Germany represents one of the favorite destinations for international students in their search for quality education and vibrant cultural experiences. Proof that one has sufficient finances to sustain on campus is, however, the very first step toward this academic journey at the hub of a European nation. It is one of the key requirements while applying for a study visa and a temporary residence permit. The ways of attesting your financial means are immense. We will talk about friends and relatives residing in Germany and other valid options.
Higher Financial Requirements in 2024
As of September 2024, Germany is going to increase the blocked account amount for foreign students. As such, students will need to prove 992 EUR per month or 11,904 EUR per year. This has marginally increased from the former 934 euros per month or 11,208 euros per year. That increased by approximately 6%, which adds on the living costs in Germany to ensure that students have fairly enough funds to support their affairs while studying there.
Proof of Financial Resources: Your Options
Applying for a study visa in Germany requires proof of financial resources. This is just proof of the fact that you have enough resources to maintain your living throughout your studies. The following are some of the accepted proofs of financial resources one can provide:
1. Proof of Parental Income
Perhaps the easiest way is to file proof of parental income. This will usually be in the form of the last three salary statements of your parents or guardians. Under some circumstances, this could also be deposited directly with an employment contract, although it may at times need the consent of the employer. All this documentation is very important to indicate the financial stability and the source of continued earnings of the sponsor.
2. Blocked Account (Sperrkonto):
A blocked account is the most common way for international students. You will be able to prove you have adequate money to maintain yourselves while in Germany by having the required amount in the blocked account. “Blocked account” means that you don’t get access to the money until you arrive in Germany, and only a certain amount can be withdrawn every month. This ensures that there will be a continuous flow of funds to support your living.
3. Stipendien
Stipendien are an excellent way of financing your study in Germany. Several organisations in Germany award scholarships based on academic merit, social involvement, or specific personal characteristics. However, it has to be emphasised that scholarships are not available from the very first semester, and they are mostly given to students in the higher semesters or for postgraduate studies.
4. Friends or relatives in Germany
If you have some friends or relatives residing in Germany, they would help you in fulfilling the requirements of meeting the financial needs By filing a “Declaration of Commitment” with the Foreigners Authority in Germany. Thereby, your friend or relative would be legally bound to financially support you for the entire duration of your visit. This can save a lot of hassle and make it much easier to meet the requirements of the economic levels demanded.
Another is the bank guarantee, or Bankbürgschaft, in which a bank guarantees to pay on your behalf in case of any financial commitment. That is charged a commission, but it is for sure much cheaper than if you are going to take a loan in the bank itself. It is less common, though, and still stands as an alternative to secure a study visa.
Conclusion
While coming to study in Germany, knowledge and compliance with the requirements for proof of financial resources are fundamental. From parental income to a blocked account, scholarships, an officially certified Declaration of Obligation filed by a friend or family member, and bank guarantees—there are quite a few ways to iron out the details.One shall keep abreast of the current requirements and, more recently, the new increased amounts for the blocked account starting September 2024. One should always ask the German embassy or consulate in your home country to confirm the exact documents you have to prepare.
