Financing Your Studies Without BAföG

Studying is getting more and more expensive. Especially in big cities, it's not necessarily the university re-enrollment fees but the steadily rising cost of living that makes life hard for students. Rents in particular have risen ever more sharply in recent years. If you can no longer afford it, in the worst case you simply drop out. But what is actually the best way to finance your studies? Financing your studies without BAföG (the German government student aid) is sadly no longer a foreign concept for many students. But how do you manage it? Many routes are conceivable. First, though, you should ask yourself whether taking on debt for your studies is an option or whether you'd rather avoid it. Debt can sometimes have a negative impact on later life. Of course, this also always depends on your later earnings.

Financing your studies without BAföG through a student loan

Financing your studies without BAföG is especially necessary if certain age limits are exceeded or your parents earn too much. A student loan can be the solution here and is still very popular when it comes to financing your studies without BAföG. But before taking out the loan, you should also be clear about the main consequences. A loan always bears interest. Besides the actual debt, interest debt builds up as well. If you borrow 10,000 euros, you may pay back 10,500 euros. With a student loan, your parents' income plays absolutely no role. This is a very significant advantage for applicants. The interest rate is also relatively moderate with most lenders. If you earn well later on, you'll surely have no trouble repaying the loan. The student loan remains one of the most popular ways of financing your studies without BAföG.

Financing your studies without BAföG through work or financial support

A degree can of course also be funded through financial support from your family. But this is generally only conceivable if the relatives in question have a very good income. You should also really have a very good personal relationship with each other. If the good relationship breaks down, the financial support usually ends too. The students concerned then quickly fall into an existential crisis. If you work alongside your studies, you have no problems in this respect. However, this form of student financing also has very clear drawbacks. If you work a lot, it's often hard to finish your degree within the standard time. So the point is to strike a good balance between studying and working. Especially during the semester breaks, the focus can then lie more on work. If you miscalculate and put the emphasis too one-sidedly on work, it can quickly mean the end of your studies.