Student Loans

You can apply for the low-interest student loan granted by the Federal Ministry of Education and Research (BMBF). It is paid irrespective of your parents’ income and can be used for example for studying abroad or for completing an internship abroad. In order to be granted the loan for studying abroad, you need to supply proof that at least part of the coursework and examinations completed abroad will be recognized by the University of Mannheim.

Quick overview:

• The maximum credit volume is EUR 7,200, the maximum amount of monthly funding amounts to EUR 300.
• You can also apply for a one time payment to cover additional costs (up to EUR 3,600), for example for the payment of tuition fees as a free mover.
• The one time payment can be combined with the monthly funding. 
• The loan is to be repaid four years after the payment of the first installment at a rate of EUR 120 per month. The interest rate is very low.
• The loan is paid irrespective of your parents’ or spouse’s income or means.
• It can be combined with other funding, such as BAföG.
• Eligible for the loan are students over 18 years of age in an advanced phase of their program.
• International students can only apply when meeting certain conditions. More information on the student loan and the respective application forms can be found on the official student loan website.

Another option are student loans granted by the KfW Group or other creditors and educational funds. Special conditions apply to the latter, as the interest payments are not based on the amount of the loan. Instead, a certain percentage will be deducted from your future gross salary for a certain period after the beginning of employment. That means that your future salary will determine the amount you have to pay back. Applicants are pre-selected based on their potential for the enterprises involved.

More information and an objective assessment of the student loans and other options can be found on the website of the Studierendenwerkas well as in the student loan ranking of the Centre for Higher Education (CHE) (in German).