Financing Options to Study in Germany

Financing Options to Study in Germany

In spite of Germany having free education system. Students need financial means to cover their living expenses in Germany. These financial means also necessary to disclose in student visa application. Otherwise German Embassy refuse to give visa.

Students can arrange one among these financing options to get study visa easily. Option like scholarship and sponsor work alone. But other options like blocked account can be more effective with personal or parents bank statement.

Scholarship:

Students can get scholarship from either HEC (Higher Education Commision Pakistan) or Daad Pakistan. Scholarships usually cover both educational and living expenses in Germany. Mostly brilliant students get scholarship with their excellent educational background. Don’t waste time in case of poor or average marks.

Blocked Account:

Most popular financing option for Germany is the block account. Blocked account means, an account with some restrictions enforced by law. Students required to open blocked account in any German Bank and required to deposit 8,640 euros. Bank then put some restrictions on this account according to German laws. Due to these restrictions students can only withdraw 720 euros per month.

Sponsor means a person’s formal assurity to pay living and educational costs of student. Sponsor can be a blood relation or a friend residing in Germany. Student need sponsor letter, six months bank statement and income proof of sponsor to use this financing option.

Disclosure of Parent Assets:

Students show enough financial resources of parents. Which assure that, parents are able to pay for living and educational expenses of applicant in Germany. Mostly it works with blocked account not alone.

Bank Guarantee:

Unfortunately bank guarantee or loan letter not works for German student visa. Many countries like Australia accept this but not Germany. So don’t go for this option.

End Note: Blocked account with parents asset/bank statement is the best option for self financing students.