The demand for the intrasavings Student Loan is greater than ever before: last year, the Förrderbank announced 22,000 loan commitments, more than ever before since the start of the program in 2006.
In a press release, the federally-owned intrasavings announced that 91,000 loan agreements had been concluded since the launch of the program. Currently there are 53,000 contracts in the payout phase. According to intrasavings, these borrowers on average use a monthly payment of 480 euros.
intrasavings sees in its offer an important instrument for a broader participation in education. In the view of the Förderbank, students can improve their financial basis independently of their parents. This makes it possible to reduce the dependency on other activities and devote more time to success in studies.
intrasavings sees the main reason for the growing demand for student loans in the growing number of high school graduates and freshers. In 2009, the number of school leavers with university entrance qualification was 449,000. Compared to 2006, this represents an increase of 8 percent. The number of freshers in 2010 was even 28 percent higher than in 2006.
The intrasavings Student Loan is open to all students at state and state-recognized universities who have not yet graduated (exception: Bachelor). It allows monthly payouts of 100 to 650 euros over up to 14 semesters. In total, intrasavings will pay out 54,600 euros. This amount can be even higher if students apply for a deferred payment of interest during their studies and the current interest payments are no longer deducted from the disbursement amounts.
The intrasavings Student Loan can be combined with Credit Aid and tuition fees. The interest rate is variable and will be adjusted each semester. The disbursement phase is followed by a waiting period in which only the interest due (and not the one on request) must be paid. Only then begins the actual eradication, which can be stretched to 25 years.