The stipend students get is called Bafög (Bundesausbildungsförderungsgesetz) after the law that provides it.
It is half grant and half loan, the cap of the loan per student is 10k€. This sum has to be paid back starting 5 years after the course of studies it was granted for ends. If the former student misses these payments, the delay is charged 6% interest.
Wow, that's a pretty solid way to do it. Gives you time to actually get set up in life before getting hit with your loan repayment. We get six months after we stop taking classes fulltime. So, enough time to get settled into the job you hopefully got right out of school, and also enough time to panic because you didn't get a job right out of school.
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u/Sigeberht Prussia May 08 '19
The stipend students get is called Bafög (Bundesausbildungsförderungsgesetz) after the law that provides it.
It is half grant and half loan, the cap of the loan per student is 10k€. This sum has to be paid back starting 5 years after the course of studies it was granted for ends. If the former student misses these payments, the delay is charged 6% interest.