Can international students get loans in Austria?

Financing through student loans

A problem every student knows: At the end of the money there is still too much month left. You may not be able to get study grants and you may not have enough money from your part-time job to cover all living expenses. Then a student loan could be an option for you. Here you can find out what you should consider when applying for a loan.

If, despite all of the above options for student financing, you cannot find enough money every month to cover all costs, there is also the option of a student loan. It differs from a conventional loan because, in addition to the lower interest rate, there is also another payment method: Instead of a one-off payment of the entire loan amount, you receive certain monthly payments. The amount of the installments is mostly variable and the payment can also be suspended if, for example, the student finds time to work during the holidays and thus earns money himself.

When researching the right student loan, you should definitely take your time and also prepare a sample calculation to determine which loan amount is necessary. The focus should also be on the level of the interest rate, because this can vary from bank to bank and the later burdens on repayment are correspondingly different.

Education Loan - An Investment In Yourself

You should never save on yourself and your education. But what do you do if you want to study and the financial situation is not looking so rosy? A student loan or education loan can help.

Don't think now that we want to encourage you to go into debt. You should never live beyond your means and not spend more than you take in, preferably even less to put something aside! An education loan can be an exception here, as you do not take out this loan for the new iPhone, but to invest in your education. After your studies, you are usually employed and can then repay the loan from your income. An investment in your own education is therefore an investment for your own future and pays for itself quite quickly when you enter professional life.

So that you don't take out a loan in a completely naive way, here are a few things you should keep in mind:

The first point of contact for education and student loans are building societies. Education loans are usually cheaper than normal consumer loans, but are also subject to certain conditions due to their specific purpose.

Education loans are particularly characterized by their favorable terms. So you usually only have to pay a small installment during your further education and your monthly payment only increases after your studies.

Education loans are usually granted regardless of your income and assets, which results in particularly favorable interest rates. Especially in the first one and a half years, the interest rates for an education loan are very moderate.

What can a student loan be used for?

With the help of a student or education loan, you can finance the following expenses:

  • Tuition fees or other direct educational contributions
  • Teaching materials
  • Costs for living at the training location or for trips there
  • Stays abroad

Where can I apply for an education loan?

The following institutes, among others, offer educational loans:

  • W├╝stenrot Bausparkasse
  • sBausparkasse
  • Raiffeisen Bausparkasse

Who is an education loan for?

An education loan is certainly for "older" students especially interesting. Especially when the desire to study occurs later and you are already used to a certain lifestyle or have obligations (e.g. children), a loan helps immensely. In particular, part-time studies or MBA courses, which are primarily aimed at older students, are associated with high costs.

Also in the Final phase of a degree a student loan is a welcome relief. If you want to finish your bachelor's or master's thesis quickly and therefore cannot find time to work on the side, you can bridge this phase with a loan.

Of course, if you have worked for a certain amount of time before your studies, you can join Self-Sustaining Scholarship apply for. But the self-support grant alone may not cover your living expenses in full. Here banks offer various discounts for self-supporters. The best thing to do is to find out more from a local bank advisor!

You can also claim a lot of expenses for training costs for tax purposes. This includes, for example, health resort costs, travel costs or costs for teaching material. So you can see that almost all expenses that are financed through an education loan can also be claimed for tax purposes again.