Scholarships
There are several scholarships available to international students in Germany. The most popular ones are the DAAD (German Academic Exchange Service) scholarships, which cover tuition fees, living expenses, and health insurance for the duration of your studies (check the database of the DAAD). If you have been accepted to a postgraduate program – regardless of your nationality or country of study – you can also apply for postgraduate bursaries.
Student Loans
You can choose to take out a student loan either in your home country (please check with your bank) or in Germany. In Germany, there are private student loans and state student loans. For most private student loans, such as those offered by Deutsche Bank, you will either need a guarantor and their credit report (SCHUFA) or your own credit report. However, usually only SCHUFA is accepted. State student loans (BAföG) are difficult to get for foreign students in Germany due to the requirements. There is however an exception for students who have already worked in Germany for several years. They are eligible for BaföG under certain conditions.
Part-time work
International students in Germany are allowed to work part-time while studying. You can earn a maximum of 450 euros per month and don’t have to pay taxes. Usually students can work up to 20 hours a week during the semester and full-time during semester breaks. For students from outside the EU, please note that this may be less as it also depends on the residence permit. For example, you can use your salary to cover some of your living expenses. In Bremen, for example, the cost of living for students is around 950 euros per month, including health insurance and rent.
Savings and family support
If you have enough savings to cover your tuition fees and living expenses, you can use them to finance your MBA or Master's degree in Germany. If your family is willing and able to support you financially, this is also an option to consider.
Combine financial support options
In most cases, it is advisable to combine several financing options. This means selecting and combining options that suit you and your situation. When planning your finances for a Master's or MBA program at IGC, consider paying in installments or in one sum, and find out about our discount options to save some money.