A degree is the path to many opportunities, but it also comes at a cost. As well as course materials and books, you need money to pay for food and somewhere to live, or a semester ticket. Don't worry, there are a variety of ways in which you can finance your time at university. No matter what your financial situation or that of your parents, this way, you have the chance to study.
Since it is not always easy to get an overview of the numerous options for financing your studies, here we have put together the most important information for you regarding financial assistance.
The Studierendenwerk Ulm is happy to answer questions and advise you regarding the various financing options, such as BAföG, the educational loan (Bildungskredit), the KfW student loan (Studienkredit) and scholarships.
BAföG
The BAföG (Bundesausbildungsförderungsgesetz) supports young people in the pursuit of a qualification appropriate to their abilities and interests, independently of their family's financial situation.
You have the chance of receiving a BAföG during your standard period of study. Whether you are eligible for a BAföG depends on whether your financial resources, those of any spouse / registered civil partner and your parents is sufficient to cover your financial needs while you are studying. Only in exceptional cases will your parents' income not be taken into account. Then only your own income and capital, as well as that of any spouse / registered civil partner, will be considered.
The current maximum BAföG amount for students is 735 euros per month. You receive half the money as a grant. The other half must be paid back in suitable instalments, within five years after your standard period of study has finished – interest-free. The maximum repayment is 10,000 euros. You must apply in writing for BAföG support using the appropriate forms at the Studierendenwerk Ulm.
Scholarships
It is usually high-performing and gifted students who have the opportunity of receiving a scholarship. But students who are strongly committed to something or active in a particular field are also supported. If you are interested in this form of student finance, you should definitely take a good look at the support on offer. In the large organisations for promoting young talent, the scholarship amount usually depends on the BAföG (however without the loan component). Sometimes there are other extras, e.g. money for books, summer schools, networking.
Apart from funding for excellence and scholarships which require particular personal attributes or specialist knowledge, there are numerous scholarship programmes which anyone can apply for:
You can get more information from the Begabtenförderungswerken (organisations for promoting young talent), at Mystipendium or the ArbeiterKind.de initiative and from the Deutschlandstipendium.
Deutschlandstipendium
Thanks to support from companies and private individuals, the Ulm University of Applied Sciences awards scholarships to gifted students who are expected to perform (or have already performed) excellently in their studies and career. Alongside the student's performance so far and his/her career to date, social engagement, sense of responsibility and particular social, family or personal circumstances are taken into account. As part of the "Deutschlandstipendien" programme, a scholarship student can receive a monthly grant of 300 euros – half financed by the government and half from private benefactors. The financial assistance is generally approved for one year, starting in September. The next application phase for the academic year 2016/2017 is from June 1 to July 31, 2016. This link for online applications will be activated at the start of the application period.
More Information
Student loan
From the third semester, Bachelor's students can apply for a student loan (evidence of your performance in the first two semesters is required). Master's students can apply at any time and everyone else from the fifth semester, once they have passed the interim examination. The loan is between 100 and 300 euros per month, and will be paid for a maximum of 24 months. A single payment is also possible. Your earnings and personal wealth are not taken into account. Repayments start four years from the first payment.
Please note: the state-supported student loan is not to be confused with student loans from private companies.
The amount of the loan and all other information can be found at KfW Bankengruppe or on the website of the Bundesministeriums für Bildung und Forschung (Federal Ministry of Education and Research).
Self financing
The most traditional option for financing your studies is a part-time job. Many students work alongside studying: some just to survive, others because they want to finance a hobby or go on holiday. Earning your own money feels great and it is always a good idea to gather your first experiences in the world of work while you are still at university.
It is often possible to organise your working times flexibly, enabling you to combine your studies and part-time job well. If you are looking for a job, you can find useful information and links at Studierendenwerk Ulm (Students' Union).
