Other than applying for financial aid through DAAD, which is the main organisation dealing with scholarly funding for German and international students, there are many other options available for students to fund their studies in Germany. Although tuition fees are only €500 each semester for postgraduates studying in Germany and only four out of the sixteen Federal States charge fees for studying as a graduate, the cost of living in Germany is high and funding is a necessity for most students.
Take out a loan
As the majority of students studying in Germany will end up graduating and finding a well-paid job that will enable them to pay back a loan, German banks are always willing to consider granting loans to international students. An important point to make here is that interest rates are not high and paying back your loan will never be too difficult once you have secured employment.
There are also state-sponsored loans available from the government, which are based on a student’s social income. The German Federal Training Assistance Act, more commonly known as BafoeG, provides students with the opportunity to study in Germany whilst covering living expenses and tuition fees. Up to €650 a month can be granted and only half of this amount needs to be paid back. An added bonus is that the half that does need paying back does not accrue interest. This is a great way for students from developing countries to study in Germany.
Apply for a scholarship
There are many ways that a scholarship grant can be obtained when applying to study in Germany. Party-affiliated institutions may finance students that share socio-political ideologies. Although good grades are usually required to receive this kind of funding, most German parties are more concerned that you share their political views.
Funding can also be granted by corporate-affiliated institutions who are always on the lookout for exceptional students that show promise. Funding is usually considered based on the grades already achieved and the subject of further study chosen.
Some religious institutions offer funding, however, these scholarships are usually given to students who have already achieved decent grades and are experiencing financial hardship due to unexpected finances.
ERASMUS is a funding programme that offers students the chance to study in thousands of different universities across Europe, including the European Union Member States as well countries such as Croatia, Iceland and Switzerland. Offering such a great opportunity to study in Germany, this programme is definitely worth checking out.
With so many organisations and institutions offering to fully or partially fund your studies in Germany, it couldn’t be a better time to enrol at one of the many universities available. Before applying for funding, research the different grants available that relate to your field of study and are available at your chosen university.