Overview
Financing Your Studies
How much does higher education cost?
As a student you will have to pay tuition fees and teaching materials in addition to living costs. Therefore, for prospective students a realistic planning of their future incomes and expenses is necessary. The costs of a study program usually include administration fees or enrolment fees which also have to be taken into account. The average monthly living expenses vary depending on the place of study. Before beginning your studies, you should get information on the prices for accommodation, food etc. in the particular country and city.
There are different possibilities to finance your studies and to receive financial support:
Many students are supported by their parents. In many cases, students who do not live with their parents are given the public child benefits their parents receive for financial support. Financing one’s student life at least partly with a part-time job is quite common.
Depending on both the parents’ and the student’s income, it is possible to apply for financial support by the state (BAföG). Further possibilities to finance your studies are public or private Student Loans or Scholarships, which are awarded by universities, organisations and foundations. You can find more information on this on the following pages.
The majority of German students finance their studies by a combination of two or more of the above mentioned possibilities.
Tax aspects – Deductibility of study expenses
In Germany, students who partake in postgraduate or continuing education programmes (this includes Master courses and doctorate programmes) have the chance to deduct the costs of their studies as further qualifying professional expenses from their taxes as soon as they start their professional life.
In order to do this, all records documenting study expenses (fees, books etc.) have to be produced for income tax returns. These expenses can be deducted from taxes as soon as the former student has a sufficient income to be obliged to pay taxes. His or her previous expenses are subsequently deducted from that part of his or her income which is subject to taxes until the amount proven to be lost is compensated.
Wednesday, 07 July 2010 12:32
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