The search phase is a lengthy process and it sometimes takes time to find the right course of study after graduating from high school. Unfortunately, this is also followed by challenges to finance your studies. The latter comes at a cost, with tuition usually being the smaller problem. Depending on the situation, there are many other costs that can make studying more difficult. Consequently, it is important to know what ways and means there are to finance studies. Otherwise, there is a risk of dropping out of college and the like.
Analytically illuminate one's own situation
Before taking any measures, it is important to realistically assess one's own situation. The following questions should not be ignored in order to finance your studies: Is there a willingness to give up certain amenities? What are the alternatives to the current housing situation? Are loans a good solution? Is it a burden to start your professional life after graduation with debts??
These and many more questions can be a first guideline to take adequate steps. In the first instance, it is not only the studies that need to be financially supported. The standard of living can also play a decisive role – depending on preference and age. Certainly, not every person is ready to move into a small shared apartment. Thus, it is not purposeful to make short-sighted decisions that will make you unhappy in the long run. In this regard, the employment office offers counseling sessions to find a way to study.
Bafog benefits, student loan or own initiative?
At first glance, Bafog or a student loan is an obvious answer to financial worries. Nevertheless, it should not be disregarded that over the years debts add up. The rates can be agreed flexibly, but not every student wants to start their professional life with debts. Unless receiving Bafog benefits or student loans is an option, other ways must be found to finance your studies.
There is an opportunity to become an employee as a working student to create financial resources for yourself. The advantage is that students receive tax benefits and health insurance premiums are also lower. In this way, a higher net wage results. Depending on the housing situation and income level, there is the possibility of receiving housing subsidies. A disadvantage of self-financing is the limited time available. With a job, time resources for studying are limited. Alternatively, financial support from parents is possible to remain flexible in terms of time.
Reduce expenses
In addition to revenue sources, it's important to pay attention to expenses. A budget plan can be used to identify cost gougers and ideally avoid them in the future. The main costs are for housing. Here there is the possibility to consider alternatives, such as moving into a shared apartment or temporarily living with parents. Financial support from parents can also ease the burden on household budgets.
If moving out of your current apartment is out of the question, then it is beneficial to record the monthly fixed costs. With efficient budgeting, the financial burden can be minimized. Saving money is thus an important factor. It leaves more time for studies and reduces dependence on a job. A frugal lifestyle will pay off. It allows a self-determined way of life, during the period of study.
How to finance study abroad?
To get a foothold abroad as a student, there are a number of different options. It is important to pay attention to cooperative agreements between universities in order to receive a study abroad grant. In this regard, there is the European Erasmus program , which promotes study abroad. Alternatively, a scholarship is possible. Here you need to be proactive. Each college or university has different guidelines for awarding scholarships to prospective students.
Finally, the stay can be financed by oneself, if the own university does not have any cooperation with other universities abroad. There are significant costs associated with a self-financed stay abroad , so sound planning is irreplaceable. There are costs associated with travel and meals abroad, including tuition and fees. Depending on the region, the cost of living can be considerably more expensive than in Germany. As an alternative to studying, only the internship can be completed abroad, which involves less cost.