Some young people want to reorient themselves after completing their first degree and are aiming for a second degree. But what are the financial prospects for a second degree, especially if it is taken full-time?
Credit Institution is usually not paid for a second degree, the child benefit has expired and there are no parents who want or can co-finance a two-degree course. This often leaves the young person with only one loan for two courses.
The student loan brings the solution
The solution in this case is student credit. This loan is not a consumer loan, for example to make larger purchases, it differs from normal loans because it is tailored to the situation of the student. The difference to normal consumer credit is that the agreed loan amount is not paid out all at once, but in monthly amounts. This means that the cost of living can be reliably financed without having to take up a second job.
Another difference is that the repayment of the student loan along with the interest payments only begins after the payment period. Regular income can be expected for up to 72 months without straining the student’s financial budget. Even after the disbursement phase, many banks provide a so-called job search phase in which the repayment of the loan stagnates.
Additional options for a second degree loan
A loan for a second degree is subject to an age limit. Student loans are only granted up to the age of 30. The amount of the loan should also be chosen so that the start of the career after graduation does not start with high debts. The monthly financial grant differs depending on the loan model and is determined when the loan is approved. There are also considerable differences in terms of terms for a loan for a second degree and it is advisable to make an online comparison.
If the student did not take up a Credit Institution during his first semester, he can try to receive this allowance during the second degree. This requirement is narrow from state to state and can vary. If the student already has a negative entry in the Credit Bureau, there may be difficulties with a loan for a second degree. A borrower who applies for the second degree loan in his name can then remedy the situation. Of course, this borrower should have sufficient collateral.