Although there are no or very low tuition fees at German universities and the cost of living in Germany is very low compared to other countries, two-thirds of international students still choose to work part-time to cover their living expenses.
Managing your finances is a very important challenge to figure out as an international student. Best to start preparing your finances and how to cover your living expenses in Germany early on.
Here are some ways to finance your studies in Germany:
- Parents' income
- Personal savings
- Work part time
- Scholarship
- Student loans
Personal Savings
Although your personal savings may not cover the total cost of studying in Germany, with some effort you can collect the minimum amount required for proof of funding to obtain a German student visa and residence permit.
Since this contribution cannot be earned overnight, it is very important that you start saving very early. For most international students, Germany has long been the option to seek a college degree, and those who already knew what the requirements were started saving early to be able to study in Germany. Get used to saving money, as you will then have to do this frequently in Germany. In the end, all students do.
Regardless of what stage you are at, whether you are just finding a university in Germany or are in the process of applying for your student visa, it is good to start saving money early.
Important tip: Increase your chances of obtaining a German student visa with a blocked account in Germany.
You must place your savings in a German blocked account before applying for a student visa. Read more about the German blocked account here.
Parents' income
If your parents earn enough money to fund your studies in Germany, you can use as proof of financial means to obtain your student visa. In this case, the German embassy requires you to provide a bank statement to prove that the money belongs to your parents and thus you can cover the study and living expenses in Germany.
If your parents' income is higher, they can cover your expenses for the entire duration of the course. This is a great opportunity for you to fully dedicate yourself to teaching and not worry about your finances.
In some families, it is very common for parents to set up a personal savings fund for their children so they can afford their education. When it comes to studying abroad in Germany, many international students use this money as proof of financial resources.
If your savings do not meet the minimum amount required to apply for a student visa, they will eventually mitigate other costs you will be burdened with studying in Germany.
Part-time job
The majority of international students in Germany work part-time in order to be able to finance their living expenses. Germany offers a range of options when it comes to employment opportunities for students, and most of them do not require a higher level of expertise in a particular career field. So it's no surprise that over 60% of international students in Germany have a part-time job.
International students are allowed to work up to 120 days per year in Germany.
If you want to work longer, you need permission to do so. Two organizations that issue these permits are the local employment agency and the foreigners' registration office.
However, do not expect to be able to rely only on your part-time job. This income is usually not enough to cover all expenses. However, it still reduces a huge financial burden on your budget. This is why most students in Germany have a part-time job.
If you do not know how to find a job, we recommend that you contact the Student Services of the university you are attending or the Federal Employment Agency in your region. You are sure to find something that suits you.
Exceptions
You can work full time during regular university vacations. You can also work more hours if you are considered to be doing compulsory work under certain regulations.
What jobs can I do as an international student?
There are many part-time jobs you can look for in Germany. However, it is recommended to find a job that corresponds to your field of study. It not only helps you cover your living expenses, but also adds plus points to your studies.
For example, if you are a chemistry student, you can work as an employee at the university laboratory.
Universities in Germany offer a wide range of part-time jobs for their students. However, if you are unable to find a job on campus, there are many other part-time jobs off campus that you can apply for.
If no single job comes to mind, here are some suggestions on what you can do as a student working in Germany:
- Tutor
- Academic assistant
- Administrative staff at Student Services
- An employee of the History Museum at the university
- Newspaper distributor
- Service
- Bartender
- Babysitter
Important notes
How much you earn with part-time work in Germany depends on the type of job and your professional skills. If your income exceeds a fixed limit, you are eligible for regular taxpayer.
So if you earn over €450 a month, you have to pay taxes. It is therefore impossible to finance your studies in Germany entirely from your part-time job. At least with the current legal regulations.
Student loans in Germany
Another way to finance your studies in Germany is to obtain student loans. Fortunately, international students receive many benefits. One of these advantages is the access to student loan schemes.
There are several government funded and non-government funded student loans that help finance your studies in Germany by offering loans that often have no or very low interest rates. In addition, many German universities have established their own student loans to support foreign students.
Public student loans usually do not charge an interest rate, while non-government funds may charge a low interest rate. Apart from the interest rate, there may be other restrictions, mainly related to the period within which you have to repay the money.
Note that you cannot rely only on student loans, as the amount of a loan is limited and not enough to cover the complete living expenses. A student loan can therefore only serve as a supplementary fund to your financial resources for financing studies in Germany.
Before searching for an organization that can provide you with a student loan, it is highly recommended to check if your chosen university donates student loans to foreign scholars. Below are some resources that you can use to apply for a student loan to finance your studies in Germany.
BAfoG – is an abbreviation for the Federal Education Act. Its mission is to provide talented students with the opportunity to pursue an education, although it does not provide sufficient financial resources to achieve this. Your resources are more likely to be grants or interest-free loans. Since its inception in 1971, more than four million people have benefited from its services.
Education loan – is another fund provided by the German government in conjunction with a private banking group. Unlike BAfoG, the education loan is given to people who are in a higher level of education and need a loan to continue. Moreover, this type of student loan comes with a low interest rate and is not a need-based platform. Therefore, everyone has access to this loan.
System of bank loans – In addition to government-funded student loans, there are a large number of banks in Germany that have set up their own student loan systems with attractive interest rates to help foreign students finance their stay in Germany. Deutsche Bank, Raiffeisenbanken, Sparkasse and HypoVereinsbank are some of the banks that offer student loans for international students.
Scholarships
Scholarships are another great way to finance your studies in Germany. As a country where a large number of international students study, there are many scholarships available for talented and qualified students.
While it's hard to rely solely on scholarships, they will go a long way in helping your budget cover your living expenses while studying in Germany. And since there are a variety of those, it is highly recommended that you try to obtain a scholarship.
Scholarship sources in Germany
The Deutschlandstipendium
A public-private property designed to support excellent students not only financially, but with many other benefits as well. Private companies and organizations participating in this program pay €150 per student per month. In addition, the German pays a contribution of 150 € per month. So if you win this scholarship, you will receive €300 every month.
This support is mainly offered for two semesters, but can also be granted for the entire duration of your studies. Funds for these scholarships are awarded by the government and private partners, but universities are responsible for awarding them to their students. Therefore, universities are allowed to set the requirements individually.
DAAD scholarships
The DAAD is a large organization whose goal is to promote the internalization of German universities by creating numerous funding and advising opportunities for domestic and international talented students in Germany. Since its inception in 1925, millions of foreign students have benefited from DAAD services. In 2016, more than 131.000 German and foreign scientists financed their education with the help of DAAD scholarships. Today they have an extensive list of available scholarships for international students.
Erasmus +
Europe's largest student exchange program offers some attractive opportunities for a limited semester or for the entire course of study. German universities participate in numerous Erasmus exchange projects, you can also use this way to finance your studies in Germany. Please note that you may not be granted some funding directly, but you will then have everything covered in Germany.
Privately funded scholarships
There are many private foundations that provide scholarships to talented and qualified foreign students who wish to attend a university in Germany. Often these scholarships are awarded to honor a highly respected German individual. In addition to securing financial resources for study in Germany, bridges between intercultural relations should be created.
Here are some private organizations that provide scholarships to international students;
- Max Plank Society Research
- Scholarship from the Heinrich Boll Foundation
- DKFZ International PhD Program
In addition, many universities share numerous scholarships to international students to help them and increase their attractiveness.