Student Loan in Germany – Study in Germany Financial Guide (2023)

FAQs

How much bank balance is required for Germany student visa? ›

In most cases, applicants have to prove that they have around 11.208 euros at their disposal for one year. This amount of money is called "Regelbedarf", which means it is the amount of money that is estimated to be needed by a student to live in Germany for one year.

The amount can exceed INR 25 lakhs. However, the applicant should meet their eligibility criteria and other obligations. The processing fees for the same are up to 1.5% of the loan amount. Education loans for Germany offered by HDFC Credila can be availed before the student has secured admission at the university.

In Germany, there are generous provisions for students, including a range of state-financed grants (such as BAfög for international students) and private loans. The most common form of education loan in Germany is called Bafög. It is a state-funded loan that is available to students based on their financial needs.

Students in Germany usually spend roughly 850 Euros every month on average as living costs.

The German welfare association Paritätische Gesamtverband has recently revealed that almost every third person studying in Germany lives below the poverty line. This has been followed by calls for BAföG reforms and higher student loans.

The Government of Germany provides financial aid to students in the form of loans and grants regardless of their social and economic situation. This aid is provided under the Bundesausbildungsförderungsgesetz (Federal Training Assistance Act) or "BAföG" [ˈbaːfœk] .

The classic among the part-time jobs is the minijob. You may earn up to 450 euros per month. With a minimum wage of 9.50 euros per hour (as of Jan. 2021), you have to work a maximum of around eleven hours per week or around 47 hours per month for this amount.

There is no restriction on maximum amount of loan that can be sanctioned under the education loan scheme. For NRI students Maximum quantum Rs.20 Lakhs & Rs.30 Lakhs for premium institutes.

Can a student earn more than 450 euros in Germany? ›

Students can hold a minijob and earn up to 520 EUR per month without having to pay taxes. If you regularly earn more than 520 EUR, you will need a tax number, and a certain amount will be taken from your wages every month. Students can get this money back at the end of the year by submitting a tax return .

To apply for a federal student loan, you must first complete and submit a Free Application for Federal Student Aid (FAFSA^®) form. Based on the results of your FAFSA form, your college or career school will send you a financial aid offer, which may include federal student loans.

As a foreigner living in Germany, getting a loan is generally not a problem. You do however need to fulfill a few legal and credit requirements. Before you start applying for a loan, make sure that you fulfill the following minimum requirements to obtain credit: You have to be 18 years or older.

Proof of Funds usually comes in the form of a bank, security or custody statement, and can be procured from your bank or financial institution that holds your money. Bank statements are the most common document to use as POF and can typically be found online or at a bank branch.

The I-20 is the form you will use to apply for a U.S. student visa. Most students need to show from $30,417** to $34,417** in available funding depending on scholarship amount.

Gehaltsnachweis – Proof of income

As proof of this document, you can show any payslips or invoices issued by your previous employer. Most of the time, it is best if you have documentation of the salary from the previous three months.

You will need around 934 euros a month to cover your living expenses in Germany as of 2022. On average, to cover your living expenses in Germany you will need around 934 euros per month (around $906 US dollars) or 11,208 euros per year (around $10,876 US dollars).

60.000 euros a year in Germany is considered a good gross salary as it is well above the average salary of 47.700 euros a year for the whole country. Most Germans who earn 60.000 euros or more are very happy with their salary.

According to the StepStone Salary Report 2021 (Stepstone Gehaltsreport 2021), the average gross salary in Germany amounts to €56,985. But most Germans consider a salary ranging between €64,253 and €81,503 a good salary.

Which bank approves education loans easily? ›

Go to IDBI bank for an education loan if you have secured admission in any of the premier institutes and have adequate (1.33 times) collateral security for easy approval.

Axis Bank brings you Education Loans for studies both in India and abroad starting from Rs. 50,000 at attractive interest rates. With an Axis Bank Education Loan you can enjoy a host of benefits such as simple documentation, quick loan disbursal, tax benefit u/s 80(E), long repayment tenure, etc.

Yes. After you have completed your studies you can stay in Germany while you are looking for a job. Students from non-EU and non-EEA countries who hold a residence permit can apply to have it extended for another 18 months while they search for a job in Germany.

Everyone can study in Germany tuition-free!

This applies to almost all study programmes at public universities. There is a tiny catch: If you are from outside the EU, you will need to get a residence permit before you arrive in the country; and you will have to finish your studies in Germany.

