Bafög, grants and loans:
Parents are not the only donors
Dুসsseldorf In addition to Bafög, there are numerous scholarships and loans for student financial aid. A review.
Not everyone has parents who can fully support them financially during their studies, and not everyone has the time to do lectures, theses and the like. Bafög, scholarships and student loans can help. We explain what the options are.
Student loan In order for more students to apply for and receive student loans, the maximum subsidy rate has recently increased from 735 euros to 853 euros – at the same time, your own wealth and your parents’ income may be higher. Benefits of Bafög: You only have to pay a small portion of the subsidy – and the loan is interest-free. This means that if students receive about 51,660 euros in Bafög for six semesters of bachelor’s degree and four semesters of master’s degree, they will have to pay the fifth, including a maximum of 10,010 euros. And payments only start five years after the last fund and are possible in installments. An application is always successful: because even if you only receive a relatively small monthly grant, it can make the study easier because, for example, you do not have to work part-time. In addition, Bafög recipients can expect a flat-rate housing allowance of up to 325 euros. Local university student unions assist in the calculation and application.
Grants Grants that don’t have to be repaid are grants. Intensive research is successful: In addition to large institutions for promoting talented students, most universities also have local scholarships. Organizations help students with outstanding financial and non-material achievements in their academic education to promote talented students. There are 13 funding agencies in Germany that provide scholarships to students and doctoral candidates. These include, for example, the Conrad Adenauer Foundation, the Foundation of German Business, CasanusWorks or the Henrik Bowl Foundation. There is ideologically neutral work and more political, more religious, more economic or union-based work. In principle, there is an application, and a curriculum vitae, a letter of motivation and a certificate are also required. Sometimes they also ask for expert opinions, for example from teachers or professors.
Scholarships received from companies for the promotion of young talents include a flat-rate study allowance of 300 euros, independent of income, and a monthly subsidy of up to EUR 735 depending on the income of the parents. Similar conditions apply to scholarships from the German National Academic Foundation. But scholarships do not only benefit you from money. There are also interesting workshops and seminars for professionals and you are becoming part of a network that can be helpful when looking for a job later.
The so-called Germany Scholarship from the Federal Government, for which you apply to your own university, offers 300 Euros per month for at least two semesters. Half of this is borne by a university donor and the other half by the federal government. The purpose of this support is to enable specially gifted and high-performing students to receive a centralized academic education.
In addition to good grades, many scholarship providers value social commitment and personality. Anyone involved with the parish, sports club or volunteer fire brigade has a good chance. There are also special scholarships for women, from students or non-academic families with a migration background. There are also local scholarships: at Henrik Heine University in Dেলsseldorf, for example, the provincial Rhineland supports law students, Siemens AG supports electrical engineering students, and LVR clinics support medical students with a focus on psychiatry.
Student loan In the exciting stages of your studies, hiring for the money of your studies is not a good solution. An alternative is student loans such as Daka, the loan office of twelve student unions in North Rhine-Westphalia. The non-profit association has been providing loans to students in financial difficulties for over 65 years – and without interest. For example, students in Cologne can apply for loans up to a maximum of 12,000 euros through their local student union; It can be up to 1000 euros per month.
How much the loan is and how long it will be used depends on the individual needs. The average loan amount is about 6500 euros. In 2019, the amount paid to Kölner Studierendenwerk increased significantly: from 854,109 euros to 1,021,973 euros – an increase of 20 percent. “We are delighted to be able to provide more financial assistance to students in this way,” said Jorge J. Schmidt, managing director of the plant. Or not. ” The loan repayment starts twelve months after the payment is completed, but may be further deferred.
And: In addition to student loans, Daka offers loans exclusively for semesters abroad. For example, Cologne students can apply for a loan up to a maximum of 6,000 euros for their semester abroad through the Cologne Student Union in Dakat, which is repaid at one rupee and is interest-free.