How should you begin your financial education

Financial support during training - these options are available

Table of Contents

  1. Financial situation during the training
  2. Vocational training allowance
  3. Federal Training Assistance Act
  4. Housing benefit
  5. Child benefit
  6. scholarship
  7. Education loan
  8. Save in addition

The financial situation during the training

Earning your first own money at last - this is what many apprentices dream of before starting their training. But the trainee salary is often not very high, especially if you are looking for one school education Has decided. Because then you usually don't earn a salary at all, but have to pay for the school costs of the training yourself. Work clothing or special work materials also often have to be financed by the trainees themselves. But also with others Types of training money is often tight. If you no longer live with your parents and they cannot support you financially, and if you have to pay costs such as rent, travel expenses and groceries yourself, there is the possibility of receiving government subsidies to finance your living costs. Financial support during the training enables you to pay all the costs.

The vocational training allowance (BAB)

If you want to start an apprenticeship and need financial support during this period, you can Vocational training allowance (BAB) apply for. BAB is intended to ensure that training opportunities do not fail due to reality and everyday costs of living - such as rent. The aim is to overcome economic difficulties that could make professional qualifications more difficult.

In the Federal agency for work you can apply for BAB and receive monthly financial support. In addition, you will also receive subsidies for travel costs incurred, for example to get to your training company. The big advantage of the BAB is that you don't have to pay back this monthly financial contribution. In order to be entitled to BAB, you must meet certain requirements that are checked beforehand by the Federal Employment Agency.

If you meet one of the requirements, you are entitled to BAB:

  • Your training is a recognized company or external training occupation.
  • You can no longer live with your parents because your place of training is too far away and you have to have your own apartment.
  • You are taking part in a vocational training course, e.g. to catch up on your secondary school leaving certificate.
  • You are at least 18 years old and you are married or live with your partner.
  • You have at least one child and you no longer live with your parents.

So that the exact amount of your entitlement can be calculated, the earnings of your parents or your partner are taken into account. If they could support you financially, you are not entitled to BAB. The amount of your training salary and your rental costs are also taken into account when calculating your entitlement. You will receive a maximum of 224 euros for your rent through the vocational training allowance. If you have higher rental costs, an additional grant can be granted. However, it will be checked whether the size and price of your apartment are appropriate. With the BAB calculator of the Federal Employment Agency you can have it calculated whether and what entitlement you have to the BAB.

At school Training to become a physiotherapist you are not entitled to financial support from the BAB. If you are already receiving benefits from another authority that are comparable to the BAB, this is also an exclusion criterion for entitlement to the BAB. The only exception to school education in order to be eligible for BAB is school education to become a geriatric nurse.

The Federal Training Assistance Act (BAföG)

If you have decided to go to school, you are usually not entitled to BAB. In the form of the Federal Training Assistance Act (BAföG) you can then apply for financial support during the training. BAföG in training also does not have to be repaid after the training. The calculation of the amount of your entitlement is based individually on your income during your training as well as on the income of your parents or partner. You can apply for BAföG at the responsible office for educational grants in your city and get advice.

You are entitled to monthly financial support if:

  • you are no longer than 30 years old.
  • you have already completed a two-year training course.
  • your training is your initial training.

The amount of BAföG to which you are entitled differs depending on your life situation. A distinction is made between whether or not you have already completed vocational training and whether you are still living with your parents. Depending on the situation, you can expect a monthly BAföG grant of between 231 and 587 euros.

The housing benefit

Did you no entitlement to BAB receive, you can Housing benefit apply in order to be able to pay your rental costs. Housing benefit is state support to finance your own living space. In this way, appropriate living should be made possible during the training.

The prerequisites for this are:

  • The submission of the rejection notice from the BAB.
  • The template that you no longer live with your parents and that you have to pay your rental costs yourself.
  • You are over 18 years old.

The child benefit

Are you in your training and are still under 25 years old, get your parents for youChild benefitwhich is intended, among other things, to finance your training. For this, your parents must submit an application to the family benefits office at the Employment Agency. From July 1st, 2019, parents will receive 204 euros per month for the first and second child, 210 euros for the third child and 235 euros per month for the fourth child. Child benefit does not have to be repaid at any time and can help you make ends meet financially during your apprenticeship. You can even request that your child benefit be transferred directly to your account and that you have full access to it.

The scholarship

Do you want gain experience during your training abroad, in addition to the government support already presented, you also have the option of private or international funding programs to claim something. But one scholarship Receiving financial support during your training is not that easy and requires your own initiative. In a letter of motivation, you must explain why you want to do this stay abroad and why you should receive the support. Good grades and the corresponding ambition during your training increase your chances of receiving financial support in the form of a scholarship. If you can convince, you will not only receive financial support but also help with organizing your stay abroad. Scholarships are awarded by various institutions, for example foundations, scientific or cultural institutions. The financial support through grants does not have to be repaid either.

The education loan

If all funding options are insufficient and the money is still tight, or you are not entitled to them at all, you can get one Education loan contemplate. You will only receive this if you are about to end your apprenticeship, i.e. in the last 24 months before completing your apprenticeship. You should also be at least 18 years old and no more than 26 years old. The advantages of an education loan are that it can be flexibly adjusted and is set independently of your income or that of your parents. You can submit an application online, get advice from the competent authorities on site and obtain additional information. An education loan can also be used in addition to BAföGin order to be able to finance internships or stays abroad, for example. But other loans for trainees are also offered by banks and savings banks with particularly low interest rates.

Financial support during your apprenticeship - you can save even more here

In addition to state financing measures, there are other ways to save money during the training period. For example, your parents can deduct part of your school costs for tax purposes if they receive child benefit for you. Travel costs to your training company during your training or to your vocational school can also be partially reimbursed. In everyday life, further savings can also improve your financial situation during your apprenticeship. In many cases you get discounted entry to events or cinemas or get discounts on programs for your notebook. You can also save on your mobile phone or internet contract and on car insurance if you own a car with an apprentice discount. During your apprenticeship you don't have to worry about the costs of your current account - as long as you are still an apprentice, this is free. So there are many ways to save some money here and there during your apprenticeship.