When renting an apartment tenants are usually required to pay a deposit amounting to two or three months worth of the agreed upon rent. Therefore, many students will have to pay an additional 750 to 1000 Euros in rent security deposits on top of their actual rent at the beginning of their studies. Often times this will pose a significant financial burden.
Whoever cannot raise the money in time, may contact the Studierendenwerk's loan office. Through this office one may gain access to pre-financing options for the rent security deposit. The full amount will have to be repaid within 6 months. Rates will be discussed on an individual basis. There is an option of extending the agreed period.
The student's neediness will have to be proven by presenting the following paperwork: the latest bank statements, the rental contract stating the required rent security deposit and the disclosure of personal employment and financial details. A warrantor is not required.
Pre-financing of the rent security deposit is available for dormitories as well as private living arrangements.