The further training serves the additional acquisition of knowledge and skills after completing a training. It is not always possible to draw a clear distinction between further training that directly enhances knowledge in the profession being practiced. Further training can take place in a variety of ways, such as attending adult education courses or in the form of full-time courses. Participants need a loan for further training in individual cases with high course fees and regularly if they restrict or interrupt their work.
Promotional credits for further training
The Cream Bank student loan is only available to a limited extent as a loan for further training. It presupposes that the applicant is enrolled at a recognized university or university of applied sciences and is therefore mainly considered for a master’s degree that was taken up a few years after the bachelor’s degree. Cream Bank does not require a minimum income or security for student loans.
The loan will only be repaid after the further education has been completed. This also applies to the educational loans of some commercial banks, some of which also classify courses at educational institutions other than recognized universities as eligible. Regardless of the type of training, employers are often willing to pay their employees a loan for further training. In return, they expect the obligation to continue working for an agreed period of time after the measure has been completed.
Partial payment at training institutions
Many training institutions offer the option of paying in installments for course fees. This credit for continuing education is useful, but it only covers the amounts to be paid directly to the educational institution and not the cost of living, so that further borrowing is possible. Some institutions maintain a loan fund for additional lending. The application is offered thanks to the favorable or non-accruing interest, but due to the limited credit resources, only a few course participants actually receive the coveted loan.
Bank loans and alternatives for further education
Since the start of the measure is determined at an early stage, course participants can apply for the necessary credit for the further training while they are still working full-time. When using this option, it must be ensured that the borrower can pay the due loan installments on time, even during the training phase. When applying for a loan after the reduction or the temporary cessation of professional activity, borrowing is difficult because the income of the loan seeker is insufficient. The only exception is with reduced working hours and low credit rates.
The prerequisite is that the selected bank only demands sufficient income to pay the installments and no remuneration above the garnishment limit. In other cases, the loan for further training can be taken out together with another applicant, provided that the applicant has a sufficiently high regular income. Possession of a private supplementary pension insurance or a capital life insurance enables borrowing for further training with the insurance company.
In this case, the policyholder’s payment claims serve as security, so that lending is possible regardless of income. You can successfully apply for a loan for further training on websites for personal loan brokerage if the loan seeker describes his financial situation and the benefits from the educational measure as precisely as possible. Social criteria and the planned use of funds are weighted more heavily by private lenders than classic creditworthiness criteria, so that they willingly issue further training loans.