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Justification for Financial Resources for Studying in Germany: Everything you need to Know

Justification for Financial Resources for Studying in Germany: Everything you need to Know

Justification for Financial Resources, despite tuition-free universities and relatively affordable living costs in most German cities, German authorities require foreign students to demonstrate sufficient financial resources for at least the first year of studies, with a minimum of €11,208 per year, in order to obtain a student visa and residence permit.Justification for Financial Resources

Who is required to present Financial Resources?

When applying for a visa to enter Germany, all individuals requiring one must present evidence of financial resources, known as “Finanzierungsnachweis,” as indicated in the table provided below.

Your country of origin Do you need to submit Proof of Financial Resources?
Citizens of EU Countries (including Norway, Switzerland, Iceland and Liechtenstein) No
Citizens of Non-EU Countries that need a visa to come to Germany Yes, when applying for a student visa.
Citizens of Australia, Honduras, Israel, Japan, Canada, New Zealand, the Republic of South Korea, the United States of America Yes, when applying for a residence permit.

How can I substantiate my ability to pay for my studies in Germany?

To demonstrate sufficient financial eligibility for studying in Germany, you have various options. Firstly, you can deposit the required amount in a German-blocked account. Secondly, you may submit documentation showing your parents’ income and financial assets. Another option is to present a scholarship award document from a recognized institution in Germany. Additionally, a bank guarantee or support from a permanent resident in Germany who pledges to cover your expenses can also serve as proof of financial resources.

Blocked Account in German

As of now, the most commonly utilized approach among international students in Germany to demonstrate financial resources is through a blocked account. This specialized bank account allows students to deposit the required funds for living in Germany, but access to it is restricted until their arrival. Even after arriving, direct access remains limited, as the funds are transferred monthly to a regular bank account facilitated by the blocked account provider. This method ensures German institutions maintain oversight and control over the financial process.

How much cash must be present in your blocked account?

The Bundesausbildungsförderungsgesetz (BAföG), which governs grants and loans for students in Germany, determines the necessary financial amount for residing in the country, currently set at 934€ per month or 11,208€ per year. However, some students opt to deposit more than the minimum requirement to enhance their chances of obtaining approval for their student visa.

Parental Earnings

If your parents have sufficient income to support your education in Germany, you can utilize their earnings as evidence of financial resources while applying for a student visa at the German embassy. Typically, the embassy might require a bank statement reflecting your parents’ income for the past three months from the visa application date, along with a copy of their employment contract, to ensure you have the necessary funds for attending university in Germany.

Scholarships for Financial Resources

If you receive a scholarship in your home country that covers the necessary funds for studying in Germany, you can present it as evidence of financial resources during the student visa application process. However, before including it in your application, you must obtain a document from a recognized provider verifying your scholarship win. To confirm the legitimacy of your scholarship, you can inquire at the German embassy, where they will guide you on the specific document required for authentication.

A Bank Commitment

A bank loan can serve as valid proof of financial resources for obtaining a student visa at the German embassy. Many banks in countries with a higher influx of students to Germany offer appealing student loans with low-interest rates. To utilize the loan as evidence of funds, you need to obtain a bank guarantee, where the bank commits to covering all your financial responsibilities throughout your period of study and living in Germany.

Germany’s permanent residents are able to pay for your education

An alternative method to prove sufficient financial means for studying in Germany is if a German resident, who may not be your relative, agrees to sponsor your education. In such cases, the German embassy may request the sponsor to present a statement of their income to verify their ability to support you financially. Additionally, if the sponsor is not a relative but a German resident, the embassy might require a document outlining the conditions and terms of your sponsorship agreement.

The funding source and other evidence

    • If a commercial business in your home country is sponsoring your finances, German officials may request specific information about the company’s authenticity, including documentation to verify its legitimacy and the terms of your contract with them.
    • In the case of winning a scholarship in your home country, German institutions may inquire about the credibility of the scholarship provider to ensure its validity.
    • If you have a substantial amount of money deposited in your bank account, German authorities may seek information regarding the source of funds. Providing a long-term job contract and a bank deposit report can serve as evidence of your ability to afford to live in Germany.

In conclusion, demonstrating sufficient financial resources is a crucial aspect of obtaining a student visa and residence permit to study in Germany. By adhering to the requirements and providing authentic documentation, prospective students can increase their chances of a successful visa application and embark on their academic journey in Germany with confidence.

Read more at How To Abroad:

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