Is the debt worthy of higher education
How do I finance my studies?
In addition to support from parents and family, state funding under BAföG is probably the best-known option to finance your studies. But there are a few other methods that you need to know about.
You finance your studies through:
- Student loan
- Education fund or study fund
- BAföG bank loans
- Education loan
- dual study
Tips on financing your studies
Studying is not cheap and studying is not exactly a period of life in which one bathes in money. In addition to living expenses, tuition fees, costs for books, other study materials and local public transport must also be financed. Those who do not have the necessary change from home have to stay afloat with other sources.
1. BAföG: What is BAföG? How do I get BAföG?
The term BAföG stands for state support for students, which is regulated in the Federal Training Assistance Act. Funding is available to students at technical colleges, academies or universities (the various types of school are also covered). With a few exceptions, the financing of your studies depends on the parents' income. Forms for applying for BAföG are available from the Studentenwerke. The application can only be submitted after the admission to the study program. Funding is paid from the beginning of the month in which the course is started and is transferred to the student monthly in advance.
Free BAföG hotline: Phone 0800 2236341
There are forms online to print out>
Federal Ministry of Education and Research
One half of BAföG is a grant, the other half a loan. That means 50% of the funding has to be repaid. This half / half principle is BAföG-specific and does not apply to the following loans. Because even if the interest is kept low for these, the time comes when the sum has to be paid in full.
"If I am not eligible for BAföG funding, what can I do?"
2. Student loan: what is a student loan?
With a student loan, students borrow money from the bank to finance their studies. Students who are not entitled to BAföG can also study with a student loan. Funding is possible for up to 14 semesters. The monthly loan amounts can be up to 650 euros, depending on the wishes of the borrower. In the case of student loans, the banks do without the usual collateral; under conventional conditions, students would be classified as "not creditworthy". In addition, the interest on the repayment of the loan is at the lower end of the usual conditions. But that does not mean that there cannot be a large amount of money accumulated over the years.
All subjects at German universities are funded with a student loan. Most of the time, students have to submit a curriculum that demonstrates their intention to complete the course quickly.
- Attention: A student loan is not something that should be taken out lightly, after all, it is a commitment that awaits in the future.
3. Education fund or study fund: What is an education or study fund?
Education or study funds are set up by companies, foundations or private individuals to help students finance their studies. Selected applicants receive money during their training that investors have paid into a fund. After graduation, the sponsored students pay back a percentage of their income for a certain period of time when they start their professional life. The returns for investors are calculated from these repayments. Another part of the payments is used to finance students. Sounds like a stock market, but it's actually quite simple.
Critical factors that are taken into account in the selection are academic and professional performance, but also the applicant's personality. Financing is only provided over the standard period of study plus a maximum of one semester.
"What are the options if I am in the middle of my training or want to supplement it?"
4. BAföG bank loan: What is a BAföG bank loan?
A BAföG bank loan is a financial aid for advanced semesters. Under the Federal Training Assistance Act (BAföG), students can receive a low-interest bank loan under certain conditions. It is addressed to those who would like to follow up on further training - which sensibly supplements the first university education - or who has exceeded the funding period in the first degree for any reason. The application can be submitted to the Office for Education Funding. The responsible BAföG office determines the amount of the loan.
More information on BAföG bank loans>
5. Education Loan: What is an Education Loan?
An education loan is an offer for the final phase of studies. The education loan is supported by the federal government and can only be applied for in the advanced training phase. The educational loan program offers students the opportunity to get a simple, low-interest loan regardless of wealth or income. In this way, for example, the final phase of studies, internships, additional, supplementary or postgraduate courses can be financed. Support is possible for a maximum of two years with a maximum of EUR 300 per month, provided that the course is completed at a BAföG-recognized training center. The parents' wealth does not matter.
More information about the education loan>
"I definitely don't want to start my professional life with debt, now what?"
6. Scholarship: What are the benefits of a scholarship?
The advantages of a scholarship are obvious: A scholarship is a "free" money. In addition to financial support, many scholarship holders also receive social support from their sponsor. This can include: summer camps, invitations to conferences, support from a liaison professor, alumni networks and internships abroad. The scholarships are made available by political parties, religious organizations and corporations who want to demonstrate their social responsibility. Important criteria for the selection of applicants are the economic situation, talent, grades and social commitment.
Find your scholarship>
7. Jobs while studying
Many students work alongside their studies and thus finance part of their living. It is particularly useful if the part-time job has parallels in content to the studies.
Information on jobs, important rules and limit values>
8. Dual study: What is a dual study?
Dual study means studying with a salary! As part of a dual study program, students are employed as trainees in a company. They are paid monthly remuneration for their work within the framework customary in the industry. In addition, the training company often pays the tuition fees.
More information in the FAQ Dual Studies>
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