This is how students can borrow money cheaply

Students need loans? Learn how to borrow money affordably. Explore bank loans, online options, and P2P lending for financial flexibility during your studies.

How students can borrow money cheaply

There are situations where students have to bridge financial bottlenecks. Often, only a loan from a bank helps. To make it as cheap as possible, there are a few things to consider. Are there alternatives to bank loans for students?

Studying is an investment for life, they say. But as is often the case with investments, they usually only pay off later. Until then, they cost money. The average living costs of a single student in their first degree, for example, amounted to 819 euros in the summer semester of 2016, according to the Studentenwerk. Those who do not have a scholarship are therefore often forced to turn every cent twice, even with BAföG or a part-time job. For unusual expenses such as a deposit for an apartment, a new notebook or a longer stay abroad, there are usually no financial reserves. If you don't want to be a burden on your parents, you have to borrow money to bridge short-term financial bottlenecks. The first point of contact for this is usually a bank. However, to get a loan from a German financial institution, a regular income is necessary.

Which loan is the right one?

Since income from student part-time jobs is usually not too lavish, a loan should be carefully calculated in advance so that enough money remains for student life and the salary does not have to be completely used for the monthly installment. Loan calculators on the internet can help with this. Just like with a degree, proper planning is essential when taking out a loan. With such loan calculators, not only students can find out before taking out a loan:

how much loan they can actually afford.

how high the monthly installment can be.

what the right term is.