Again and again people decide to go to university again and study another subject. The reasons for this can be completely different in nature. Often it is a desire to improve professional opportunities, but sometimes curiosity simply drives. However, one problem has to be solved: How do you finance the new visit to the university? A course of study costs around 50,000 USD. Therefore, it does not work without a loan for the second degree.
The loan for a second degree from intrasavings bank
The easiest way to get a loan for a second degree is through the Reconstruction Loan. The state bank grants educational loans that are generally independent of whether it is a first or a second degree. It is important that the loan has not yet been taken out. But the loan is strictly regulated: It comprises a maximum of 7200 USD and is paid out in the longest case over two years at a monthly rate of 300 USD. In this way, although it can generally be taken by any student, it is not enough to finance the entire two-course course, but only serves as a grant.
The loan for the second degree from a bank
Alternatively or additionally, a loan for a two-degree course can also be taken from a bank. These also grant educational loans, which are, however, much higher than the intrasavings bank loan. The problem is that the money is usually earmarked for a first degree and not for a second visit to a university. Often, people who want to do a second degree therefore have no other option than to take out a personal loan.
However, a loan comparison of the educational loans from the banks is recommended in any case, because it is not completely impossible to find an offer that can also be used for a second degree. The monthly payment and the long pause (often five years) between the end of the payment and the start of the repayment mean great advantages of this type of loan.
The loan for a second degree as a grant from the employer
The idea of a second degree did not always arise entirely from the student’s own drive. Employers often support this endeavor because it gives them an urgently needed specialist. In such cases, employers directly grant financial aid, which is either given as a loan or serves as a substitute for wages and therefore does not even have to be repaid. However, the choice of degree is not free in such a case.
The workers will in all likelihood have to adhere to the guidelines of the employer, who sees this expenditure as an investment in the company and probably has a very clear idea of what kind of skilled worker he needs. This path is therefore only recommended if your own interests and study wishes are congruent with what the employer has in mind.