Approximately 250,000 young adults are starting their studies this fall. The course of studies, the university and the place to live are usually already fixed, but there is often a big question mark behind the financing of the studies. We would like to present to you five ways to finance your studies and what you should consider in the context.

How can I finance my studies?

Image: Girl studying reading book at home concentrating looking down. Image source: CandyBox Images – 206222293 / Shutterstock.com

In the overview, there are the following five ways by which it is possible to finance your studies:

  • Scholarship
  • BAföG
  • Support by parents
  • Sideline job
  • Student loan

The simplest option, but also a very rare possibility of funding, is to obtain a scholarship. Scholarships are awarded for example by the federal government, universities and private sponsors. The big advantage is that you can concentrate entirely on your studies.

 

BAföG or support by parents

The subsidy paid under the “Bundesausbildungsförderungsgesetz”, which is often referred to as BAföG, is another way by which you can finance your studies. Last year there were more than 600,000 students who received BAföG. This is possible if the parents can not (adequately) support you during your studies. A characteristic feature of BAföG is that part of the loan is to be issued after the end of the studies, but the other part has to be repaid.

In general, your parents are obliged to support you financially in the course of studies under certain conditions. They are entitled to maintenance, which can be up to 735 euros per month. However, an age limit must be observed, as support must be no longer than 25 years of age.

 

Sideline Job or a study credit

In addition to the scholarship, BAföG and parents, there are two other options for financing the studies. On the one hand, it is a part-time job, on the other hand, a student loan is also possible. The disadvantage of the sideline job is that it takes a lot of time so you might have to neglect your studies. In addition, a number of secondary jobs are much lower than the demand.

For these reasons, it may be the right option to include a student loan. If you have decided on a study credit, it is important to find the credit that suits you personally. You must know that student loans are not open to everyone, but require certain conditions. A helpful website is Kreditvergleich-24.eu which is available to you with good advice and appropriate credit offers. What you – as a student – must take into account when taking a loan, is also explained on the website. An important point is for example, that you are actively studying and financially able to pay the credit rates.

Image source: CandyBox Images – 206222293 / Shutterstock.com