BAföG funding and assets: A comprehensive guide
In the upcoming winter semester of 2022/23, the Advanced Training BAföG (Federal Training Assistance Act) is set to undergo some significant changes, particularly for singles and older individuals. These changes aim to make the financial support more effective for these groups.
The considerations of assets and income have always been crucial when applying for BAföG. For married couples or registered partners, joint assets are taken into account, whereas for singles, a certain amount of assets can be kept before they are considered in the application.
In the case of married couples or registered partners, the allowable assets are subject to specific asset exemptions and income assessments. As of before August 1, 2022, the asset exemption was €8,200, with additional allowances for spouses or registered partners and dependents. The incomes and assets of the spouse or registered partner are considered based on the status two years prior to the application period, with various fixed and percentage increments applied. Under certain conditions, additional hardship exemptions may apply.
Reserves used to finance advanced training are not considered when assets are calculated for BAföG. Assets that are taken into account include savings contracts and properties like single-family houses.
The grant provided by the Advanced Training BAföG does not need to be repaid, and it is supplemented by a loan component from the KfW Bank. When submitting follow-up applications for BAföG, it's important to ensure that the assets do not exceed the permissible amount.
For singles, there are reductions for children in the BAföG claims. Furthermore, those with a mini-job can deduct the advertising cost allowance and the social allowance, which reduces income and increases BAföG eligibility.
The KfW funding considers training costs and living expenses as important factors. The Advanced Training BAföG aims to effectively promote individual further training and support professional development.
The Advanced Training Promotion Act (AFBG) provides diverse funding opportunities for working individuals to overcome financial hurdles in advanced training. The regulations regarding assets directly impact the financial support during the training. Carefully checking one's income and assets before applying for the Advanced Training BAföG is crucial to avoid losing any claims.
The Advanced Training BAföG offers various contribution types, including full-time funding, maintenance contribution, measure contribution, and funding opportunities for part-time measures. The consideration of assets is crucial when applying for the Advanced Training BAföG, and it's essential to understand these changes to maximise the financial support during your training.
Read also:
- Trade Disputes Escalate: Trump Imposes Tariffs, India Retaliates; threatened boycott ranges from McDonald's, Coca-Cola to iPhones
- Aquatech purchases Koch's Direct Lithium Extraction business, merging Li-ProTM DLE technology into the PEARLTM Technology Platform.
- Nepal's Journey: Evolution from Street Life to Political Power
- Li Auto faces scrutiny after crash test involving i8 model and a truck manufacturer sparks controversy
