Do you want to follow a part-time study alongside your job and do you not have a chance of a loan through DUO? Then a personal loan is the best alternative. You then borrow a fixed amount at a fixed interest rate and pay it back in installments. That way you know in advance exactly what the loan costs for your part-time study. However, do not just choose a loan from the first best bank or lender, but first compare the largest selection of loans online. The difference between the highest and lowest interest is more than 4 percent!
What should you pay attention to when financing part-time studies?
Comparing loans is now a piece of cake. On Small Lender you state how much you want to borrow and what your specific wishes are. You then see a whole list of loans, arranged by lowest interest rates and best-fitting conditions. That way it is very easy for you to choose a good loan. There are then roughly three things to look out for:
- Interest – Your fixed bank is also likely to provide loans to fund a part-time study, but it probably requires a higher interest rate than smaller, online lenders. Even if it is only one percent, you will soon pay considerably more for your loan each month. So choose the lowest possible interest!
- Conditions – But don’t just look at the interest. Favorable conditions ensure that the loan remains cheap. For example, check whether you can repay in the interim without paying penalty interest and check whether the loan is waived in the event of death. These conditions ultimately make the difference between a good and a less good choice.
- Duration – Finally you make a choice based on duration. The longer the term, the lower the monthly charges. However, this does not mean that this is financially beneficial. After all, you pay off your loan for longer, which means that the final amount is higher. Therefore, choose the shortest possible duration, with monthly charges that you can carry well.
How much to borrow for a part-time study?
The largest cost item of a part-time study is of course tuition fees. Studying a year at a college or university will cost you 1,755 euros as part-time student in 2018-2019, excluding books.
However, if you have already completed a study and want to complete a second study part-time, then you pay the institutional rate of the relevant educational institution. The costs vary per training and range from 7,000 to 23,000 euros per year. This is a lot of money and one percent more or less interest saves enormously in monthly payments.
Tip! Study costs are largely deductible. With the money that you get back from the Tax Authorities you can repay the loan faster if you can.
Alternatives loan part-time study
We therefore recommend a personal loan to finance a part-time study. Another possibility to pay for a part-time study is the revolving credit . You can withdraw and repay unlimited amounts up to a previously agreed amount. You then pay variable interest on the amount actually withdrawn. This option is especially useful if you do not know in advance how much you will ultimately need. For example, if the duration of the part-time study is not fixed or you do not know how much money you spend on study books.
Tip! For your studies you usually do not need the entire amount in one go, but with a personal loan you will get everything paid out in one go. Put the remainder of your loan in a savings account and only withdraw something if you need it for your studies. This way you will receive (a little) interest on the part that you do not need yet.