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Financing Options

A first-class management education has its price. The International Graduate Center offers not only highly experienced and committed lecturers and international experience, but has also good contacts with companies and supports students in their job search. In most cases, tuitions pay for themselves after a few years, but first stands for many applicants the question of funding. We have compiled the most important ways of financing your Master studies at the International Graduate Center in the following:

Student loans

Foreign students might need a guarantor and a German certificate of creditworthiness (SCHUFA) to apply for a student loan in Germany. Most banks and other financing institutions expect that applicants will work in Germany or the EU after graduation. Depending on the interest payment model, disbursements can be reduced by the interest costs right from the beginning or interests are granted until the repayment phase starts. The repayment period depends on your financial situation as well as on the banks’ loan criteria. Private student loans are offered country-wide e.g. by Deutsche Bank. Some banks of Sparkassen Group or Volksbanken/ Raiffeisenbanken offer regional loan programs as well. State student loans in Germany are offered by KFW Bank via regional banks.

Education funds

The IGC is co-operating with the Career Concept Bildungsfonds which offers funding for living costs, tuition fee, and other study-related expenses. Repayment will depend on your future income and only starts after graduation. The funds are available for EU and Non-EU citizens. Non-EU students are normally requested to provide a guarantor. Applicants must go through a multi-stage selection process. In the second stage, the candidates will face an online assessment center conducted exclusively in German. Therefore, at least basic German language skills are necessary.

Bachelor students in the third or higher semester, as well as master students are eligible if they study in one of the following fields: science, engineering, business and computer science, as well as medicine and law from the seventh semester onwards. If the bachelor's degree was completed in a different field, there will be no funding.

DAAD Scholarships

The scholarship database of the German Academic Exchange Service (DAAD) contains extensive information and a variety of possibilities for international students who are seeking financial support for their studies in Germany. The database also lists diverse programmes offered by other institutions. Information about conditions and requirements: here.

The following organizations also award scholarships. Furthermore, we highly recommend you to check out the Postgrad Solutions Study Bursaries. IGC students are eligible to apply for their General European Bursary X2, which is worth 500£.

Governmental financial aid (BaföG)

Foreign students are eligible to receive BaföG if they are younger than 35 years and have already lived in Germany for some years or plan to stay in Germany for a longer period of time. BaföG covers normally only living expenses and not tuition fees. For EU-citizens it is usually much easier to apply for BaföG than for Non-EU citizens. You are only eligible to receive BaföG if you and your parents' earnings do not exceed a certain amount. Half of the disbursements have to be repaid, with repayment for the loan-part starting five years after graduation at latest.

Student Jobs

International students are only allowed to work a maximum of 90 days per year full-time or 180 days part-time (up to 4 hours per day) without the need for a work permit. Citizens of the European Union (except Estonia, Latvia, Lithuania, Poland, Slovakia, Slovenia, Czech Republic and Hungary) or from Iceland, Liechtenstein, Norway and Switzerland are allowed to work more, but this should not interfere with your studies. Note that finding a job is not easy and depending on your income and the duration of your paid employment, you might have to pay social contributions in Germany.

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Björn Anders
Admission Office

P:+49 421 5905-4782
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