There are university-sponsored scholarships in Germany and a number of private and public institutions award scholarships—usually to cover living costs and books. There is a state-funded study loan programme, called "BAföG" ("Bundesausbildungsförderungsgesetz", "Federal Education Aid Act"). It ensures that less wealthy students can receive up to €735 per month for the standard period of study if they or their parents cannot afford all of the costs involved with studying. Furthermore, students need to have a prospect of remaining in Germany to be eligible; this includes German and EU citizens, but often also long-term residents of other countries. Part (typically half) of this money is an interest-free loan that is later repaid, with the other half considered a free grant, and the amount to be repaid is capped at €10,000. Currently, around a quarter of all students in Germany receive financial support via "BAföG".