Paying for private university: an overview of your options

Compared with a public university, a private one has both advantages and disadvantages. The biggest downside is probably the high cost and the question of how to pay for private university. After all, you should plan on roughly 6,000 euros per year. But don't worry! There are plenty of options. You can find out exactly which ones here (the examples below describe the situation in Germany).

These methods have proven especially effective for paying for private university:

  • Applying for BAföG (Bundesausbildungsförderungsgesetz, the German federal student aid law)
  • Working a side job
  • Support from your parents
  • Receiving a scholarship
  • Taking out a student loan

Paying for private university with outside support

Not always possible, but definitely worth considering, is financial support from your parents. Up to your 25th birthday, they receive a monthly payment of about 200 euros for you. This so-called child benefit (Kindergeld) should be used for the child's first education and forms a good basic foundation for paying for private university.

BAföG also plays a major role. This is a special law intended to give state support to people in education. Why is that relevant to paying for private university? Quite simply, because it also applies to private universities, provided they are state-recognized! This form of support is comparable to a friendlier kind of loan. You only have to repay half of the sum you receive through BAföG, and without interest. Repayment also only falls due some time after your studies and then takes place in monthly installments.

A scholarship doesn't necessarily have to come from the state. Church organizations, companies, foundations, universities and sometimes even private individuals also help with paying for private university. To get a scholarship, you don't necessarily need to have achieved top grades at school. Often people who show social or political engagement are supported. Volunteer work in your free time, for example, is already a very good start. You shouldn't expect big money from this form of funding, though: large scholarships that finance an entire degree are rather rare. A smaller grant is much more likely. It covers, for example, housing costs or the cost of textbooks.

Paying for private university

Paying for private university with a lucrative side job

Of course, you would think that studying is already enough work. Unfortunately, it is usually unavoidable to earn a few extra euros yourself. There are a few things to keep in mind here, though. It is important to work no more than 20 hours a week. There are two reasons for this: on the one hand, there of course has to be enough time left for studying. On the other hand, because otherwise your health insurer will no longer classify you as a student, which means you will have to pay higher amounts every month.
It is also advisable to earn a maximum of 400 euros per month. Otherwise, your BAföG payment will be reduced. With regard to taxes, too, a lower income is often smarter.

If you can't take advantage of any of these options, there is still the possibility of taking out a so-called student loan. Unlike with a normal loan, you don't get a large amount of money all at once, but receive a small amount every month. Once you have finished your studies, the loan of course has to be repaid, after a short grace period and with interest.