Education is something that is usually worth every penny you invest in it. Those lucky enough to receive training from the employer need not worry about the costs involved. But if you want to improve your knowledge without an employer, you often need a loan for further education. Special loans for this purpose, however, are few and far between in the market, so any remaining alternative qualifying as credit for training should be scrutinized and calculated.

What options do banks offer?

What options do banks offer?

The way to your own house bank is usually the first to be taken on the way to credit for training. Many credit institutions now have training credits, especially for students, but these are rarely used. Because here are strict conditions that can rarely be fulfilled if you are working or want to stay on the side. Student loans, for example, are linked to the completion of full-time studies and also require that a certain maximum age not be exceeded, up to which the credit can be taken.

Those who want to take up further education in the form of a distance learning course will do so mostly on a part-time basis and therefore find little opportunity to have their studies financed cheaply. But distance universities rarely require that the costs be paid in one fell swoop. Instead, they offer monthly payments that can be funded from current income.

Anyone who is not sure that they will be able to bear these costs month after month should think about taking on a disposition credit. Although this is relatively expensive compared to the traditional installment loan, it can be used much more flexibly. It is best suited as a loan for further education if the monthly income is sufficient to pay for the training, but one wants to maintain a higher level of liquidity in order to be able to resort to larger sums in the event of a fall ,

The credit line is comparatively easy to apply. Often, a short conversation with the bank or an informal letter is enough to enable them to clear the account for the customer. However, because of the higher interest rates, it is recommended that the repayment of the amounts should not be delayed too long. Disbursed loans are more a way to offset short-term financial bottlenecks, but less a solution for medium to long-term funding.

If neither a student loan nor an out-of-date loan qualifies as a loan for further education, there is often only the alternative of concluding a classic installment loan. Of course, this can not be used so flexibly, which is why at the beginning of a larger sum is requested. However, since the cost of training often comes in monthly installments, the excess amount should be invested unless there is a large amount to negotiate that may involve benefits.

Bavarian fee loan

Bavarian fee loan

On the other hand, people living in Bavaria are lucky. An extra-occupational study program can be financed here by a favorable KfW loan. This program was developed especially for working people and is intended to promote their professional further education in the form of a bachelor’s program. This loan bears the name Bavarian fee loan and therefore refers only to the payment of tuition fees incurred.

The amounts are not paid to the applicant, but directly to the university, where it is enrolled. With a borrowing rate of 3.29% per annum and a payout of up to € 3,000 per semester, studies can be financed relatively cheaply with a loan for further education.