Those who study can hope for more student loans since the winter semester. Because with the federal government’s amendment, the demand rates increase, which also has to do with the difficult situation on the housing market. In addition, more students should benefit from the funding. In addition, the terms of repayment and the allowances for assets change.
Nobody can give you a general answer as to whether you can get a student loans. This depends, for example, on whether you live at home or at the place of study, whether you have siblings – and of course what your parents earn. Two examples: You live with your parents and are insured with them free of charge. Then your requirement rate is 474 dollars. If you also have a brother or sister who does not earn any money and your parents have a net income of $ 2,500 a month, you are entitled to a $ 425 grant per month.
It is different if you do not live at home, have to insure yourself, have no siblings and your parents have a net income of 3,500 dollars: Then you have a much higher need because you do not live with your parents and are not insured. In the end, only a low student loans entitlement remains of the requirement rate of 853 dollars per month. After deducting the allowances, your parents still have so much money that you shouldn’t have to rely on state support. That’s why you are only entitled to 21 dollars a month. The best way to calculate your individual situation is to use a student loans calculator.
You should also do this if you have already calculated your entitlement, because now the student loans income tax allowances are increasing – by 7 percent in autumn 2019. This means that more students can get student loans.
The individual location decides
And how much student loans is there then? You can’t answer that in general, because it always depends on the individual’s life situation. However, it is clear that the demand rates on which the student loans funding is based were increased by 5 percent in the 2019 winter semester. In 2020 they should rise again. The living supplement increases from 250 to 325 dollars per month for those who do not live at home. In addition, the supplements for health and nursing care insurance for students who have to insure themselves.
If you already have children, there are also interesting innovations. The student loans childcare surcharge will rise to 140 dollars per month in 2019 and 150 dollars in 2020. In addition, it will be available until the age of 14. And: If you have children or parents in need of care, you can still get student loans after the standard period of study.
What about repayment?
student loans only ever has to be repaid in part. The amendment also changes the repayment modalities: 130 dollars per month must be repaid for a maximum of 77 months, i.e. a maximum of 10,010 dollars. If you earn poorly, you will also be debt-free after this time if you have paid less.
Students may soon have saved more money for the future – and still get financial support. Because the allowances for wealth will increase in autumn 2020. Then the students can have up to 8,200 dollars in their account. Those who are dependent on children or life partners have higher tax-free allowances.