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Students in a lecture hall of the Goethe-Universität Frankfurt/Main, Germany /Photo: Screenshot/ Goethe University of Frankfurt

Corona Crisis: Germany offers emergency loan to local and foreign students

Federal Education Minister Anja Karliczek wants to help students with emergency loans through the corona crisis. Two thirds of students work alongside their studies; for foreign students it is about three quarters. Many of them have lost their jobs as a result of the current corona pandemic. This presents many with financial constraints.

From 8 May, students can apply for an interest-free loan of up to €650 per month from the state development bank KfW.

Current KfW student loans and new applications should remain interest-free for German students until the end of March next year. Foreign students can receive the loan from July.

The application is to be processed unbureaucratically via an online form, the Federal Ministry of Education promises. As usual with KfW student loans, you only have to start repaying after a waiting period of 18 to 23 months.

If you are in a particularly acute emergency and cannot get any other help from your parents, for example, you can apply for a subsidy from your local student service (Studentenwerk) that does not have to be repaid.

The government has earmarked up to one billion euros in loans to be given to the students.

The bridging loan can be applied for at the KfW in the form of the interest-free loan from 8 May 2020. Foreign students can apply from 1 June 2020.

Sola Jolaoso

More information: www.kfw.de/studienkredit-coronahilfe

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