Daka loan: Invincible cheap!
Not all students can focus on their studies without being worried about their financial situation - especially during this difficult time. Those whose student jobs were cut off overnight during the pandemic are particularly hit hard.
Good that Daka exists - the loan fund of the 12 Studierendenwerke in North Rhine-Westphalia. The non-profit organization has been granting interest-free loans to students in financial difficulties for more than 65 years. Students can apply for a maximum loan of up to €12,000 from Daka via Studierendenwerk Aachen; this can be up to €1,000 per month. How much the loan is and how long it is taken depends on the individual needs. The average loan amount is about €6,500.
Repayment usually begins twelve months after the end of disbursement, but can be postponed even further. There is no interest on Daka loans. A one-time contribution of five percent of the loan amount is charged only to cover administrative costs. Outside the Corona situation, Daka also grants loans especially for semesters abroad in addition to its student loans. Students can apply for a maximum loan amount of up to €6,000 for their semester abroad through the Studierendenwerk Aachen. It is paid in one sum and also interest-free.
The loan office of the Studierendenwerke e.V. (Daka) is the largest loan fund of Studierendenwerke in Germany. In the most recent student loan test of the Center for Higher Education Development (CHE), it again received an excellent rating.