The most common places you can save money as a student in Germany are with bank accounts, internet and mobile providers, public transport, health insurance, cultural events, gyms, and many more. You can also take a look at portals such as studentenrabatt.de.

Bildungskredit is the Federal Government's loan scheme for students studying in Germany. Anyone under the age of 36 can apply for Bildungskredit, and can receive as much as €7,200 a year. Repayments of the loan will then start 4 years after graduation and will not be more than €120 a month.

You can work up to 20 hours per week while studying. If you exceed this, you'll be required to pay into the German social security system, and there could be a negative impact on your studies. Non-EU/EEA students are also able to work in Germany alongside their studies, for 120 full days or 240 half days per year.

Can I convert my student visa to work visa in Germany? ›

Staying in Germany after obtaining your degree

You are allowed to perform any job while searching for qualified employment. As soon as you have received a job offer, you can apply to have your residence permit for study purposes converted into a work permit for qualified professionals or into an EU Blue Card.

– If you do not pay your education loan in India, the lender will start sending notices to you and your guarantor, if there is one. If you fail to comply with the warnings, you will default on your loan, and your credit score will take a huge hit. You would not be able to secure any loan in the future for a long time.

Well, the answer to the above question is - Yes, a student can be eligible for a second education loan. For this, they can either apply for a second education loan from the bank they already have taken their first loan from or they can apply to a different bank.

The highest-paid professions in Germany belong to the medical, engineering, and financial sectors. The top-paying jobs require a degree related to your domain because unskilled jobs do not fetch a good salary. Surprisingly, research has found that Germany's average highest-paying job rate is at least €55,475 per annum.

Tax returns for working students

For 2021, the tax-free allowance for annual income is €9,744, and in 2022 it's €9,984. If you're a working student earning €450 a month, your annual salary will fall below this allowance, meaning you won't need to pay any taxes.

Proof of civil status – birth certificate will suffice. Bank statement – this needs to show a minimum balance of €3000 over the last 6 months.

A blocked account with sufficient funds is one of the top requirements for international students seeking student visas. According to the German Foreign Office, from 1 January 2023, the presumed annual requirement that must be paid into the blocked account when applying for a visa will amount to €11,208.

Does German student visa get rejected? ›

What are the chances of German student visa rejection? Ans. Despite having a 92% selection rate, German immigration officers might reject your visa based on the above-mentioned pointers. So ensure to avoid them regardless and not become a part of the Germany visa rejection rate percentage (8%.)

The application process is pretty simple if you have all the required documents. However, you should make sure to go prepared. Here's how to apply for the Germany Student Visa: Go to the German Embassy or Consulate in your country.

Ans. Yes, the US Embassy very well checks the proposed F-1 visa bank statement requirement.

Sponsorship Letter by another person that confirms they will be financially supporting your trip to the Schengen. In order for this letter to be valid, it must be accompanied by a bank statement of the sponsor, no older than three months.

- Mostly you should have 100 Euro for every day of your stay and we recommend that your balance should be 80,000 EGP or more.

One can also apply to the German consulate for a student visa without a blocked account opened by them provided; A scholarship is available to cover the cost of living. A Government agency sponsors the entire study programme.

There are three official providers of blocked accounts in Germany: Expatrio, Coracle, and Fintiba. With these three German providers, you can easily open your blocked account online and in English.

The applicant should have been accepted into a job-oriented course to repay the loan after their education. The applicant must have a sum of 8,640 EUR per year deposited to his/her bank account to show as education loan for Germany blocked account.

For international students, the pursuit of German education is a bit more complicated than you might think. In addition to simply getting into their university of choice, students must gather all the necessary paperwork for the German student visa application. Then, they must complete the study visa interview.

Will my visa fee be refunded? No, the fee you have paid for your visa application is for it to be processed and a decision to be made, regardless of the decision itself.

Is ielts compulsory for Germany student visa? ›

Is IELTS required for a German student visa? Ans. Yes, one of your Germany study visa requirements is to prove your English proficiency. The minimum IELTS requirement for Germany Student Visa is 5.5-6.0 band score.

Common Reasons behind Student Visa Rejection

Lack of sufficient financial funds or proofs to support foreign education. The inability of confirming a necessary return to India after completion of education. Incorrect or false documents. Inadequate language or communication skills.

12. Are There Any Age Limits to Applying to Undergraduate and Postgraduate Programmes in Germany? No, there is no age limit to applying to study programs in Germany.