Money plays a much more important role in studies than most first-year students are initially aware of. If there are money problems, it will be very difficult to concentrate on your studies and to perform well. This makes it all the more important for students to secure their financial existence.
There are a number of ways to support yourself while studying for your bachelor's or master's degree. At this point we have summarized comprehensive information on the topic, especially with a focus on student grants and student financing. In addition, there are financial tips for students.
Study grants in Austria
In Austria, there is the so-called Studienbeihilfe, the purpose of which is to provide financial support to students. This takes place in the form of monthly payments, which are available for free use. For example, it is possible to use the money to pay the rent or even to buy groceries. The aid is coordinated by the Federal Ministry of Science, Research and Economy, which has even set up its own student aid office.
In general, every student in Austria should check whether he or she is entitled to the aid payments and whether the specific requirements are met. The group of persons with entitlement includes all Austrian citizens as well as EU citizens and stateless persons with equal status. It is not enough to belong to one of the listed groups of people. There are further prerequisites to be fulfilled. We have summarized the most important framework data below.
- Social situation: study grants are only given to those who actually need them. A whole series of criteria are therefore checked by the authorities, and the family situation in particular is of great importance . Family status, size of the family, the income of the parents as well as the income of the student determine whether a subsidy is possible.
- Study situation: Above all, age is a major issue; ideally, applicants should not yet be 30 years old. However, there are also exceptions, especially for master's degree programs. It also depends on how far the studies have already progressed. This topic in particular is complex, especially since there are always changes in the criteria. It is therefore advisable to obtain information directly from the pages of the student aid authorities.
- Verification requirement: It is not enough to qualify once in order for the payments to flow continuously. Proof of enrollment and later also of successful completion of studies must be provided.
- Extent of support: The Austrian study grant is paid in the form of monthly installments. Those who study at their parents' place of residence receive a maximum of 475 euros per month. At other places of study up to 679 Euro are paid. Students with a child receive an additional 112 euros per child.
Unfortunately, the whole issue is relatively complex, there are numerous regulations as well as exceptions and other specifics. However, no one should be intimidated, especially since the authority gives very competent information and provides comprehensive information on its website ( www.scholarship.at/studienfoerderung ). Both students and prospective students can check online whether they are entitled to the grant and what the amount of the grant would be in their case. Provided that the result is convincing, it is then only necessary to submit the application for aid.
Many students, as well as their parents, are often uncertain when considering taking out a student loan. However, the advantages should not be disregarded. Those who opt for this form of study financing can create great freedom for themselves and thus concentrate fully on their studies.
In addition, the financial risk is not that great. The banks grant manageable loans and are comparatively generous with repayments. No one is put under pressure, especially since the student loans can be optimally tailored to the personal situation. Accessible loans are available for:
- Bachelor students
- Master students
- Postgraduates / doctoral students
By the way, most of the interested parties are bachelor students. As the duration of their studies is only three years, no large loan amount is drawn down over time anyway, so no extensive liabilities arise. Accordingly, one should not worry too much. After entering professional life, there is usually enough money available to pay off the loan quickly. In addition – if they are genuine student loans – very attractive interest rates are agreed, which are usually quite a bit cheaper than conventional installment loans. As a result, the interest burden is really manageable.
By the way, classic student loans are never paid out in one lump sum, but rather in monthly amounts. This way, the remaining debt increases only slowly and the interest burden remains manageable, especially in the initial period. Whether the interest is due immediately or only after completion of studies depends on the respective student loan. Repayment usually starts only after full disbursement (i.e. after completion of studies).
In general, student loans from Austrian banks promise an immense amount of flexibility, d.h. Students get exactly the financing they need. Depending on the lender, however, student loans can be structured differently. The student loan offers of various banks are presented below.
