Maximum Repayment Amount
The maximum repayment amount of the loan portion currently stands at 10,010 euros. This means that even if the borrower received more than this amount as a loan portion during their Vocational Training (Ausbildung), the repayment is capped at this limit.
Importance of the Maximum Limit
The legally established maximum repayment amount serves to limit the financial burden on graduates. Especially in cases of lengthy Vocational Training (Ausbildung) periods or high monthly Bafög amounts, this regulation ensures that borrowers do not incur disproportionately high debts.
Example Calculation of the Maximum Repayment Amount
Suppose a borrower received a total of 20,000 euros in Bafög during their Vocational Training (Ausbildung), with 10,000 euros granted as a subsidy and 10,000 euros as a loan. Since the repayment amount is capped at 10,010 euros, the borrower must only repay up to this specified maximum, despite the original loan amount being 10,000 euros.
Impact of the Limit on the Repayment Duration
The limitation of the maximum repayment amount also affects the repayment duration. As the maximum amount of 10,010 euros is reached, repayment ends as soon as this amount has been fully settled, regardless of whether the original loan amount was higher.
Early Repayment and the Maximum Limit
Even with an early repayment, the maximum amount of 10,010 euros remains valid. Those who can repay the entire loan amount at once have the opportunity to receive a discount on the remaining debt. This may result in the actual repayment sum being below the maximum limit, providing additional financial relief.
Special Regulations for Low Loan Amounts
If the borrower received less than 10,010 euros as a loan throughout their entire Vocational Training (Ausbildung), the repayment amount corresponds to the actual loan amount received. The maximum limit only applies when the loan amount exceeds this figure.