Credit for study abroad.
Studying abroad can be financed by the Federal financial aid on similar terms as studying in Germany. An educational loan can also be applied for in the same way as the Federal financial aid abroad.
Banks and savings banks usually grant student loans only for study in Germany or restrict a credit for studying abroad to a few semesters, linked to tight conditions.
The loan conditions, in particular the interest rates, but also the repayment modalities are very different from bank to bank. Intrasavings bank offers two interesting loan options.
The financing of study abroad through an educational loan
This credit for study abroad is only granted if the university has the same status as a German university. The student must be registered in Germany and may only stay abroad for the duration of the studies.
A maximum of 7,200 USD will be paid per training period. The other modalities, including the application and repayment, are similar to those of the Federal financial aid for studying in Germany.
Financing options by the Intrasavings bank Bank
Intrasavings bank Bank does not finance a complete study abroad. The student loan from Intrasavings bank can be used to finance individual semesters abroad. The prerequisite is that the student remains enrolled at the university in Germany during this time.
This credit for studying abroad is paid out over a maximum of 14 semesters in monthly amounts of 100 to 650 USD. The grant is not tied to collateral and takes place regardless of one’s own income and the income and assets of the parents.
The borrowing rate is 3.99% per year. The repayment starts 6 to 23 months after the last payment, the moderate installments are set flexibly. In addition, an unscheduled repayment is possible.
On the other hand, if the studies are completed entirely abroad, an educational loan can be granted for the last few semesters. The loan offers a payout amount of up to 300 USD per month over two years or the payment of the total subsidy amount in one amount.
However, the foreign educational institution must be equivalent to a German university. As orientation, the recognition for the Federal financial aid permit can serve here. Intrasavings bank calculates a borrowing rate of 2.57% per annum for this loan for studying abroad.
Also with this loan the permit is not attached to collateral and takes place independently of the own income and the income and assets of the parents. This educational loan can be applied for several times, for example for different training periods.
The repayment is granted for a four-year grace period, which means that the first installment is due four years after the first payout. In the case of further funding for a new training phase, Intrasavings bank will be able to round up the existing repayment installments.