Those who want to continue their professional training and attend a master school can take out a loan for the master school to finance this further training. As a rule, attending a master school is very expensive. The master school can usually be attended full-time or part-time. Those who opt for the full-time option usually have no income during the training period. This means that the credit for the master school should not only cover the costs of further training, but also the cost of living.
Who grants loans for the master school?
Those who practice a craft trade can significantly improve their professional chances through further training to become a master and the associated master’s certificate. The master craftsman’s certificate is also a prerequisite if you want to become self-employed in the skilled craft profession. Loans for the master school are given both by the state and by banks.
State funding for the master school
Anyone who wants to complete further training to become a master while attending a full-time school has the option of receiving state funding. As a rule, people who attend a master school can receive the so-called master Financial Aid. The Master Financial Aid is currently 697 USD for single people without children. A share of 238 USD is granted as a grant for further training. The remaining 459 USD are granted as an interest-free loan. Single people with children, married and married children with children receive a slightly higher master’s degree. The Meister-Financial Aid is, however, subject to certain conditions that should be observed.
Bank loan – alternative to the Master’s Financial Aid
Those who attend the master school part-time and continue to pursue their profession also have the option of applying for a bank loan to cover the costs of the master school. A prerequisite for a credit for the master school at a bank is usually a regular income, which must not be generated through self-employment. If you want to take out a loan for the master school from a bank, you can opt for an installment loan, for example. This installment loan should not be tied to a specific purpose, but should be freely used. Installment loans are quite flexible because the borrower can set both the loan amount and the term themselves.