How to Fund Your Studies?
Studying in Germany is like a dream come true for many aspirants today. With the affordable world class education facilities, Germany is emerging as one of the prominent education hub in the world. Many students aspire to study there but only a few succeed to go further. The issue usually is availability of sufficient funds. Even before applying to universities, the question of how to fund the studies is always in your mind. So what’s the solution? Read along to know the answer
The most common way to fund studies is through your personal savings. Parents usually spend their whole life’s savings for the higher education of their children. With the cost of education increasing day by day, funding higher education is becoming difficult for parents. You too can start saving no matter how little the amount may be. In the long run every penny comes in handy. Saving a little portion of what you earn (even the money that you get as gift from your grandparents/relatives on festivals and other occasions) can help you fund a small part of your studies.
Taking education loans are becoming popular these days because of the skyrocketing costs of higher education around the world. Parents and students avail education loans from various banking and private institutions. Education loans provide various benefits for both parents and students.
Parents get tax benefits and also get to keep their life’s savings and students can study to their heart’s content without worrying about finance. The students don’t get a guilty conscience of having used up their parents’ money. However, beware before taking a loan. Check the interest rates and the refund policies in detail before you finalize things. Repayment of the loan can get you in a big trouble if you take the loan at exorbitant interest rates or from the wrong financial institution.
In order to support excellent talent, the German government has established many organizations which provide scholarships to students for their higher education in Germany based on their merit. Every year, financial assistance and guidance is provided by DAAD, world’s largest funding organization, to about 120,000 qualified students all over the globe. Apart from DAAD there are various other private and government institutions and NGOs who provide scholarships to students for their studies. Make sure to find the best scholarship for you and then apply for it.
Part time jobs
While studying in Germany, you’ll have to spend on living expenses apart from tuition fees. If the university grants scholarships, then your money on education is saved but you have to cater to other expenses incurred during living in Germany. Funding your day to day needs with the help of part time jobs is a good way to get rid of the budget crunch. As an international student you are allowed to work for 120 full days or 240 half days along with their studies. Work-study won’t help you in funding all your expenses, but a little extra cash can help you enjoy a good weekend with your friends in Germany.
Internships are part and parcel of many German universities. Without a previous job experience, it is difficult to find a good job in a reputed company. Interning with different companies during your studies is a good way of getting practical exposure and learning how things work in the real world. You can make many new contacts that can prove beneficial in the future. Germany is known for offering some of the best internships. Internships can also help you in funding your day to day needs as you’ll be earning for the work you do as an intern.