Top ways to finance a master’s degree in Germany

Standing fourth in the QS Higher Education System Strength Rankings of 2018, Germany is one of the most popular destinations for students looking to pursue higher education abroad.           

The decision to study abroad can be an exciting but overwhelming experience for many reasons, including coping with tuition fees and living expenses. However, with the right financial support from an educational institution, you can pursue a master’s degree at an affordable price.

Financing options available to students in Germany with GISMA Business School

German institutions, such as GISMA Business School, have plenty of options for student to finance their studies, including: 

• Flexible Payment Plans: This allows students to pay their tuition fees in parts, instead of paying the whole sum in one go. Various options are available for students depending on the course they are taking and the college they are studying at. It involves a low initial deposit, after which payments can be made in parts, with a first instalment to be paid within seven days, second within three months and third within six months of joining the course.
• Scholarships: To help students with their course fees, universities can also offer various scholarships. The following are some of the partial scholarship opportunities offered at GISMA:
  • Principal’s Scholarship for Entrepreneurship: This scholarship is awarded on the basis of a student’s Personal Statement. This statement is a document where students describe their past ventures that portray entrepreneurial spirit, which could be anything from devising a project plan to operating a small business. The scholarship is awarded to students who exhibit exceptional entrepreneurial skills and the intellect to translate their vision into a reality.
  • Exceptional Career Scholarship: The criteria for this scholarship also depends on a student’s Personal Statement. Students will be required to elaborate on why they chose a particular course and how it will affect their personal and professional growth. They should also highlight their past career experiences and emphasise their professional achievements.
  • Women in Business Scholarship: The statement for this scholarship must focus on career goals, prior achievements and events where students have demonstrated leadership potential. It is awarded to women who have extraordinary career experiences and can show how their chosen course will affect their career growth.
  • Academic Merit Scholarship: This scholarship is awarded to students who have a record of excellent academic talent or a high GMAT score and exceptional social skills. In their statement, prospective students must describe events that show their academic success, leadership potential and social aptitude.
  • Rector’s Scholarship: Students with a professional or academic background who have come from an underrepresented region should consider this scholarship. Apart from describing their academic and professional achievements, students must elaborate on how their intellect and knowledge resonates with what the course has to offer. This scholarship provides opportunities for everyone with the ability and determination regardless of their religion, race or other aspects. Thanks to this scholarship, students also benefit from having more of a mixed cohort because of cultural exchanges during the classroom and beyond the lectures.
  • Family Scholarship: This scholarship is offered to applicants who are the immediate or extended family of current or former students. Candidates should explain how their family member’s experience at the college helped them decide their career path and the university they are applying for.

These scholarships are awarded at the discretion of the awarding body and the scholarship amount is decided by the university or institution. In order to gain a scholarship, students are required to apply for it at the same time as enrolling for a course or after applying for their degree. 

Other ways of financing your studies can include:

• Early Bird Discounts: Some German universities have also introduced the Early Bird Discount for students who enrol for a course a considerable amount of time prior to its commencement date. Discounts range from 20 to 25%, which makes for a significant reduction in tuition fees – the aim to encourage students to confirm their place sooner rather than later, which in addition helps students to save up for the deposit and further payments before they enrol on the course.
• Part-time jobs: Taking up part-time jobs while pursuing a master’s degree benefits students in many ways, such as helping them to acquire professional skills, earning money to finance their studies and exploring various career opportunities. Taking up jobs with a master’s degree, like tutoring, can especially help international students cover living expenses. As per the current policy, international students who are pursuing a course in Germany are allowed to work for a maximum of 120 days per year. As of 2019, Germany’s national minimum wage has been increased to €9.19 per hour, up from €8.84 last year! While some universities encourage students to take up part-time opportunities, some provide this opportunity on-campus. You can find out more about part-time jobs for students in Germany here.
• Student Referral Scheme: Many German universities offer subsidised tuition fees for students who refer their friends to the university. This not only helps students to enrol for courses at reduced costs but also allows their friends to join a college which provides high-quality education. If you know somebody studying at GISMA Business School, you can get in touch with us using this contact form.
• Student Loans: Students who want to pursue higher education in Germany can also apply for student loans. There are many government and non-government funded organisations that help students in financing a master’s degree. Students can gain loans of up to €30,000 or opt for flexible payment plans such as monthly, biannual or one-time payments, or even choose a combination of all.

GISMA is continuously working towards providing distinguished education to students. With campuses in Berlin, Hannover, Hamburg and a centre in London, it is a business school that holds AMBA accreditation and offers a global learning atmosphere for all its students. GISMA Business School has been proactive in helping students finance their higher education. From a pay on the go model to scholarships, GISMA has a series of financing options available. You can find more information on financial support offered here.