Student loans in Germany: Guide and recommendations

Student loans in Germany: Guide and recommendations

As a student in Germany you enjoy a lot of benefits and you can be sure that the German universities will provide you with a broad range of opportunities to get to know new people, travel and work. However, if you have just moved to a big city like Hamburg, Munich or Berlin, you may have to pay high rents and to face high costs of living. Fortunately, as navigate to the site a student there are many options to finance your life in Germany. In this article, we guide you through different possibilities in order not to worry about your finances during your studies in Germany. If you are looking for information about how to finance your studies in Germany and or you would like to apply for a student loan, you are in the right place!

  • how to apply to a student loan in the private market
  • which possibilities you have as an international student to get a state-backed student loan in Germany
  • alternative ways to finance your stay in Germany through student jobs and scholarship

GIROMATCH is your independent credit platform. Our team guides you through German banking and financial products, writes reviews for foreigners living in Germany and provides you with important information to improve your financial situation in Germany.

Why to apply to a student loan in Germany: Your costs of living

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If you are wondering about applying for a student loan, you should first have a look at the average living costs for a student in Germany. Fortunately life in Germany is not so expensive compared to European standards. Though, it can vary a lot according to the city where you live. In general, big cities are more expensive and the tendency is for Southern Germany to cost more than Northern federal states. Of course, you should take into consideration that, when choosing a private university, tuition and semester fees may be higher than for a public one.

According to the German Federal Ministry of Education and Research, the average cost of life in Germany is 867,- Euros. In the following table you can get an overview of its structure:

As an international student in Germany, you benefit from numerous discounts and offers and from reduced prices in many services, such as public transport, hairdresser or gym contracts. However, you may still need help to keep your finances safe.

Starting from the basics: How can you assess your financial situation

Knowing that you need financial help may seem simple, but when trying to find out which financing option is the right one for your situation, the task turns out to be really difficult. Here you can find some questions you should reflect about before approaching any state or private lender in order to be sure that you are choosing the right option for you. A further possibility to finance your studies is through applying for a scholarship or for a student job.

Different ways to finance your study in Germany: state-backed financing, private lenders and much more

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Once you get an overview of your monthly expenses and you start to look for a student loan in Germany, you will probably find it difficult to orientate yourself through the different options available. Furthermore, much of the information is in German which can make it seem much more complicated than what it actually is.

We have good news for you! Germany attaches great importance to international students and scholars who wish to complete their education at a German institution. This means that the German state offers many financial aids to students who do not have a stable financial situation. In addition, in Germany you will find plenty of public organizations and national institutions which offer scholarships for highly talented and motivated students. That being said, it is not always easy for an international student to get financial aid in Germany. That’s why you should also have a look at our GIROMATCH’s scholarship and, if you are still doubting, you can have a look at student job’s offers.

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