Kenyans studying in Germany to get loans amid Covid-19 hardships
What you need to know:
- The application form for the loan was opened on the June 1.
- Around two-thirds of students in Germany work while studying.
- The number is even higher for international students, where three-quarters of them are financially dependent on their part-time jobs.
Kenyan students studying in Germany have a reason to smile after the Federal Education Ministry in the country announced that it will offer them financial support of up to Sh77,000.
A statement by the ministry said apart from the obvious threat of the coronavirus, the students are also struggling to deal with the financial problems that the outbreak has created.
According to a survey conducted by Studying-in-Germany.org, 90 per cent of international students in Germany are financially affected because of the Covid-19 pandemic.
WORK-STUDY
Around two-thirds of students in Germany work while studying, while the number is even higher for international students, where three-quarters of them are financially dependent on their part-time jobs.
“And unfortunately, as a result of lockdown, numerous students have lost their jobs because of many industries temporarily closing their business activities,” added the statement by Federal Education Minister Anja Karliczek.
The minister announced that they will be providing financial assistance to students who have been affected by job losses, even those who are not eligible for BAföG, the regulation governing financial assistance for students of higher education or other forms of income like scholarships or an Erasmus grants.
INTEREST-FREE LOAN
According to the Federal Education Ministry, these students will have the chance to apply for an initially interest-free loan from KfW, German state-owned development bank.
The application form for the loan was opened on the June 1 and Kenyan students will be able to apply for an interest-free loan of up to Sh77,000 from KfW.
The Federal Education Ministry will also be providing the German National Association for Student Affairs (DSW) with a total of Sh12 billion (€100 million) for emergency funds in local student services. The money is accessible to those who are suffering from acute hardships and have no other form of support.
Dr Günther Bräunig, CEO of the KfW group, said that he is positive that the new measures will help all students who are financially affected by the coronavirus pandemic.
“Students will be able to proceed with their studies even if their part-time work dries up or they receive less support from their parents, who are probably faced with similar difficulties,” he said.
