Those who want to take care of their professional development and decide to attend a master school are in the process of investing their money well. Investments in one’s own education are always well worthwhile. The question that often arises, however, is where the money should ultimately come from. A blanket response can hardly be given, because initially the starting situation is decisive. On the market, however, find suitable offers on a loan for the master school.
Financing education through state aid – what needs to be considered?
First of all, the question arises whether the training in the master’s school should be completed full-time or part-time. With this, the first financing options can already be opened up. If the visit to the master school is a full-time affair, then state aid can be used, provided the conditions are right. For this purpose, the so-called master Financial aid was set up, which is also regarded as a credit for the master school and can come up with comparatively favorable conditions.
The master Financial aid, however, is subject to certain conditions. It does not finance training courses leading to degrees that are equivalent to those already existing (eg university degree). In addition, a completed vocational training must be presented. The amount of Financial aid depends primarily on the marital status of the applicant.
Single persons without a child, for example, receive a maximum of $ 697, married couples with two children at most $ 1,332. If there are other incomes, they will be offset against the required rates and deducted accordingly. A repayment of the loan takes place on favorable terms over a term of up to 10 years. In addition, the applicant may also agree to a two-year grace period. The interest burden is borne by the state during this period.
Solutions for part-time education
Those who want to tackle the training as a master on a part-time basis, unfortunately can not benefit from a state loan for the master school. At this point, the offers of the credit market will become more relevant again. Again, the question of the initial situation arises: If you have a permanent employer, the lending should not be too difficult. But if you are already independent, patience becomes necessary. Because banks only grant very unwilling loans to the self-employed, since these usually do not have high reserves and are affected by cyclical fluctuations as the first of its effects.
At this point, there is still a relatively new and at the same time very innovative solution to get a cheap loan for the master school: The personal loan. The special thing about it is that no bank is involved, but private individuals, who act here as investors, the loan. There are quite a few projects available to them, which can be used to achieve effective risk diversification. This in turn means for the borrower that the required sum is collected relatively quickly.
In order to be able to apply for a personal loan, you must register with one of the placement platforms on the Internet. Among the best known representatives are, for example, Auxmoney and Smava. In the course of the application, detailed information on the income situation is necessary, which is used to calculate the credit rating ratios that serve as a basis for decision-making by investors. In terms of terms, personal loans are often much cheaper than bank loans, so they should be considered an alternative from the outset. However, self-employed people must be able to work for at least two years in their profession in order to obtain a loan for the master’s school.