Even though German universities charge zero or meagre tuition fees and the cost of living in Germany is very low compared to other countries, two-thirds of international students choose to work part-time to cover their living expenses.
As an international student, the most difficult challenges is managing your finances. Therefore, it’s advisable to start planning your finances and how you’ll pay for your living expenses in Germany as early as possible.
The following are some choices for funding your study in Germany:
- Parental earnings
- Individual savings
- Part-time employment
- Scholarships
- Student loans
- Individual savings
Even if your savings do not cover the total cost of studying in Germany, with a bit of work, you may amass the minimum required amount of money to show that you have sufficient financial resources to obtain your German student visa and residence permit. Because this sum cannot be acquired overnight, it is strongly advised that you begin saving sooner rather than later. For most international students, Germany has long been an option for pursuing a university degree. Those aware of what they would face away from home began saving money the day they decided to study in Germany. Regardless, it would be best to become accustomed to conserving cash because you will be doing it frequently in Germany. This is what every student does.
- Parental earnings
If your income exceeds enough to pay your studies in Germany, you can use it as proof of financial means to acquire your student visa. The German embassy will ask for a bank statement to confirm that the funds belong to your parents and that you will be able to finance your education and living expenses in Germany.
In addition, if your parents’ incomes are higher, they may be able to cover all of your expenses for the course duration. This is a fantastic opportunity for you to commit to lessons while not worrying about money entirely.
In some families, parents set up a personal savings account for their children for them to be able to afford their education. Many overseas students utilise this money as proof of financial resources when studying abroad in Germany.
Even if your funds do not cover the minimum amount required to apply for a student visa, they will help you pay for other expenses that come with studying in Germany.
- Working in Germany on a part-time basis
To pay for their living expenses, most international students in Germany work part-time. When it comes to student job prospects in Germany, there are many options, and most of them don’t even demand a higher degree of competence in a specific professional field. Over 60% of international students in Germany do work part-time, unsurprising.
International students in Germany can work up to 120 days per year under current legal requirements.
If you want to work for longer, you’ll need special clearance. The local employment agency (Agentur für Arbeit) and the foreigners’ registration office (Ausländerbehörde) are two entities that provide these permits.
However, don’t expect to survive only on the profits from your part-time employment. Typically, they are insufficient to cover all expenses, necessitating the use of additional finances. However, it still relieves a significant financial weight from your budget. After all, that is what the majority of German students do.
If you don’t know where to start looking for work, we recommend contacting the student assistance centre at your university or the Federal Employment Agency in your area. They’ll most likely locate anything similar to what you’re looking for.
- Study Scholarships
Another amazing way to fund your studies in Europe specially Germany is to apply for study scholarships. Many scholarships are available to skilled students in this country, which welcomes many students from international.
Though relying solely on scholarships may be difficult, they will surely assist you in covering your living expenses while studying in Germany. It’s also strongly recommended that you get one because there are so many to pick from.
- Student loans
Another way to pay for your studies in Germany is to take out a student loan. International students are lucky in that they can take advantage of a variety of incentives, including student loan programmes.
Different government and non-governmental student loan resources are available to help you finance your education in Germany by providing zero or low-interest loans. Furthermore, many German universities have created their student financing programmes to assist international students.
Public student loan programmes often have no interest charges, although non-government resources may have a low-interest rate. Except for the interest, there may be other limitations, the most common of which are the time frame in which the money must be repaid and the amount of money you can borrow.
It’s vital to realise that student loans won’t be enough to cover all of your expenses because the money you can borrow is limited. As a result, a student loan can only serve as a supplement to your other financial resources when financing your studies in Germany.
It is strongly recommended that you check if your selected university donates student loans to foreign scholars before seeking an organisation that might grant you a student loan.
