Frankfurt Rooms 310 to 420 at Goethe University in Frankfurt are a place of hope and fear. The young people in the corridor hope for financial help and at the same time fear that they will not get it. The university staff behind the door has a lot to do – at the beginning of the semester, especially the large number of students who want to apply for state educational assistance, in short: Bafög.
In principle, anyone can apply for such a grant. The maximum rate is 735 euros per month including surcharge for health and nursing care insurance. It will be 44,100 euros for six bachelor and four masters semesters.
A complex formula is used to calculate whether a student deserves money and if so, how much. Determining factors include parental income, own wealth and number of siblings studying.
Bernhard Börsel from Deutsches Studentenwerk advises each student to submit an application: “If you do not do this, you run the risk of being paid আছে there are many amounts that are not withdrawn.” No one should be afraid of getting into too much debt. After all, debt repayment is subject to transparent rules.
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Bafög is provided half as a loan and half as a grant. The loan is interest-free and repayment is limited to 10,000 euros. Anyone who collects the highest rate for ten semesters receives a gift of 34,000 euros from the state.
Funding begins the month the application is submitted. Processing time may take several months. Even when money is flowing, recipients can’t sit back and relax until it’s done. Bafög is granted for one year only. Therefore, an application for further funding must be submitted repeatedly.
The benefits are not unlimited, the maximum duration depends on the standard time of study, which is specified in the rules of study or examination of the relevant subject. Debt repayment begins within five years of financing – usually in monthly installments of 105 euros.
Anyone who can pay a large sum at once will get a partial discount of up to 50 percent. “Buffog is a cheap way to help finance your studies – but not the cheapest,” Borsell said. So he suggested finding out about the scholarship.
Scholarships are not just for nerds
Scholarships provide financial assistance without going into debt. Possible point of contact is 13 big organizations to promote talented students. Organizations like the Conrad Adenauer Foundation or the Friedrich Ebert Foundation value performance. Most have party affiliations or religious backgrounds.
“Scholarships are not just for the highly talented. Grade can also be compensated by volunteer work or an unusual educational path, “Borsell said. He cites German scholarships from the federal government as an example. Anyone who qualifies will receive 300 euros a month.
There are also more than 2,000 small organizations that help students financially and place less emphasis on performance and commitment. Examples are support programs for half and full orphans and young people with chronic illness or disability.
Others target women only or apply to specific disciplines. And the Nassau Central Study Fund supports students born in the former Dutch area of Nassau up to ইউরো 1,000 per semester.
Student loans and education funds
If you are not eligible for a scholarship or student loan, you can take a student loan. However, Studentenwork’s Borsell warns: Before taking out a loan, everyone should make a definite repayment plan to avoid additional debt.
Banks repay this loan in monthly installments. The Kreditanstalt für Wiederaufbau (KfW), for example, grants up to 650 euros in a maximum of 14 semesters. Unlike Bafög, the loan carries interest. Debt repayment at KfW begins 23 months after graduation. The variable interest rate there is currently 4.09 percent.
Many student unions offer interest-free loans that are cheaper than these types of loans. However, these are not ongoing payments, but one-time payments intended to help students in need.
Education funds are more flexible than student loans, but they can be more expensive. The capital comes from private investors who buy shares in a fund similar to the stock exchange. Fundraisers distribute funds to selected students, in exchange for which they have to give up a predetermined percentage of their income for a certain period of time after their studies.
If you get a higher salary, you may have to pay more than you need to pay for a student loan to support you. Here, too, Barcel warns: since the agreements are not universally accessible, the submitted document should be carefully examined, for example for suspicious clauses. Those who qualify for a fund to stay above average performance should first apply for a scholarship.
Child support and maintenance
Bafög and Co. Regardless, students can claim child benefits until their 25th birthday. It is currently at least 194 euros per month. Usually the money is transferred to the parents. If they do not provide child support – not in cash or in the form of boards and accommodation – it can be provided directly to the child. Student income does not play a role in entitlement.
During the second degree, however, authorized work time is limited: those who work more than 20 hours a week do not receive child benefits. If undergraduate and postgraduate degrees are related in terms of time and content, they are generally considered as initial training.