Soon €11,200 Will Not Be Enough to Study in Germany

Starting this fall, international students applying for a German student visa will need some extra money in their bank accounts to be able to pursue a degree at German higher education institutions.

From September 2024, students will need to prove they have €11,904 annually (€992 per month) in funds to support themselves while studying in Germany, Erudera.com reports.

These funds should be deposited into a bank account known as a Blocked Account (Sperrkonto in German). German authorities require this special type of bank account so that international students or job seekers can deposit a fixed amount of money (which can’t be withdrawn all at once).

Since January 2023, international students have been required to show they have €11,208. That means the amount that must be deposited into a Blocked Account soon has increased by 6.2 percent.

“Expected from September 1, 2024, there will be a change in the necessary amounts to show sufficient financial means. Applications on and after September 1, 2024 will most likely have to show proof of at least €11,904 for the first year, with a maximum withdrawal amount of €992 per month,” a statement by German Missions in India reads.

This news was confirmed by Studying-in-Germany.org, a leading source for education news in Germany. Experts from this outlet attribute the increase observed over the past years to the rising cost of living worldwide and the need to avoid difficulties with accommodation and other expenses.

Alma Miftari, Head of Research and Communication at Studying-in-Germany.org, said the change is necessary to keep up with the economic reality in Germany.

According to her, amid the rising cost of living, international students in this country should have sufficient funds to cover expenses such as food, rent, transportation, and other necessities and avoid any financial hardships during their stay.

“While the increased amount of €11,904 may seem discouraging at first, it is important to understand that this move aims to ensure students will not stress about money while here and focus on their academic performance,” she explains.

How Has the Financial Requirement Changed Over the Years?

Germany has been increasing the minimum amount that international students must have to get a German student visa for some time now. Since 2018, the amount has increased almost 30 percent.

The following table shows the previous financial requirements:

2.9 million students studied in Germany during the 2022/23 academic year. Of these, about 1.7 million attended universities, and about 1.1 million enrolled at universities of applied sciences. According to the German Academic Exchange Service (DAAD), others went to the following institutions:

• 36,716 at colleges of art
• 26,235 at colleges of education
• 2,546 at colleges of theology
• 59,639 at colleges of public administration
• 458,210 international students - the majority from India and China

Non-EU students planning to start studies as of September 2024 should deposit in their Blocked Account €11,904 before traveling to Germany. There are several secure Blocked Account providers recognized by authorities in Germany where they could do so, including:

Proof of Finances for Student Visas in Other Countries

This year, Australia raised the financial resources international students need to have to qualify for a visa.

Earlier in May, country's authorities announced that international students should show they have at least A$29,710 ($19,576 or €18,216) in savings, implementing the second increase in seven months. Previously, the financial requirement was A$21,041.

Canada more than doubled the cost-of-living financial requirement this year as well, from $10,000 to $20,635. The requirement remained unchanged since the early 2000s.

“As such, the financial requirement hasn’t kept up with the cost of living over time, resulting in students arriving in Canada only to learn that their funds aren’t adequate,” Immigration, Refugees and Citizenship Canada said.

The figure is higher in the Netherlands than in Germany, with authorities requiring international students to have €1,217 annually.

• South Korea - $20,000 or €18,456
• Switzerland - CHF 21,000 ($23,070 or €22,041)
• UAE - depends on the university (At Abu Dhabi University, international students should have $15,000 or €13,840 in savings)

The United States remains the top choice of international students globally. In 2022/23, it hosted more than one million international students, who, before applying for a student visa, should have had at least $45,000 in their bank accounts.

Prospective international students in the US should submit financial evidence that includes:

• Family bank statements
• Documentation from a sponsor
• Financial aid letters
• Scholarship letters
• Letter from an employer showing annual salary

Main picture: moerschy | Pixabay

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