The savings banks rely on the classic student loan, d.h. special proofs have to be provided, but in return a high degree of flexibility is offered. The following is an overview of the most important highlights:
- Special and therefore low loan interest rate
- Loan amount up to a maximum of 10.000 euros
- Up to 5 years repayment free
- Term individually agreed, maximum 10 years
- Early repayment possible without any problems
- A student account with the savings bank is a prerequisite
Click here for more information from the Sparkasse www.savings bank.at/oberoesterreich/student-loan
Bank Austria uses a somewhat more complex system for student loans. Nevertheless, it is worthwhile to obtain a personal financing offer. In general, small loans are more likely to be granted. Master's students and graduates can also borrow larger amounts. Here are the most important points:
- Loan amount up to 4.000 Euro (for most students)
- Postgraduates up to 22.000 euros
- The loan must be taken out by 30. The account can be opened at the age of
- Term 5 years, sometimes 10 years
Click here for more information from Bank Austria www.bankaustria.at/student-loan
( Note : On the page, click on the tab "Students", scroll down a bit and then click on "StudentenKredit")
The Raiffeisen banks are also waiting with a financing offer for students. It is noticeable that the highest credit amount is possible here, however, the age limit is all the lower for it. An offer should be obtained calmly in the context of the condition comparison.
- Special loan interest rates for students
- Flexible loan amounts, up to 35.000 euros
- Term of up to 10 years
- Admission must be made by 28. age
- Fee advantage for students
- 1/2 processing fee
- Up to 4 years grace period
- Main account must be held with Raiffeisen
Click here for more information about Raiffeisen Bank
Tips for more money during your studies
Money is a topic that many people – this is not only true for students – do not deal with adequately. It is helpful to do this and at the same time try to optimize your finances. In this way, it is possible to improve one's own situation and thus increase the quality of life. For students in particular, this usually means having to work less and thus being able to concentrate more on their studies. The following are tips for financial optimization.
Tips on student loans
It would be wrong to simply take out a loan. It is important to get it right. Above all, the amount of the loan is a very significant issue. In general, it is better to calculate a little too generously than too tightly. If the loan is too low, financial problems may soon arise, which will certainly affect grades and other academic achievements.
It is therefore more sensible to take out a somewhat larger loan. It is not a bad thing, after all, you do not have to spend the money in full. Almost all of the loans presented allow for special payments to be made in order to speed up repayment.
Further financial tips for students
Many students wonder how and where they can earn some extra money. It is, however, easier to reduce expenditure. There are three areas that offer particularly great potential.
- Housing costs: Housing usually causes the highest costs. However, many students also live very expensively, which often has to do with the fact that they cannot find a cheap apartment at the beginning of their studies. However, one does not have to resign oneself to it, in the course of the student life often the chance offers itself to move into other and at the same time more favorable dwellings. In the long run, big savings potential beckons here.
- Food and other living expenses: students often lead expensive lifestyles, in part because of their meals. Many students go out to eat regularly or resort to expensive convenience foods. If you learn how to shop properly and prepare meals freshly, you can often reduce your costs considerably.
- Financial products: Quite without an account, insurance, etc. it simply does not go. But optimal rates are by no means always used. As a result, unnecessarily high contributions and fees are incurred, which also add up to considerable amounts over time. Therefore all students can only be advised to optimize their finances. By the way, you do not have to be an expert for this, after all, there are our comparison calculators. This is a convenient way to check online whether providers can be found whose financial solutions are cheaper and thus promise a nice savings.
Finally, it should be noted that personal spending habits also play a major role. Regardless of income level, most private households hardly ever build up reserves. This is again due to consumer behavior, because the more money is available, the higher the standard of living, according to experience.
Also students fall again and again into this trap or. they simply cannot resist the temptations of everyday life. However, this can be changed by analyzing monthly expenses . Keeping a so-called budget book may not be much fun, but this measure is worthwhile. If you consistently note down every small expense for a month, you will relatively quickly find out where a lot of money is being spent, and usually unnecessarily as well. Subsequently, it is important to be consistent and to reduce these expenses specifically.