Germany is a popular destination for international students due to its world-class education and low or no tuition fees for many programs.
However, living expenses, including accommodation, food, and transport, can still be a significant financial burden.
Fortunately, several loan providers offer tailored solutions for international students studying in Germany.
Here’s a comprehensive guide to the 9 best loans for international students in Germany to help you finance your education effectively.
Best Loans for International Students in Germany
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| KfW Student Loan | €1,000 – €65,000 | No | 4.36% – 5.36% | 7 – 25 years | Students under 44, studying in Germany |
| Deutsche Bank Student Loan | €10,000 – €75,000 | Yes | 5.99% – 8.99% | 5 – 10 years | Enrolled in a German university |
| Prodigy Finance | Up to €100,000 | No | 9% – 11% | Up to 20 years | Enrolled in partnered programs |
| MPOWER Financing | $2,001 – $50,000 | No | 11.99% – 13.99% | 10 years | Enrolled in eligible universities |
| Auxmoney | €1,000 – €50,000 | No | 3.95% – 16.50% | 12 – 84 months | Valid residence permit |
| College Ave Student Loans | $5,000 – $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Enrolled in eligible institutions |
| Erasmus+ Master Loan | Up to €12,000 | No | 5.40% (fixed) | 5 years | Enrolled in Erasmus-participating programs |
| Sparkasse Education Loan | €5,000 – €50,000 | Yes | 4.99% – 6.99% | 1 – 10 years | Students with residence in Germany |
| HypoVereinsbank Student Loan | €10,000 – €75,000 | Yes | 4.89% – 7.89% | 5 – 10 years | Enrolled in recognized institutions |
1. KfW Student Loan
- Loan Amount: €1,000 – €65,000
- Interest Rates: 4.36% – 5.36%
- Loan Terms: 7 – 25 years
KfW is a German state-owned development bank offering loans for both German and international students.
The loan does not require a co-signer, and eligibility is extended to students under 44 years old. Funds are disbursed monthly, making it easier to manage living expenses.
2. Deutsche Bank Student Loan
- Loan Amount: €10,000 – €75,000
- Interest Rates: 5.99% – 8.99%
- Loan Terms: 5 – 10 years
Deutsche Bank offers student loans to international students but requires a co-signer or a blocked account as collateral.
It is an ideal choice for those pursuing degree programs in German universities, with flexible repayment options.
3. Prodigy Finance
- Loan Amount: Up to €100,000
- Interest Rates: 9% – 11%
- Loan Terms: Up to 20 years
Prodigy Finance provides co-signer-free loans for postgraduate international students.
Loan approval depends on the student’s future earning potential and is designed to cover tuition and living expenses.
4. MPOWER Financing
- Loan Amount: $2,001 – $50,000
- Interest Rates: 11.99% – 13.99%
- Loan Terms: 10 years
MPOWER Financing specializes in loans for international students without requiring a co-signer or collateral.
The application process is straightforward, and the loan can be used for tuition, housing, and living expenses.
5. Auxmoney
- Loan Amount: €1,000 – €50,000
- Interest Rates: 3.95% – 16.50%
- Loan Terms: 12 – 84 months
Auxmoney is a peer-to-peer lending platform that offers loans without co-signer requirements.
Applicants must have a valid residence permit and proof of income. This is a flexible option for students with short-term financial needs.
6. College Ave Student Loans
- Loan Amount: $5,000 – $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
College Ave provides competitive loans for international students studying in Germany, focusing on flexibility in repayment plans.
No co-signer is required, and borrowers can customize their payment schedule to suit their financial circumstances.
7. Erasmus+ Master Loan
- Loan Amount: Up to €12,000
- Interest Rates: 5.40% (fixed)
- Loan Terms: 5 years
The Erasmus+ Master Loan is a European initiative that supports students pursuing master’s programs in Erasmus-participating countries, including Germany.
No co-signer is needed, and the fixed interest rate ensures manageable repayment.
8. Sparkasse Education Loan
- Loan Amount: €5,000 – €50,000
- Interest Rates: 4.99% – 6.99%
- Loan Terms: 1 – 10 years
Sparkasse offers education loans for students residing in Germany.
A co-signer may be required, depending on the borrower’s financial background. Funds can be used for tuition fees and other expenses.
9. HypoVereinsbank Student Loan
- Loan Amount: €10,000 – €75,000
- Interest Rates: 4.89% – 7.89%
- Loan Terms: 5 – 10 years
HypoVereinsbank provides loans to international students enrolled in German universities.
A co-signer is typically required, and the loan can cover both tuition and living costs. Interest rates are competitive, and repayment starts after graduation.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students in Germany get loans without a co-signer?
Yes, lenders like KfW, Prodigy Finance, MPOWER Financing, and Auxmoney provide loans without requiring a co-signer.
What are the typical interest rates for student loans in Germany?
Interest rates range from 3.95% to 13.99%, depending on the lender and loan type. Government-backed loans like KfW often have lower rates.
What documents are needed to apply for a student loan in Germany?
Typical documents include:
Proof of enrollment in a recognized German university
Valid residence permit or visa
Passport or ID
Bank statements or proof of income (for specific loans)
Conclusion
Securing the right loan is crucial for international students pursuing their education in Germany.
Whether you need a co-signer-free option like KfW or Prodigy Finance, or a traditional bank loan like Deutsche Bank or Sparkasse, these lenders offer tailored solutions to meet your needs.
Compare terms, interest rates, and eligibility criteria to make an informed choice and focus on excelling in your studies. With the right financial support, studying in Germany can be an enriching and fulfilling experience.
