Student Credit

Changes to the KfW-Student-Loan due to Corona

The Ministry of Education provides financial assistance for students who are in financial difficulty due to the Corona pandemic. This aid is guaranteed by the long-standing KfW student loan, which students can already apply for from SWFR.

You do not yet have a KfW student loan:
From 8 May onwards, students in Germany can receive the KfW student loan temporarily at an interest rate of 0%.

The new interest rate applies until 31.03.2021 for all disbursements from the loan.
During this period, the Federal Ministry of Education and Research (BMBF) will assume the interest.
As of 01.04.2021, the interest rate valid at that time is to be borne by you again.
All other conditions remain unchanged.

New from 1.06.2020: Also for all foreign students

Students from abroad can apply for the KfW Student Loan from 1 June 2020.
Prerequisite: You must be registered at a German address.
You can receive the first payment on 1.07.2020.
The extension to all foreign students is limited until 31.03.2021.

You already have a KfW student loan:
From 01.05.2020, 0% interest applies to your disbursements

Your credits will be converted automatically. You do not need to apply for or change anything.
You will receive the first full payment without interest deduction on 1.06.2020.
You have agreed a deferral of interest? Then you will receive the full payout amount as usual.
We do not charge interest for the period from 1.05.2020 to 31.03.2021.
From 1.04.2021, the contractually agreed interest rates apply again.

The bridging loan can be applied for in the form of the interest-free loan in the start-up phase from 8 May 2020 at the KfW. Foreign students can apply from 1 June 2020. Further information: www.kfw.de/studienkredit-coronahilfe.

If you have any questions, our financial advisors Elke Martin, Annika Tsalkatis and Anita Hegi will help you (see info box on the right).

In addition to student loans or stipends, banks offer various types of student credit. The long-term loans can help students finance their entire education.

Before students take out a bank loan, the Studierendenwerk checks if students are eligible for BAföG or advises students about other types of credit.

In the following you find two options for student credits:

BVA (Federal Office of Administration)

The Federal Government offers the least expensive financial aid options. The education loan is offered by the Federal Government and promotes both school and academic education.

Services:

Loans from €1.000 to €7.200
monthly installments up to 24 month re-payments of 100, 200 or 300 € per month
A one of payment up to €3.600 for educational expenses
An attractive annual interest rate
Valid during internships and exchange programmes

Benefits:

Can be combined with other types of financial aid such as BAföG
Aid also available for second study programmes and follow up programmes
Proof of performance not necessary
Free cancelation available at the end of every month
Students have four years from the first payment to re-pay the loan
Low monthly re-payment rates of one €120
Lump sum re-payments available at any time

The KfW Student Credit

Since 2006, Student Services has been in partnership with KfW- Bank group. The partnership offers students advice about credit conditions and applications.

The KfW student credit eases living costs of initial student studies and is considered independently from parental income and your own income. Students can receive this in addition to BAföG.

Application:

The application is only available online. Please bring a completed unsigned application form along with a valid student identification, a matriculation certificate and a bankcard to Student Services. Student Services will check the application and confirm your signature.

Conditions:

The amount is between 100 € and 650 € per month
Students can receive the credit for up to 14 semesters
The interest rate is the same for all applicants
Parental income is not relevant
Security is not needed
The loan must be paid off within 25 years

Eligible Students:

Students studying at a state approved German educational institution within Germany
German citizens no older than 44 and have not completed a previous professional studies programme.
Students in their first bachelor programme or in an immediately following masters programme. / Foreigners with government approval to study in Germany (special certificate)
European union citizens who have lived in Germany for three years.