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KfW Student Loan: Answers to Your Questions After Signing the Contract
KfW Student Loan: Answers to Your Questions After Signing the Contract

Do you have questions about the process after signing the contract for the KfW Student Loan? Here you will find answers.

Manuel avatar
Written by Manuel
Updated over a week ago

Exploring the Process After Signing the Contract for the KfW Student Loan

1. What do I need to do after completing the IDnow verification?

Once you have successfully completed the IDnow verification process, your contract will be digitally transmitted to KfW, marking the completion of all necessary steps for the digital application. We will also send you a confirmation email, so you can rest assured that everything has been done from your side. Congratulations on reaching this milestone! πŸ™Œ

After the submission of your application to KfW, they will conduct a final review, and within 1–2 weeks, you will receive the loan decision by mail. Additionally, upon approval, you will be provided with login credentials for the KfW loan portal. Through this portal, you will have the convenience of managing your loan at any time.

It's important to note that for security reasons, the login credentials will be sent to you in separate letters, ensuring the utmost protection of your personal information.

2. How does the repayment process for the KfW Student Loan work?

When your studies come to an end or if you decide to terminate the loan prematurely, the grace period begins. The grace period typically lasts for 18 months. During this period, interest will accrue, but you are not repaying the loan itself yet.

After the grace period, the repayment phase commences, and you will start repaying the loan. Prior to the start of the repayment phase, KfW will provide you with an individual repayment plan in due time. This plan can be tailored to suit your specific needs in collaboration with KfW. It is an excellent opportunity to customize the repayment schedule based on your financial circumstances.

Repayment is made in monthly installments. In certain situations where repayment may not be feasible, you have the option to apply for a deferral. Under specific conditions, it is even possible to request a deferment of the debt from KfW. We encourage you to reach out to KfW directly to discuss your options and eligibility for a deferral.

To gain a better understanding of various repayment scenarios, KfW provides a helpful repayment calculator. This tool allows you to explore different repayment plans and determine the most suitable approach for your financial situation.

3. What is the amount of repayment for the KfW Student Loan?

The repayment amount for the KfW Student Loan consists of the entire amount you have received, including interest. To obtain the most up-to-date information on the effective interest rate, we recommend visiting the KfW website.

It's important to note that the maximum repayment amount is capped at €54,600. This ceiling ensures that your repayment obligations remain within manageable limits. You also have the option to perform special repayments, known as unscheduled repayments.

Details regarding special repayments can be found in this article under the section "Unscheduled Special Repayments are Possible".

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