Though German Universities do not charge tuition fees or even if they charge it is very minimum which can be affordable. But the cost of living in Germany is one of the factors, one has to be considered. As an international student, it is very important that one thinks about how to manage his finances. It is considered best to prepare to cover up the finances at a very primary stage. In this article, we have covered some of the aspects by which you can manage your expenses well as an international student.
Personal savings to support your education
It is necessary to show the proof of financial resources while getting a student visa and residence permit in Germany. Even if the finances you have do not cover the total living cost in Germany, they must be able to get you the visa and with little effort, you can do that.
So, for this purpose, you should start saving early as the amount cannot be made in a limited time. Most of the international students consider studying in Germany because of its affordability and high-quality study. The majority of the students start saving money the day they make up their minds about studying at a German university. On the other hand, this is also a practice of saving money because you have to do it more often when you are studying abroad.
Parental income to support your study
Parental income is one of the other ways to finance your living and studies in Germany. If your parents have enough money to support you in an international country then it is the best option you have. In this regard, you have to provide a bank statement to the German embassy stating that the money for your living and studies will be provided by your parents. Additionally, this will also help you get a student visa comparatively earlier than other people financing their studies themselves.
Moreover, if your parental income is high and if it can cover your expenses for the whole duration of studies then it is the best opportunity. As you will be able to concentrate on your studies without getting stressed about the expenses.
On the other hand, it is common in some families that they have a saving fund to finance their children’s education. And many international students use this fund to get students visas to pursue their degrees in Germany.
So, if you are not having enough money of your own to get a student visa or to complete your studies in Germany then taking money from the parents is the best option you have.
Part-time Jobs in Germany
According to different statistics, nearly 60% of international students work part-time to finance their living and studies in Germany. The main reason for this is that Germany has a wide range of job opportunities for international students and it also does not require high-level skills in the first place which attracts people all around the world.
According to the legal regulations, international students studying in Germany have permission to work for 120 days a year. But if you want to work more, then you have to take permission from two different organizations. These organizations include the foreigners’ registration office (Ausländerbehörde) and the local employment agency (Agentur fur Arbeit). These organizations carefully look at the status of the students and after considering all the details, they provide permission to work more hours.
However, keep in mind that part-time job earnings can not cover all of your expenses in Germany but yes, they can always help you to reduce the financial burden. After, all this is what the majority of students do in Germany.
Furthermore, if you don’t know how to get a job in Germany, we would suggest that you should contact the student’s service agency at the university. It will provide you with all of the details about the jobs and their application procedure.
So, if you consider working part-time in Germany then you should definitely go for it as it will help you with the financial burdens while keeping more of your concentration on your studies.
Jobs for the International student in Germany
You can find a number of jobs in Germany, but we suggest that you should find the one related to your field so that you don’t have to put extra effort while keeping your concentration in your studies. Additionally, it will also help you with adding credits to your courses.
Universities offer different part-time jobs to their students to finance their studies such as staff member jobs at the lab if you are a student of chemistry, biology, or physics. But if you don’t find a job at campus then there are many other jobs you can do out of campus such as
- Academic assistant
- Newspaper distributor
- Administrative Staff at Student Services
- A staff member at the university’s history museum
- Write articles for magazines
- Become an online freelancer (Upwork, Freelancer, PPH, Fiverr). If you can write articles, do graphic design work, be a transcriber, or have other skills then you can find an online freelance job on one of the above-mentioned platforms. The good thing about this kind of work is that you can even do it in the library of your school or even do it while lying on your bed in the dormitory to earn dollars.
One important thing to be taken into consideration is that the amount of money you earn from a part-time job depends on the professional skills and type of job you do. Furthermore, if you exceed earning a certain amount of money that is 450€ per month then you have to pay taxes as you will be known as a regular taxpayer. So, financing your living and studies all from a part-time job is not possible under current legal restrictions.
2021-2022 Student loans in Germany
One of the other ways of financing studies in Germany is by student loans. And there are luckily many schemes by which international students can have student loans. In Germany, there are many different private and public organizations offering student loans to international students at no or very less interest rates. Moreover, universities have also established schemes to provide loans to non-german students.
The public schemes for student loans most of the time charge no interest rate but the private schemes charge low interest rates from students. Apart from this, there may be some other restrictions such as the time limit in which you have to pay the money back and sometimes the amount of money which can be borrowed is also limited.
But this also doesn’t mean that you can completely rely on student loans to cover up all your expenses because the amount you get from the student loans is limited. The student loan is an additional fund to cover up the expenses in Germany so do not get overburdened with the financial expenses.
So, before looking for an organization that offers students loans, first always look at your university that what kind of schemes they are offering to international students. Below we have mentioned some resources from which you can get student loans as an international student in Germany.
What is BAföG?
It stands for the Federal Education and Training Assistance Act. It provides student loans to international students who do not have the financial means to cover the expenses of their studies in Germany. The scheme was founded in 1971 offering loans as free interest loans or rather grants. Till now, approximately four million people have been given services to cover their financial expenses.
What is Bildungskredit?
This fund is approved by the government with close association with the different private banking groups. As compared to the BAföG, Bildungskredit provides loans to international students who are at the higher stages of the degrees and they need financial coverage to finish their studies. Furthermore, everyone has access to this fund as it is not a need-based platform and it also provides a low interest rate.
How to obtain a Study loan in Germany?
Apart from public student loan schemes, a large number of banks also provide student loans to international students in Germany. The banks have set up attractive interest rates so that foreign students get to benefit from it. Raiffeisenbanken, The Deutsche Bank, HypoVereins bank, and Sparkasse are the banks offering student loans to foreign students.
List of Scholarships in Germany: Your funding options in Germany
One of the great ways to finance your studies is to avail yourself of scholarships. There are many scholarships offered to the number of international students in Germany. Though it is difficult to rely on scholarships only, it also adds a great amount of money to cover the financial expenses during your study in Germany. As there are large amounts of scholarships present, one should always try to avail one. Below we have listed some of the scholarships which offer a good amount of money to international students.
- The Deutschlandstipendium in Germany
It is a combination of both public and private ownership which supports excellent international students financially along with different other benefits. Private organizations that take part in this scholarship scheme contribute about 150€ per month to the student. While the public companies also contribute 150€ per month which gives a total of 300€ per month to each student.
However, this funding is provided for two semesters only, but it can be extended to the whole duration of studies. As these funds are provided by both public and private partners, the university itself has to nominate the students for this scholarship by setting certain criteria.
Daad is one of the oldest organizations in Germany since 1925 offering tremendous opportunities to international students to fund their studies. Its mission is to encourage the internalization of different universities in Germany by providing different counseling and funding opportunities. Every year hundreds of students get befitted from daad scholarships. In the year 2016, approximately, 131,000 students including both national and international students got funding from daad.
- Erasmus + Scholarships for Germany
Erasmus is the biggest European funding program for international students. Erasmus provides an exchange scheme for international students to study for a limited duration of time in Germany mostly for the one-semester duration. German universities closely collaborate with the Erasmus program helping students to finance their studies. Sometimes the funds under Erasmus are not directly granted but you have everything covered under it.
- Privately-funded scholarships in Germany
There are many different private organizations that provide opportunities for international students to study in Germany. Their main aim is to honor the German personality who is highly respected and also to bridge gaps between the international relations of different countries.
Some of the privately awarded German scholarships are as follows:
- Heinrich Boll Foundation Scholarship
- DKFZ International Ph.D. Program
- Max Plank Society Research
Apart from these, there are many other German scholarships available for international students. You just have to make a little effort to search and avail yourself of those prestigious scholarships.