The own education not only lays the foundation for the career and the later work, but is also an important time for the vocational orientation. However, the saying “apprenticeship years are not men’s years” is even more real in this context today than in the past. The cost of living during the training has increased even further. As a result, more and more trainees and students are studying the possibilities of training financing.
What is a training loan and who gets it?
One of the most common ways of financing one’s own education is provided by the state. The BAföG has been used for some years as a classic support for young people whose parents can not pay the study. As a student, you therefore have a general right to this type of credit, which you later have to repay in a weakened form to the federal government. However, there are various scenarios in which one does not get along with the BAföG or simply does not have the right to the money for the promotion. Since the BAföG is a very bureaucratic process, it is above all the family circumstances that make a dash here and, if in doubt, endanger education or studies. Because in addition to studying, one usually still has the opportunity to earn more money through a part-time job and thus make a living.
At this point, other forms of training funding come into play. There is no longer only state help, and it is not just for students. Above all, the banks have increased their offers in recent years and thus enable a continuous financing of training.
The different forms of debt financing for education
In addition to the BAföG, it is primarily the banks that have expanded the market in this area with various forms of financing in recent years. But even private institutions have set up various forms of training financing, with which one no longer relies on the government agencies in the present time. An overview of the possibilities in this area:
- Training credits: Banks lend to long-term loans with low funding. They are sometimes redemption-free for years and can then be paid in installments or in one piece.
- Scholarships: The German forms of scholarships rely on self-financing, supplemented by private funds from foundations. These are awarded especially for training.
- Vocational assistance: Employment agency, Bundeswehr and other agencies award vocational training that can cover the costs of training or studies. The conditions can vary greatly.
These are the three classic forms of education loans and offers that can be used today to get all forms of finance in addition to study and training. Of course, it is also important that you can meet the different conditions.
What do you have to do for a financing next to the training?
Of course, these offers are not just for classical studies or training. In particular, continuing education and training has taken on an important status in recent years, and more and more people are choosing this way to drive their own career. In addition to the educational loan or the financing from the BAföG, there is also the possibility of sponsorship by the employer. He has an interest in continuing education, and with the right contracts, both sides benefit from it. In all cases, however, in which one accepts an educational loan or training financing, one will usually have to disclose their own financial circumstances. Anyone who wants to use the money from such a loan throughout their studies and successfully complete their own training should plan the financial life well. Because in the end, the funds almost always have to be repaid. It is therefore important to look for the best interest rates and the best deals in general to make it worthwhile.