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Germany Will Offer Interest-Free Loans to American Students


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student with backpack at Brandenburg Gate in Berlin

Credit: Getty Images

The German government is offering financial support for American students studying in Germany during the pandemic. Due to COVID-19, many students have lost their jobs which allowed them to finance their stay in Germany. According to official figures from Statista, three out of four foreign students in Germany work throughout their studies and have had their incomes seriously affected by the pandemic.

In this context, the German Minister of Education and Research, Anja Karliczek, announced the creation of an interest-free education loan program, to ensure the continuity of studies. According to information from MyGermanUniversity, a portal specialized in studies in Germany, almost 400,000 international students are enrolled in a German university.

Stephan Paulini, co-founder of MyGermanUniversity, based in Hamburg, stresses the importance of the government's measure. "This will allow many American students to continue their studies and not be forced to return to their country because they do not have sufficient resources to cover their expenses," Paulini says. American students will be able to access an education loan for up to 650 euros (USD$702) per month starting June 1, 2020.

The study portal MyGermanUniversity.com shows more than 220 English-language Master's programs in computer science in Germany for the 2020-2021 school year.

Germany is a preferred destination for American students, with more than 6,000 enrolled in German universities in 2019, according to the German Federal Statistical Office. The interest comes from Germany's quality of education and its 400 internationally renowned universities, which offer more than 20,000 undergraduate and graduate programs. Furthermore, students do not need to speak German to study at the postgraduate level at a German university. There are more than 1,700 Master's programs in English, with 69% of them charging no tuition fees, due to the enormous economic subsidy offered by the German state.


 

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