Funding your studies

Due to BAföG, students from Germany (and under certain circumstances also international students) are legally entitled to receive funding for an education that suits their abilities and interests. Funding is awarded for the duration of the degree program including outside the lecture period. The maximum funding duration for each degree program is defined in relevant regulations. Pursuant to Sections 9 and 48 of Bundesausbildungsförderungsgesetz (BAFöG, Federal Training Assistance Act), during the course of their studies students must submit confirmation of certain course achievements that must have been completed by a certain semester to the BAFöG office at certain deadlines.

Detailed information about BAföG and in particular about the transcript of records after 3 or 4 semesters is available on the website about BAföG.

Funding is aimed at Bavarian school leavers with the best grades and students at Bavarian universities. School leavers with a a final grade of at least 1.30 can be nominated by the head teacher and are awarded the funding after passing a selection process. Students with outstanding achievements at Bavarian universities can also qualify for the funding if they are nominated by the university. Students in their third subject semester and above can also nominate themselves.

The main element of the program is participation in an excellence program that is aimed at developing personal and subject-related skills. This includes mentoring and tutorials, networking with other areas of excellence, early involvement in research, promoting an international focus and attending interdisciplinary and career-related events. The Studienstiftung des deutschen Volkes (the German Academic Scholarship Foundation) (www.studienstiftung.de) is responsible for planning and organizing the excellence program with its newly created “Max Weber Program”.  Financial support is provided by means of funding a semester abroad and at the beginning of each semester with a payment of 900 euros for independent educational activities.

The application deadlines are December 10 for the summer semester and July 10 for the winter semester. Phone number: +49 228 82096-582; www.elitenetzwerk.bayern.de.

• Organizations for the promotion of young talent and foundations – Scholarships
• FAU Deutschlandstipendium

The Central Office for International Affairs (RIA) at FAU often receives inquiries from international students about scholarships awarded by the University. In contrast to many other countries, universities in Germany unfortunately do not have any funding to award grants towards the cost of living to their international students. They therefore usually have scholarships from their home countries or finance their studies with their own money.

Various banks across Germany now offer individual solutions for financing living costs while studying that are based on very different concepts. These loans are paid out monthly to the borrower. A distinction can be made between the following types of loans:

• The KfW loan, which is managed by selected banks and savings banks (Sparkassen)
• Student loans, which have been on the market for a long time and are now being adjusted to the new situation on the market in some cases
• Loans provided by Volks- und Raiffeisenbanken (cooperative banks) (VR-Bildungsfinanzierung) and savings banks (Sparkassen) (Sparkassen-Bildungskredit), that are based on the concepts of the relevant umbrella organization
• Loans from large banks
• The Bildungsfonds-Konzept (education fund concept) from CareerConcept

Angebote aus dem Sparkassen- und Volks-/Raiffeisenbanken-Bereichzielen insbesondere auf den „Normalstudenten“. CareerConcept, on the other hand, addresses students with “high potential”, which is reflected in the most comprehensive selection process for borrowers. The aim of the student loan provided by KfW is to close what’s known as the “middle class gap”, in other words it is geared towards students who are not eligible for BAföG but who do not or cannot receive financial support from their parents.

Despite the wide range of student loans available, it is important that you choose what’s right for your individual needs. When looking at student loans, you must clarify the following points before making your decision:

• Obtaining a loan: Under which conditions is the loan available where and to whom; how easy is it to obtain the loan?
• Independence from parents: Does the loan cover the costs of all aspects of studying, or will you have to rely on your parents?
• Costs: What are the financial terms of the loan and what are the overall costs?
• Limiting risk: How is individual risk limited to prevent customers from becoming “overwhelmed” if the interest rate changes, they become unemployed, or the like?
• Flexibility: Does the loan tie students to a particular subject or university or is it possible to change subject and location or complete an internship? The importance of these criteria varies depending on students’ individual needs and must be considered separately or weighted differently.

Generally speaking, you

• must make a thorough comparison: We recommend that you prioritize the conditions agreed upon when assessing the student loan offer by asking yourself which conditions are decisive for you and to check which of the offers available perform well in terms of the aspects that are important to you.
• Check: Even if certain securities are not necessarily required, in some cases (and if requested by the customer) guarantees provided by parents or mortgages used as security can lower the interest rate.