Credit for master school

In today’s globalized world, you not only have to assert yourself professionally against competing applicants from within the country, but increasingly also from abroad. A good education is the cornerstone of every career and one of the best prerequisites for asserting yourself in the world of work and finding your job where you can achieve yourself.

For many people, the only really qualified training is a university degree, preferably with a doctorate. In times of overcrowded universities and increasing numbers of graduates, which enter the labor market year after year, a sentence that has long been repeated by politicians and business is often forgotten: the shortage of skilled workers in Germany. Because a mindset that considers physical work to be inferior and poorly qualified ignores reality.

In every crafting profession you have the opportunity to get one of the highest professional degrees available: the master. Be it as a mechatronics engineer or welder, electrical engineer, carpenter or goldsmith, a master’s degree is an award that means further professional progress that cannot be valued highly enough. In addition to first-class jobs in large corporations in the steel or technology industry, which are often better paid than middle management positions, this qualification enables you to become self-employed and to run your own business.

Funding a master’s degree

However, such advanced training is often not easy to finance. You are already at work, you have your own apartment and running costs, but you have to devote all your time to learning and preparing for exams. Corresponding schools also cost a lot of money that has to be raised first. Therefore, many journeyman have to take out a loan for the master school to cover these financial burdens.

The state has set itself the task of preserving the old tradition of German master craftsmanship, which is one of the basic building blocks of medium-sized companies, and is therefore promoting further training with the so-called master German State Funding. This credit has been available to the master school since 1996, which is supposed to increase the willingness to take on the financial risk of such a qualification with particularly favorable conditions and plenty of scope for repayment.

Meister-German State Funding – Conditions

The maintenance contribution that you get from the state for the credit for the master school depends on your personal life situation and ranges from a maximum of 697 USD for single people without children, of which 238 USD are subsidies and 459 USD loans, up to a maximum of 1,332 USD for married people with two children, with 448 USD in funding and 884 USD in credit. For each additional child, the rate increases depending on income and wealth by up to 210 USD, of which 50% are grants and 50% are loans. Single parents receive an additional childcare surcharge of USD 113 that does not require proof of costs.

Full-time training is funded for a maximum of 24 months, but in hardship cases this time can be extended by 12 months. The young master is also accommodated when it comes to repayment, and waives 25% of the credit for the master school upon passing the final exam. Therefore, for financial reasons, nobody should decide against further training that opens many new paths professionally.