In addition to public universities and vocational schools, private universities and educational institutes also offer training. In contrast to the basic cost-free nature of the state institutions, private educational measures sometimes incur considerable study costs, the financing of which must be planned before the training contract is concluded.
For some professions such as naturopaths and yoga teachers, there are no state degree programs or technical schools, and for other activities such as translators, the public service offers do not meet the needs.
Borrowing through school and a bank
A credit for private education is used to finance the tuition and living expenses. Many educational institutions make it possible to pay the tuition fees they have paid after passing the final exam, so that at least the financing of the direct training costs is secured. Students and pupils of private technical schools are most likely to get another loan for private education from conventional banks if they can provide a guarantor.
It is easier to take up an apprenticeship loan for private educational measures on websites for private loan brokerage, since the private lenders registered there take social criteria into account when making their decisions. When planning the credit rate of a conventional loan, course participants make sure that they have to pay credit rates during their training.
Promotional loans for private training
The KfW Bank promotional loan represents the cheapest loan for private training. A prerequisite for applying is that the training center and the specific course of study are recognized by the state. It is best to ask those interested in training whether the technical school or private university has such recognition. The maximum amount of student loans from KfW Bank is sufficient for a modest living. A paid part-time job, like the assets of the parents, does not lead to the credit approval being withdrawn.
The most important advantage of financing private training through a KfW promotional loan is that repayment only begins after the final examination and the borrower is therefore not already burdened with credit installments to be paid during the training.
KfW Bank is only interested in the credit check whether the applicant had registered personal bankruptcy. Any other Credit Bureau negative features that may exist do not affect student credit. Some commercial banks grant a loan for private training on comparable terms, but mostly place higher demands on Credit Bureau information.