Partial financing with child benefits
Parents can apply for child benefits until the student reaches the age of 25. The amount of child benefits depends on the number of children. Parents receive 219 euros per month for the first two children, 225 euros for the third child and 250 euros for each additional child.
Typically, parents are forced to support their children financially during their primary education. The baby’s benefits aren’t enough, but it’s a first step.
State funding through BAföG
The Federal Training Assistance Act aims to give students the opportunity to complete their studies regardless of their financial situation. Anyone who qualifies for BAföG after thorough examination of all documents will receive a maximum of 861 euros per month from the state.
The age limit for BAföG is 30 for bachelor’s degree and 35 for master’s degree. Although parental assets do not play a role in the calculation, your own assets must not exceed ,500 7,500. Parental income and other important factors such as their living conditions and number of children affect the amount of support.
BAföG loan repayment must begin five years after financing. The maximum amount of payment is limited to 10,000 euros.
Sponsorship through scholarships
Another way to finance your studies is through a scholarship. With this type of loan, students do not have to repay any money and so they have little bureaucracy during and after their studies so that they can concentrate fully on their studies.
For a scholarship, applicants must generally have particularly good grades or demonstrate outstanding social commitment. Those who pass the selection process and thus get a place for their scholarship can expect to receive at least 300 euros in funding per month. However, many scholarships are associated with specific requirements. For example, scholarship holders at a foundation often have to attend a certain number of seminars per semester or finish their studies within a certain period of time.
Financing your studies with a part-time or working student job
If time permits, a part-time job is a great way to earn money while studying. In addition, valuable practical experience can be gained for later careers.
When looking for a job, students need to distinguish between a mini-job and a working student job on a 450-euro basis. A 450-euro job can be combined with BAföG payments without any deductions. As a rule, students in mini-jobs do not work more than 10 hours per week.
Student trainees, on the other hand, are allowed to work an average of 20 hours a week and are paid higher accordingly. It is possible to work full-time without contributing to semester breaks, health insurance or long-term care insurance. However, working students who are receiving BAföG should find out in advance that their monthly income limit can be exceeded without the risk of deducting from BAföG funds.
h2> Financing through educational loans
Especially those who are not entitled to BAföG can cover their expenses with an education loan. Parental wealth plays no role – their own wealth is as little as a car.
Education loans from KFW-Bank, for example, guarantee a monthly amount between 100 and 300 euros for students, but the maximum financing period is two years. Payment starts four years after the first payment and is always 120 euros per month. Since KFW-bank loans are backed by the state, interest is charged on repayments.
Editorial office finanzen.net
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