aving minimal or no tuition fees, and compared to other nations, living expenses in Germany are fair. To help themselves, a lot of international students decide to take out education loans or work part-time.
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For a relaxing academic journey, getting started early and creating a financial plan for paying for living expenses in Germany is crucial. So below mentioned are five tips for managing your money while studying abroad in Germany:
Education Loan:
To pay for your education, you can take out an education loan. Most students who are unable to pay for their education opt for student loans, which they must eventually repay. Numerous banks, both domestically and internationally, offer student loans.
In Germany, you might also apply for a student loan through your university. Several universities offer various forms of student loans so that students can continue their studies without facing any financial obstacles.
Parental Income
Your parents can assist you in paying for your studies and staying in Germany if you haven’t set up savings. You might demonstrate your financial situation with these funds and the necessary bank statements.
Personal Savings
Even if your savings are insufficient to pay for your studies in Germany, you can still demonstrate your financial stability and obtain the necessary funds for your German residence permit and student visa by working hard.
Scholarships and Grants
When you want to study abroad, there are a lot of other costs involved, even with free or inexpensive tuition. Every year, numerous international German scholarships are given to students to help them deal with the same. This is a fantastic method of paying for your German bills.
You can apply for several scholarships, including:
- DAAD WISE Scholarship Program: International students can apply for financial aid through the Daad Wise Scholarship, a merit-based programme, to conduct research internships at research organisations. It offers undergraduate students a monthly stipend of 750 euros, with a daily calculation for the instalment.
- Konrad-Adenauer-Stiftung Scholarship: Scholarships from the Konrad-Adenauer-Stiftung (KAS) are given to foreign students who want to study and conduct research in German universities. It is offered to undergraduate, postgraduate, and PhD students. A monthly scholarship of 861 euros.
- Heinrich Boll Scholarships: Every year, the Heinrich Boll Foundation awards over 1,500 scholarships to undergraduate, graduate, and doctorate students from Germany and other countries who are enrolled in any topic in a German higher education institution. PhD students get up to 1350 euros per month, with an extra 100 euros paid each month as the allowance for research. UG and PG students get 752 euros per month and a book allowance of 300 euros.
- The Deutschlandstipendium: The Deutschlandstipendium is a special programme that offers financial assistance as well as other advantages to exceptional students. Participants in the programme, private corporations and organisations, typically donate up to 150 euros per month per student. The German government matches this sum, giving scholarship holders a monthly total of 300 euros.
- Erasmus+: There are fantastic options to study in Germany for a few semesters or perhaps the full length of your course through the largest European student exchange programme, Erasmus. Numerous German universities participate in the Erasmus exchange programme, which provides a way for you to get funding for your study in Germany.
Some of the other scholarships which you can apply are:
- Kofi Annan MBA Scholarships
- ESMT Women’s Academic Scholarship
- Goethe Goes Global Scholarships
- EMS Undergraduate Scholarship
- Master Scholarships at the University of Stuttgart
- WHU-Otto Beisheim School of Management, International Scholarships
- DLD Executive MBA Scholarship
Part-time Jobs
With the implementation of the Skilled Worker Immigration Law’s second phase on March 1, 2024, international students studying in Germany now have more job options.
There will be an increase from the previous cap of 120 full days or 240 half days annually to 140 full days or 280 half days. Alternatively, as explained by the Federal Office for Migration and Refugees (BAMF), student employees may now work up to 20 hours per week under the new legislation.
In Germany, students are exempt from paying taxes on earnings up to 450 EUR a month. There is taxation on earnings over 450 EUR.