Loans
In the final phase of the doctorate, a student loan or the education fund can be utilised.
1. Student Loan
All subjects at German universities are eligible for funding. Depending on the provider, you must fulfil certain selection criteria in order to be awarded a student loan. Important criteria are, for example, your age, your grade point average, a purely regional focus, etc. In contrast to a normal loan, a student loan involves monthly payments. Depending on the credit institution, repayment begins between six months and two years after the end of your doctorate. Special repayments are usually possible. The maximum repayment period is between 5 and 25 years. As a general rule, you should think carefully about taking out a loan and check all the details critically, as student loans transfer the risk entirely to the borrower (i.e. you).
Further information at studienkredit.de.
2. Education Fund
Another option for financing your doctorate is the Education Fund. You must successfully pass the application procedure for this funding. Academic, subject-related and personal factors are taken into account in the selection process. The maximum amount paid out is 1,000 euros per month. Repayment begins when you start your career. The amount paid out depends on the funding period and the amount of the respective payments. As a rule, you will have to repay between four and ten per cent of your future monthly earnings over a period of three to nine years. You are given complete transparency about the maximum amount you will have to repay when you sign the contract. In the event of loss of earnings, e.g. due to maternity or unemployment, repayment is suspended. Most education funds fulfil these criteria. However, the individual funds differ greatly in the selection of those to be funded and in the type and volume of funding. For this reason, you should inform yourself in advance about the individual providers and their conditions.
You can find an overview of student loans from banks, savings banks and education funds on the homepage of the Bayerische Verbraucherzentrale (Bavarian Consumer Advice Centre) and on the Studies Online website .
