Before students take out a student loan, they should have excluded all other sources of funding. The Center for Higher Education Development (CHE) draws attention to this in its new Student Loan Test.

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Is there a student loan, scholarships or support from relatives? These options should be clarified in advance as they are more cost effective for students. Possibly there is also the option to do a part-time part-time job, with which not only money can be earned, but which is additionally a plus when starting a career.

The CHE’s new student loan test compared 39 student loan and education funds. There was no test winner, because the needs of the students were too different. Questions were asked, such as costs, risk limitation and flexibility. Many offers have achieved very good results in several rating categories. Nevertheless, it is worthwhile to look closely before concluding such a loan.

As a first step, students should clarify their requirements: are they planning longer stays abroad? Should the university be changed? These questions should be noted, because not all lenders are involved. Before students then narrow down a provider, it is best to compare several offers and then contact the providers first. Before signing, it is best to seek advice from a third person, such as a parent, or from the financial advisory service of the local Studentenwerk.

According to CHE 2015, the number of completed student loans has declined by 10 percent compared to the previous year. A total of 53,000 loans were used.

Loan comparison

Net loan amount Euro
Loan term 12 months 24 Months 36 months 48 months 60 months 72 months 84 months 96 months 108 months 120 months
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