SCHUFA

For Worry-Free Studies - the Student Loan and Your SCHUFA Record

Many students underestimate the costs that studying brings over its entire course. Not only rent, but also food, clothing, leisure and, last but not least, study materials add up. For this reason most students decide to take a part-time job. However, important time is lost this way, because many companies don't only value good grades but also look more closely at how long you took to graduate. A part-time job does help students pay for their living costs, but it costs valuable time that could otherwise be spent studying, because parents can't always give financial support.

 

SCHUFA? A Student Loan Helps Financially With a Positive SCHUFA Record

SCHUFA

Since many students can't find a job, or simply want to spend their time at school studying, a so-called student loan with a positive SCHUFA record is an option, one that many banks now offer. There are a wide range of requirements for getting one. First, you should be able to prove that you are enrolled as a student. Some banks also require a successfully passed entrance exam and a positive SCHUFA record before granting the loan. The student loan stands out not only for its low interest rates, but also because repayment starts late. Here you can either opt for a payment holiday or pay off the entire sum after a certain period.

A Positive SCHUFA Record as a Requirement for the Student Loan

In all cases, however, the bank demands appropriate creditworthiness. This is determined through the so-called SCHUFA inquiry (SCHUFA is Germany's main credit bureau). Anyone who wants a loan as a student should therefore have no negative SCHUFA entries. These arise very quickly when obligations are paid late or not at all. These can be cell phone contracts or even mail-order debts.

Student Loan With a Negative SCHUFA Record

Nowadays many students are already overindebted before they even enter working life. Contracts signed carelessly or thoughtless orders that then spiral out of control are often the reason that more and more young people have a negative SCHUFA entry. This is where getting the student loan can become problematic. However, in this case too most banks are lenient, namely when parents or a partner step in as guarantor. Banks that grant the so-called student loan always like to demand this for this type of loan. The guarantee is meant to ensure that the loan is repaid even if students can't find work after successfully completing their studies. To find the right bank with favorable terms for a student loan, it pays to compare the different banks with each other.