The building societies are also planning to get involved in financing education: with the so-called
“Education Savings”
Parents and grandparents should be encouraged to conclude a specific savings contract for their offspring.
Analogous to building savings
If the contract were saved over a certain period of time, after its expiry you would be entitled to a low-interest loan to finance your studies or training. “It wouldn’t be comparable to training insurance at all,” says the Schwäbisch Hall building society. “Here would
no insurance
completed,
but a pure savings product
. You would thereby acquire the right to a corresponding loan, but would not be obliged to do anything and could also use the money saved for other purposes.”
The concept is still a thing of the future. The government is considering a corresponding regulation, and Education Minister Annette Schavan (CDU) has drawn up a template.
However, there is no legal regulation on this yet.
However, this would be necessary because building societies are currently only allowed to finance residential properties – and not in education.
Whether
