How do I finance my studies?

Studying costs money. In addition to the cost of living, there are, for example, tuition fees and expenses for laptops, study materials and books. In order to finance all this, students are dependent on a job or support from parents, family or the state. There are many ways to finance your studies, for example through a student loan, BAföG, a scholarship or an education or study fund.

Scholarship and student loan: What do I need to consider?

One way to finance your entire studies is to apply for a scholarship. It is best to find out in advance about the requirements for the more than 3,000 scholarships, as the criteria for awarding a scholarship vary greatly. Scholarships are usually awarded by companies that want to make a social commitment, religious organizations, political parties or foundations. The advantage of a scholarship is that you don’t have to pay the money back. You can also take advantage of many other benefits, such as invitations to conferences, summer camps, internships abroad and alumni networks.

What is a KFW study grant?

You can also pre-finance your Bachelor’s or Master’s degree with a state student grant. The educational loan from the Kreditanstalt für Wiederaufbau (KfW) is state-funded and offers extremely favorable interest rates. In contrast to bank loans, you do not have to provide any collateral, as the state guarantees the loan in the event of default. Your parents’ income is also irrelevant. You can apply for a KfW loan to study between the ages of 18 and 35. You only have to start making repayments, which you can conveniently arrange in small installments, four years after receiving the first monthly payment.

BAföG: How do I get BAföG?

State support for students is regulated in the Federal Training Assistance Act. Full-time students at universities, academies or universities of applied sciences receive this funding, but it is dependent on their parents’ income. This means that the more your parents earn, the less likely it is that your application will be approved. However, it can only be applied for after a study place has been confirmed. You must not be older than 29 years of age at the start of the Bachelor’s degree course and not older than 34 years of age at the start of the Master’s degree course. It must also be the first degree course. A Master’s degree course can be funded if it builds on the Bachelor’s degree course. 50% of BAföG is a grant, the other 50% is a loan. You can find more information on the official BAföG application website.

Financing your studies with an education fund

Optionally, you can also finance your studies with an education or study fund. These funds are offered by foundations, companies or private individuals to help students finance their studies. During your studies, you will receive money that investors have paid into a fund. In contrast to student loans, repayment is normally based on a percentage of your income after graduation. This gives you greater financial security after your studies if you want to go abroad, for example. It is best to seek personal advice and compare and check the conditions of the individual providers.

Financing your studies with a scholarship

Although many people think that scholarships are only awarded to students with very good grades, there are other options. Government scholarship programs often look for talent in specific areas or students with particularly high standards of achievement. But even if you have no such talent or your grades are rather mediocre, there are opportunities for you. Many private foundations award their funds to students of all educational levels and nationalities. Planning in advance of the application is also essential: find out all the details about the respective program and apply early! Scholarship search engines such as myStipendium.de help you with more than 2,300 scholarship programs. Further information can be found on the internet portal of the scholarship organizations Stipendiumplus or in the brochure on“More than a scholarship” from the BMBF.

If you don’t want to take advantage of any of these grants, you still have the option of taking on a part-time job to finance your studies. It makes sense if the part-time job has similar content to your studies.

If you are studying part-time, you can ask your company for employer funding. The best way to do this is to describe the skills you have acquired during your studies that you can use in your job. Studying while working is always a benefit for employees and companies. Do you want to explore your options for financing your studies? Then do the student finance check.

Do you need more information or support with your student financing? Contact the GoVersity team at study@goversity.de or simply call us on 0721 619 301 90.

Our GoVersity financial expert Alexander Marquetant will advise you and fill out the applications with you personally. Book your individual appointment with Alexander here!