A credit for distance learning is in most cases linked to a full-time course. Distance learning as a part-time course is therefore generally not financed. Even Cream bank only supports distance learning to a limited extent. Fine Bank shows itself as an exception to the rule with its student loan.
German State Funding services are granted for distance learning to a lesser extent than for corresponding face-to-face studies.
The German State Funding services for distance learning in detail
Funding is only granted if the course is full-time and spans at least three consecutive months. The admission requirements as well as the completion of the distance learning course must be comparable to corresponding face-to-face courses. If the course is not carried out by a public-law study institution, the provider must meet the conditions of Section 12 of the Distance
Learning Protection Act. The student must have successfully completed the distance learning program in the past 6 months and must prepare for graduation after 12 months at the latest. Accordingly, the benefits are granted for a maximum of 12 months.
The credit for distance learning from the Cream bank
The Fine bank student loan for distance learning is only granted if the course is not classified as “typically part-time”. Part-time studies are expressly not funded. In addition, the student must be of legal age at the beginning of the funding, but no more than 34 years old.
If the distance learning fulfills the conditions mentioned, Cream bank grants the student loan for a maximum of 14 semesters. The loan is paid in monthly installments of 100 to 650 USD, the amount of the monthly benefits is determined by the student. The credit for distance learning has an interest rate of 3.99% per year. Collateral is not required.
The grant is independent of the student’s own income and the parents’ income and assets. Repayment begins 6 to 23 months after the last payment in flexible and moderate installments, a special repayment is possible. For the loan application, the student should contact the Studentenwerk or a bank or savings bank at their place of residence.
The student loan from Fine Bank
The credit is granted for all courses at state-recognized universities of applied sciences, universities and vocational academies in Germany – thus also as a credit for distance learning. The bank grants the student a maximum of the standard period of study plus 3 semesters to complete the course.
Students from abroad can also access the loan if they have had a residence in Germany and an unlimited residence permit for at least 2 years at the start of their studies. As a student loan, Fine Bank grants a maximum of USD 30,000, paid out over a maximum of 60 months in fixed monthly amounts.
The amount of the monthly amount depends on the term. In the first two semesters, a maximum of 200 USD is paid, then a maximum of 800 USD per month. Payments end when you complete your studies. The student does not have to start paying back until 3 months after starting their professional career, but no later than 12 months after completing their studies.
In total, he is granted a term of up to 144 months for the repayment of his loan at the then applicable conditions. Special repayments are also possible with this loan. The bank does not require proof of salary for the approval of the loan. The borrowing rate is variable and is currently 5.50% (effective annual interest rate: 5.90%). In addition, processing costs of 1.50% of the net loan amount are charged.