How to get the best education loan to study in Germany

Do you want to study automobile engineering in Germany?

Germany is known for housing some of the best engineering educational institutions. Many students from around the world flock to Germany to learn courses like mechanical engineering, robotics, aeronautical engineering, and so on. The cost of pursuing higher education is not too much but the cost of living in Germany for the duration of your course could be more expensive than the course tuition fees. We advise students who know they have the calibre to study in Germany to search ‘student loan Germany’ on Google and learn about education loans that cover the cost of pursuing higher education there. Let us discuss how to finance higher education in Germany.

1. Calculate the costs of higher education in Germany

First, learn the exact cost of studying in Germany. Understand the course tuition fees of your chosen course in a German university. Estimate the costs of traveling to Germany and living there for the duration of your course. Calculate the cost of paying for the entrance exams, library fee of the university, cost of a laptop, and books and stationery expenses, and so on. The best education loan will cover all of these expenses.

Use an education loan eligibility calculator to know the maximum education loan amount you are eligible to get to cover your education costs in Germany.

2. Apply for an education loan

Know the eligibility criteria to get educational loans for studying abroad. These eligibility conditions vary slightly from one lender to another.

Compare different lenders based on the types and quality of the services they provide. You can gauge this from online reviews about those lenders. Then select a lender that you think would provide you the best services to finance your education in Germany. You can fill their application form either online or offline. Some lenders even provide doorstep services—they send one of their representatives to your house to fill your education loan application on your behalf and collect relevant documents from you.

The lender will process your education loan application. They will verify the details and documents you provide them, sanction your education loan and disburse its first installment.

3. Finance your education and overhead costs in Germany

The lender will pay the course fees to your German university every semester or every year on your behalf. They will also disburse some money to your co-borrower’s account. You have to deposit that money in your local German bank account. The bank will purposefully block that money. This account is called Sperrkonto. Every month the bank will unblock a fixed sum of money for you to cover your monthly living expenses. This cycle will repeat every year until the end of your course.

So, this is how you can finance your higher education in Germany. Go ahead. Take educational loans for studying abroad to achieve your higher education dreams and make your family proud. Have a nice day!