In order not to get sidelined professionally, further training outside the company is essential. For craftsmen who want to run their own business, a master’s degree is necessary.
However, attendance at the master school and thus the first step towards independence can not always be financed from your own resources. Anyone who completes the master school in addition to the job via distance learning or an evening school must pay the costs for the course and the necessary materials. While obtaining the master’s degree full-time, the livelihood must be financed further, so that some costs quickly come together here.
Financing of the master school through an installment loan
It is possible to apply for Master BAföG, so that the state grants up to 238 USD to attend the master school, an additional 459 USD can be granted as a loan. However, not everyone benefits from state funding, so that a loan for the master school can also be applied for. This is usually a normal installment loan that can be taken up for free use.
If you want to take out a loan for the master school, you usually have to prove your creditworthiness using the last three salary slips. After a positive credit check and signing of the loan documents, there is usually nothing to prevent the loan from being paid out. It is crucial that the borrower can pay the monthly installment from their freely disposable monthly income. The rate is based on the repayment period, with the following rule: the higher the rate, the shorter the term. The maturities for installment loans are usually up to 72 months.
It’s worth comparing conditions
Anyone who decides to take out a loan for the master school should compare the conditions of the individual providers. In a comparison, the effective interest rate is decisive, which includes the nominal interest rate and all other costs of the loan. Some banks make the level of the interest rate dependent on the creditworthiness of the borrower: Customers who are considered to be very creditworthy receive better conditions than borrowers who are found to have an increased risk. The loan for the master school is repaid in monthly installments until the end of the term. Whether unscheduled payments are possible depends on the conditions of the credit institution.