A doctorate loan is often taken up by prospective doctors, because the doctorate is not only a lot of work but also very time-consuming. If a part-time job has so far been carried out during your studies, it will definitely be taken during your doctorate, because full attention and energy should be devoted to the doctorate during this period.
Banks are open for promotion
This is the only way to obtain a doctorate and thus to complete the long-term studies with the greatest success. Many banks are open to a loan for promotion, because of course the banks are also aware that a doctorate significantly increases the chances on the job market. Students who are still working on their doctorates today can be among the top earners in the country tomorrow, which is why the risk of a loan default is often classified as very low.
Nevertheless, it is of course advantageous if the borrower can provide some security, for example a garnishable car or a person who takes over the guarantee and thus also the liability for the loan. In these circumstances, the doctoral loan can also be obtained from traditional lenders. However, a borrower who is currently working on his doctorate also has several other options.
Private lenders are often cheaper
If the borrower comes from a wealthy family home, the loan can of course also be taken out through the parents or grandparents. These loans from close acquaintances and relatives have the advantage that they generally do not cause any additional costs (for example through fees and interest) and are therefore as cheap as possible for the borrower. This is profitable, because many students have accumulated high debts, for example through student loans, during their studies, and these have to be paid off upon entering professional life.
The loan for the doctorate is an additional burden in any case, but these costs should also be kept as low as possible by the borrower. Anyone who cleverly compares the interest burden incurred and thereby reduces costs can quickly pay off their debts in later professional life and thus increase their own creditworthiness.
So whether the loan for the doctorate can be obtained from the bank always depends on the borrower’s previous charge, i.e. how many (student) loans are already running and the amount of the loan. The borrower always has the most flexible payment if he keeps the fees and the interest burden as low as possible – especially for loans with a higher value.