More and more people are dependent on financing. This also includes trainees who, when the "seriousness" of life begins, are usually unable to finance their necessary purchases, the often necessary move and living expenses out of their own pockets. Expenses are often greater than income, so apprentices rely on taking out an education loan.
But the question quickly arises: Which one should it be? The savings bank's education loan, the KfW's education loan or another education loan? Where are the differences? Which trainee loan is suitable? The answers to these questions can be found in the following guidebook.
FAQ on the training loan
What is an education loan?
An education loan is a loan specifically for people in their education, such as students and apprentices. It offers conditions adapted to their needs and can therefore support people in training on the way to their dream job.
Who can apply for a training loan?
A training loan can apply for someone who is in training. In addition, the age of majority or a guarantee of parents is a prerequisite, as well as a regular income, residence in Germany and a positive assessment of Schufa.
Many trainees need a training loan
Money is important in training, but especially for trainees it is usually scarce. Where should it also come from? There are additional costs, but the income in return is usually much too low to be able to master the expenses. Above all, if an own dwelling must be referred and financed, the incomes are often not sufficient.
Therefore, it is possible to take out a trainee loan to be able to finance the necessary purchases for rent deposit, rent, living expenses and of course for the training itself. Sometimes an own vehicle is also needed for the training. There is no upper age limit for the education loan, although many banks restrict the granting of the loan to people who are a maximum of 25 to 35 years old.
What is a trainee loan?
This is important
The education loan is an earmarked loan granted for education and training under various conditions. The borrower must therefore prove that he or she is currently participating in a training or further education program. The income of parents and BAfoG benefits do not play a role here. Earmarking means that the financial resources that are made available are tied to a specific intention.
In the case of the apprentice loan, the purpose is to finance the training or continuing education. The borrower may therefore compensate for insufficient financial resources, but use the loan amount only to finance the training with it. The payment is made in several installments, but compared to ordinary installment loans, the training loan is granted at much more favorable conditions. One of the reasons for this is the earmarking. As a rule, the apprentice loan does not have to be repaid until after you enter the profession.
Also with the training loan comparisons carry out
The training loan is granted by banks or savings banks at various terms and conditions. The loan offers can vary considerably in terms of the term, the time of repayment and, above all, the interest rate. It is therefore advisable with the trainee loan, just as with any other loan, to carry out a loan comparison on the Internet. The house bank should be in no case the only approach, because also other banks and credit institutes give the credit for apprentices often to better conditions. The comparison offers the optimal opportunity to select the best training loan.
Attention!
Carry out a loan comparison to secure the best conditions. Your personal house bank should not be the only contact point. A comparison ensures that you find the loan with the best conditions for you.
For whom is the loan suitable for trainees?
Trainees can make use of the trainee loan if they do not receive any financial support from their parents or other family members or from the state. An example of this is students who are entitled to BAfoG (German Federal Training Assistance Act). The income of the parents is taken into account. The amount depends on this. The training loan is thus a good alternative for trainees who receive insufficient or no additional funds.
What are the requirements for a loan for trainees?
The borrower must be legally competent, i.e. 18 years old, and have a good credit rating in order to be approved for a trainee loan. The trainee must not have a negative entry in the Schufa file. For some young people, this is the case, for example, when they go into debt on a cell phone contract or when they buy music files.
Requirements for a loan for trainees:
For underage trainees:
In the case of underage trainees, the parents must guarantee, but in this case also have a good credit rating, so that their child gets the training loan approved. If you take out the trainee loan together with a solvent co-applicant, you not only increase the likelihood that the training loan will be granted, but you also get more favorable conditions. This is particularly worthwhile for trainees, who are generally classified as high-risk borrowers.
Tip
Some banks require that the training relationship has already existed for at least six months in the case of a training loan. On typical loan collateral, which is usually required for conventional installment loans, waive almost all banks and credit institutions. Assets are not checked.
Apprenticeship loan application – what to consider?
Trainees should apply for the trainee loan in a small amount. On the one hand, the monthly income is not so high even after the training, if they find employment. On the other hand, it is not certain that the trainee will be taken on 100%. Therefore, a small loan is advisable, for example, from 1.000 to 2.000 euros.
The term of the loan for trainees should be short and not exceed the duration of training. Despite the monthly installments, there should still be enough money for other expenses. The loan comparison on the Internet is ideal: This allows you to determine the optimal term and rate and, above all, find the most favorable loan offer.
Training loan – the various options
One of the various options is the very low-interest training loan from KfW, which is granted specifically to trainees. The education loan can be used to cover current expenses, such as rent, food, insurance, cell phone or other expenses. With the KfW training loan, monthly amounts of, for example, 100 to 300 euros can be applied for. The maximum amount of KfW's training loan is currently 7.200 euros, which amounts to 24 installments in the amount of up to 300 euros.
Repayment takes place after completion of the training and after a grace period of two years. Interest does not accrue during the training period. You always have the option of repaying the training loan early free of charge. In addition, you have the option of making a one-off payment of a maximum of 3.600 euros can be obtained if expensive purchases or working materials are necessary in the course of education. This sum is deducted from the maximum limit. With the training loan, the KfW banking group supports trainees on their way to the desired profession.
Among the requirements for approval of the loan is an ongoing education or full-time studies. The KfW training loan does not fund the initial phase of training, but only the last 24 months. In addition, the trainee must not be older than 35 and must have a residence in Germany. The assets of the spouse or parents are not taken into account when applying for a loan. No collateral is required and the loan convinces with a low APR of 0.52