income in the background. The student loan is therefore ideal overall to be able to concentrate fully on the course and then complete it in a correspondingly short time.

Experience has shown that students who have to struggle with money problems or who have to work part-time jobs in order to be able to meet their monthly financial obligations have less time to study and therefore need l Longer study times before the successful completion can be recorded. In the case of student loans for the financing of a second degree, it should be noted that age limits may make it impossible to accept them. Student credit is usually granted up to the age of 30. The amount of the loan should also be kept as low as possible so as not to burden the start of your career after your studies with high debts.

Leave a Reply

Your email address will not be published. Required fields are marked *