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Are you a student on a tight budget? Five Tips for Financing Your Studies

College costs money, but—unlike vocational training—it doesn’t pay you. How can you still make money for rent, transportation, and living expenses? Find out here.

Ein junger Mann nimmt ein Buch aus einem Regal in einer Bibliothek.

4 June 2020 4 June 2020


Students usually don’t have a lot of money to spare. No wonder: Unlike their friends who are in vocational training, students don’t receive any financial compensation. However, there are still a few ways to boost your bank balance while you’re in school:


Child Benefit

Until you turn 25, your parents are entitled to child benefit while you’re pursuing your initial education. You can find basic information on child benefit and child benefit for those 18 and older at the Family Benefits Office of the Federal Employment Agency.


BAföG

An important source of student funding is the Federal Training Assistance Act (BAföG). Half of the funding is provided as a grant and half as an interest-free loan.

Parental income is taken into account when calculating eligibility. Whether an individual is eligible for BAföG can only be determined on a case-by-case basis. The same applies to the amount of the benefit. Both depend on the type of education and your personal and family circumstances. You can find more information at www.bafög.de.


Scholarships

The Hans Böckler Foundation, which is affiliated with labor unions, awards scholarships. These are also available for socio-political and union activism, as well as for graduates of non-traditional educational pathways or company-based vocational training programs. For more information, visit the Hans Böckler Foundation’s website.


Minijob

In a mini-job, you can earn up to 450 euros without having to pay taxes or social security contributions. If you receive BAföG or a scholarship, there are additional considerations.

Important: Minijob holders have the same rights as other employees: continued pay during sick leave, vacation time, and protection against unfair dismissal. Collective bargaining agreements generally apply to student employment as well.


IG Metall for Students

You can get personalized advice at any university information office or the unions’ campus offices. Nationwide, you’ll find contacts for union student outreach at over 60 locations.

You also have the opportunity to get involved in an IG Metall campus group at your university or to start one. You can get materials for students from your local IG Metall office. For information and contact details, visit: www.hochschulinformationsbuero.de.


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