How to finance your
studies in Berlin
Financing your studies
A guideline to financing your bachelor or master studies in Berlin, Germany
To enjoy your studies without any worries, you should think about how to finance your studies and life in Germany as early as possible. There are several ways of ensuring you can cover your tuition fees, housing fees, health insurance and other living expenses (e.g., food, clothes, books, phone, etc.). Our team will support you in this regard as best as possible.
Choose your study model in Germany
The study programs at VICTORIA are designed to support you in the best way possible. Our classic study model, for example, is designed so efficiently that you can complete your degree in the standard period of study, but only have to come to campus two days a week! This leaves you with three free workdays per week to do whatever else interests you: e.g., your first start-up or a part-time job. A student visa will allow you to work for 20 hours per week.
A practice-integrated dual study program at VICTORIA teaches you the fundamental areas of business administration, economics and law, methods of scientific work, as well as foreign languages and intercultural skills in dialog-oriented teaching formats. The split-week model allows you to immediately apply what you have learned in practice, because you study 20 hours each week at the university and work 20 hours each week at the cooperating company. Your tuition fees will be paid in part or in full by the cooperating company. You can already gain professional experience during your studies, which increases your chances of getting a job offer immediately after graduation or you will be taken on directly by your cooperation company.
In any study model at VICTORIA, you will receive a public transportation ticket valid for the whole semester and all tariff zones in Berlin for a reduced price!
Your options for financing your studies
As early as when applying for your visa, you have to show proof secure livelihood. This can either be
- a blocked account at a German bank,
- a declaration of commitment by a third party on an official form (Verpflichtungserklärung),
- a scholarship,
- a notarized declaration from parents securing the livelihood for the duration of the studies with proof of the income of the parents in the last six months (Vermögensnachweis), or
- a guarantee by a bank (Bankbürgschaft).
Let’s have a closer look at each of these options in the next section.
Your 5 options for financing in detail
1. Blocked Account (Sperrkonto)
By opening a blocked account, you put the amount of savings for your first year of studies as required for your visa application into a bank account. As of January 1st, 2021, the required amount is 861 € per month, a total of 10,332 €. Please check with the German embassy in your home country if this amount is still valid or check this website. You can open this blocked account with a bank branch of a German bank in your home country (e.g., Deutsche Bank) or with an online provider (e.g., Fintiba). The account will allow you to access an amount of 861 € per month during your studies.
2. Declaration of commitment (Verpflichtungserklärung)
With this document, you will prove that a third party, e.g., family or friend, will take on all your expenses during your studies. This person has to have sufficient creditworthiness for this commitment. The monthly minimum net income depends on different factors. You can find more information here.
There are numerous providers for scholarships, which you have to apply for separately. Here you can search for scholarships. You are required to present a letter awarding you the scholarship when you apply for the visa. Ideally, the scholarship covers the required monthly amount of 861 €. If it is less, you should provide proof of having the remaining amount on a blocked account (see I. Blocked Account).
4. Proof of Assets (Vermögensnachweis):
The proof of income indicates how a person, e.g., you or your family, is financially positioned. It usually consists of at least the last three pay slips and the employment contract. You have to certify that this will be enough to support your studies.
5. Bank Guarantee (Bankbürgschaft):
In a bank guarantee, a bank guarantees payment for all of your financial obligations during the time you are studying and living in Germany. The bank receives a commission for the risk. This is often significantly lower than the cost of a comparable loan.