Very good academic performance is a door opener for further advancement in the scientific field, which applies to almost every degree program. In principle, the university is a very good springboard for obtaining a doctorate, usually even better than the universities of applied sciences. Obtaining the doctorate is a difficult and, above all, lengthy endeavor, enormous sacrifices and shortcomings have to be accepted.
Two to five years is the average time it takes a doctoral student to complete a dissertation. Family and leisure time will suffer in any case. The biggest handicap is that the financial burden during the doctorate is extremely high. This is another reason why many young people refrain from doing a doctorate. The superfluous times during your studies were already a big burden on your wallet, after a successfully completed degree you finally want to earn your own good money.
Ensure financial security with a loan for the doctorate
The fact that there has been a shortage of skilled workers and highly qualified people in Germany for some time is another burden. In order to ensure the financial situation during the doctorate and as an incentive for prospective doctoral students, credit for the doctorate has been increasingly promoted by credit institutions in recent years. The banks are very specialized in helping people who want to get a doctorate.
This should motivate prospective doctoral students to face this challenge and create financial independence during this dispensable time. You don’t necessarily have to take on a stressful and time-consuming part-time job during your doctorate, as is usually the case in pre-study. The student loan, as a credit for doctoral studies is also called, is permissible for all study programs registered in Germany and is therefore interesting for all subject matter experts.
Nevertheless, you have to meet certain selection criteria for the granting of a loan. For example, an age restriction or the average grade from your studies play an important role in the application process for such a loan. The essential framework conditions for a student loan are set out below.
Facts and information about a loan for a doctorate
In contrast to many other loans, a doctoral loan is paid out monthly. Depending on the credit institution, the amount of the monthly installments is fixed, which is between 100 and 1000 USD. The loan is repaid in principle after the completion of the doctorate. So you can start repaying as early as 6 months after obtaining your doctorate, but there is also the option of paying off the loan only after 5 years. The interest rates on a loan for a doctorate are around 2.5 – 3.5 percent, depending on the provider.
Special payments during the term of the loan are also not uncommon; here you retain the flexibility you want as a borrower. Almost all well-known credit institutions already offer student loans, and the trend is still increasing. A detailed comparison of the offers and conditions is therefore worthwhile. So you can look forward to your doctorate, at least financially. This should be a significant and significant relief for the doctoral students, they can now concentrate fully on the scientific work to be completed (doctoral thesis).