Due to the number of African students who have lost their part time job because of the coronavirus pandemic, the Germany government is offering KfW student loans that students in Germany can apply for. The loan will remain interest free until the end of 2021.
Africans students in Germany who were self sponsored or sponsored by their families who’s income has now been affected by the pandemic are viable to apply for the loan.
The Federal Ministry of Education and Research ( BMBF ) has created the bridging aid for these students . This includes two elements: the long-established student loan from the Kreditanstalt für Wiederaufbau ( KfW ) and grants that are distributed by the student services.
How does the student loan aid work?
Since May 8, 2020, students can apply to KfW for an interest-free loan until December 31, 2021. The Federal Ministry of Education and Research ( BMBF ) will pay the interest on KfW student loans until December 31, 2021 (which is in the disbursement phase until then).
After that time period, the then applicable interest rate has to be borne by the students themselves. The loan can be drawn up to an amount of up to 650 EUORS per month, depending on requirements, and can be applied for online.
The temporary exemption from interest of the student loan naturally also applies to those students who are already taking out a KfW student loan and who will continue to receive it.
Overall, the student loan is expected to provide the students with an additional financing volume of up to one billion euros.
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Who can apply for help?
Students from all state-recognised universities in Germany between the ages of 18 and 44 who meet one of the following requirements:
- German citizens with a domestic registration address
- Family members of a German citizen who are staying with him in Germany and who are registered here,
- EU citizens who have been legally resident in Germany for at least three years and who are registered here,
- Family members of such an EU citizen who are staying with him in Germany and who are registered here,
- Educational residents and registered in Germany.
Foreign students – i.e. third-country nationals and EU citizens who have been in Germany for less than three years – can use the loan until the end of their studies in Germany, provided they have their primary residence in Germany.
How do I apply for the loan?
African students from third countries, can apply from June 1, 2020. Further information is available on the KfW website at www.kfw.de/studienkredit-coronahilfe .
When can I expect the loan soon after application?
If the application is submitted, the grant can be paid out up to the fifteenth day of the month from the first day of the following month.
The bridging aid for students is one of the measures taken by the federal government to alleviate financial burdens as a result of the measures adopted by the federal government and the states to contain the pandemic.
Due to the closure of restaurants or cultural institutions, for example, employment opportunities for students are still limited and pandemic-related emergencies remain.