More and more young people want to pursue a university education after graduation. Unfortunately, some will not be able to. There may be several reasons for this, leaving young people to fend for themselves. How can I finance my studies? All financing options? Quite common problems for them.
This question of financing is very important but there are different ways to finance your studies. These include BAföG, scholarships, student loans and part-time jobs.
Federal Law on Educational Assistance
The BaföG is a monthly allowance paid to the student by the state. Anyone who has valid reasons for support can benefit from this aid. Also known as training aid, it is requested from the scholarship officers where appropriate advice is regularly offered. However, only half of this grant is offered to the student but the other half must be repaid later.
In medical studies, for example, the maximum BAföG rate is currently EUR 649.00 per month. In addition, an allowance has been increased for any income and thus, including the imputation of income-related expenses, one can earn up to 450 euros per month.
In 2016, the BAföG has been increased. All changes, requirements and information about the BAföG can be found in our article: BAföG increase: much more now.
Scholarships and Bursaries
Scholarships are stipends offered by associations or foundations that help bright young people at school. Those with the best grades are more likely to benefit from them. Scholarships can be obtained either through a competition or through a selection process. There are different types of scholarships: a partial scholarship when it covers part of the tuition fees and a full scholarship that covers all the student’s needs during his or her training.
Since the summer semester 2011, for example, there is the German scholarship for medical studies. Financial service providers and hospital groups regularly offer scholarship programs.
Another advantage, in addition to the possibility of financing one’s studies with it, is the network, which often goes hand in hand with a scholarship. In many cases, you will receive support for your studies or a job prospect after graduation. A scholarship can therefore be useful in many ways.
Of course, they are also in great demand because of their many benefits, so you should usually always apply for one and be among the lucky ones who get the contract.
Finally, there is the possibility of student loans, which are granted in Germany by the KfW bank and repayable on relatively favorable terms. In this case, a maximum amount of €650.00 per month is granted for living expenses for a maximum of ten semesters and a further two if these exam periods are taken. This would cover at least the standard study period for medical studies.
In addition, there are many organizations that provide loans of up to €55,000 for expensive studies at interest rates between 3 and 7%. However, care must be taken when repayment is due. In most cases, repayment begins after the end of the studies, whether a job has been found or a new course of study has been started. Some claimants work with an income-tested repayment schedule, which in many cases avoids awkward situations due to a possible lack of money.
High school jobs as an example of medical studies
Especially during medical school, you can apply for various side jobs to fill your portfolio and finance your studies.
Possible side jobs are :
The hourly salary is between 8 and 13 euros. All detailed information about part-time jobs and income possibilities can be found in the article: The ideal part-time job for medical students
-Legally speaking : Parents must participate
It is relatively easy to answer the question “How do I finance my studies” from a purely legal point of view. Fundamentally, parents must allow their child to receive an education that corresponds to his or her talents. This means that anyone who meets the university admission requirements can ask their parents to pay alimony to their child. The law provides for a regular maintenance of approximately €600.00 per month. At the same time, the student cannot be required to work part-time. Of course, the problem remains that not all parents can afford it to the extent necessary.
-Bureaucracy is part of it in many cases.
So, if you’re wondering “How do I finance my education”, there are several ways to answer this question. It’s true that all funding options involve a certain amount of bureaucracy. But in any case, you shouldn’t give up your place at university.
-Medicine – the most expensive field
It is always advisable to take care of the long-term financing of your studies. Even though studies in Germany are in most cases free of charge, the cost of living is an important obstacle to overcome during the period of student shortage. Generally speaking, foreign students are not to be envied when it comes to tuition fees.