How many medical universities offer a scholarship

6 ways you can finance your medical studies

Finally free and finally independent! For many, a new phase of life begins with their studies. School is over and suddenly you have to show discipline and take responsibility. A sensible financial plan is also part of the first apartment of your own. But what does a medical degree and life as a student actually cost and how should you finance it? In the following article we have put together six ways to finance your studies, with the support of which you can study carefree.

1. What does a medical degree cost?

Before you think about how you should finance your medical studies, you need to know what costs you will have to pay. Many prospective students do not even know exactly how many expenses they have per month / year and then miscalculate. Basically, you can say that your monthly / annual expenses as a student are divided into two areas: cost of living and tuition / semester fees.

Cost of living

All expenses that are regular and everyday for you are referred to as the cost of living. This includes costs that are incurred in the following areas:

  • rental fee
  • Additional costs for accommodation (electricity, water, etc.)
  • Catering (food and beverages)
  • Mobility / transport (car, BahnCard, etc.)
  • dress
  • Leisure time / hobby
  • Animals
  • Education (educational centers, adult education centers, music schools)
  • to travel

Unfortunately, when it comes to the question of how expensive life as a student in Germany is, you cannot give a specific answer. There are many factors that determine how your cost of living is made up. Your accommodation, for example, plays a major role. Depending on how and where you live, you can save a few hundred euros a month. The way you spend your free time also affects your cost of living. For example, if you go to parties a lot or have an expensive hobby, budget a little more money every month.

Even if we cannot say in general how much money you need each month as a student in Germany, there is an interesting observation that can be determined. The cost of living in the southern federal states such as Hesse, Baden-Württemberg or Bavaria is significantly higher than in the north of Germany. In addition, the metropolitan regions around Hamburg, Berlin and Düsseldorf, which are popular with students, are very expensive. Life is cheapest for students in eastern Germany.

Student Living, 2016

Tuition / semester fees

Depending on whether you decide to study at a private or a state university, you have to pay monthly / yearly tuition fees or semester contributions to the universities. In Germany it is common that students at a state university do not have to pay tuition fees. For this, however, the so-called semester fee was introduced. This varies from university to university. With the money collected from the semester fees, the university covers administrative costs, for example, and guarantees the financing of canteens, sports facilities or dormitories, for example. In addition, many students also receive a semester ticket directly with their student ID. This enables them to use public transport in the respective city / state free of charge.

Anyone studying at one of the six private universities that offer medical courses in Germany must expect high tuition fees. Since the private universities promise their students many advantages over the state education, they also demand a high consideration. Here you can find the private universities including tuition fees.

2. Scholarship for medical studies

There are many ways to fully or partially finance yourself during your studies. One of the nicest options is a scholarship. The big advantage here is that the money received does not have to be repaid. Unfortunately, the chances of getting a scholarship are relatively slim.

"If you want to receive a scholarship, you have to have above-average grades!"

That is no longer true today! Often there are grants in different categories. This means that not only high-performing applicants have a chance when the scholarships are awarded. For example, there is an extra scholarship for medical students from non-academic families or for students with young children to help you finance.

Due to the high drop-out rate after the fourth semester, most of the scholarships for medical students are aimed at the Physikum graduates. In addition, there are also scholarships for those medical students who have already decided on a certain subject. Future child or youth psychiatrist or z. B. Neurologists then have the chance of financial support. Should the student's opinion change and he / she change the field of work, the scholarship money must be repaid.

The monthly funding can vary widely. A medical student with a scholarship can receive between 100 and 1000 euros per month. In addition, there are often book grants or learning material grants of around 300 euros.

The duration of funding also depends very much on the type of scholarship. In most cases, a student is not funded for the entire period of medical studies. Therefore, the scholarship is more of an additional financing option.

A scholarship is very attractive for medical students not only because of the funding. Often the students also receive many other grants. There are z. B. in-house training courses, talent development programs and the opportunity to take part in internships are offered. These opportunities will not only aid your personal development, but will also look great on your resume.

3. Federal Training Assistance Act (BaföG)

Many students receive financial support during their studies through the Federal Training Assistance Act (BaföG). Here, too, you have to consider many requirements and conditions:

  • the student must not exceed the age limit of 30 years when applying
  • the income of the student's parents determines whether he / she is entitled to BaföG
  • In exceptional cases, parent-independent BaföG can be paid
  • the course must be completed in the standard period of study, otherwise the student loses the right to BaföG
  • a maximum of 650 euros are paid out per month
  • the student may earn a maximum of 450 euros, otherwise the funding amount will decrease
  • the funding amount consists of two parts
    • Part I must be repaid as an interest-free loan
    • Part II can be kept by the student
  • the loan may not be greater than 10,000 euros

4. Part-time job in medical studies

During your studies you have the opportunity to earn some money on the side. If you want to work in a profession related to your degree, you can work as a nursing assistant at a university hospital. For this, however, you should have already completed the nursing internship.

With this part-time job, you not only get a little money, but you also gain a lot of practical experience: You get to know everyday hospital life and practice dealing with patients. At some university hospitals, the job of the nursing assistant includes not only temporary help on the ward, but also the so-called seat guard.

The seat guard is a very popular job with the students. With a little luck, all you have to do is take care of a calm patient who sometimes needs help with going to the toilet or eating. The rest of the time you can relax and take care of exam preparation.

Many universities / colleges also offer you a job as a tutor as a student. You will help other students to learn in a subject in which you have a particularly high level of knowledge. The good thing about this job is that you work at your own university / college and so the combination between job and study is relatively easy. In addition, not only the pure working time, but also the preparation time is paid.

Other ways to earn money in addition to studying are of course classic student part-time jobs such as waiter, promoter, office assistant, tutor and many more. In these jobs, the earning opportunities are very different. Nowadays, in addition to the classic part-time jobs, there are also very modern, attractive student jobs such as B. Blogger. You can tell your community about your everyday life as a medical student or your experiences in the hospital.

5. Student loan

If your family can hardly support you in financing your studies and you feel too distracted from your studies by a part-time job, then you can apply for a student loan. You should note the following:

  • In contrast to the BaföG, the student loan must be repaid to the lender in full, including interest
  • the maximum monthly payment rate is 650 euros
  • the maximum monthly payment period is 14 semesters (seven years)
  • Student loan can also be applied for with a second degree
  • Additional earnings possible (no maximum upper limit)
  • Student loan and BaföG can be obtained at the same time
  • The student does not have to start repaying the loan until two years after graduation at the latest
  • the loan must be repaid no later than 25 years after graduation

6. The reverse generation contract

The reverse generation contract enables you to independently finance your medical studies in other EU countries. CHANCEN eG pays the entire fees for your studies. You only have to start repaying the fees to CHANCEN eG when you have completed your degree and have reached the minimum income limit of € 21,000 net. The amount that you have to pay back depends on your income. There is also an upper limit on the repayments so that people with a very high income do not have to make extreme repayments.

Since the repayments are used to finance additional study places abroad, by using the reverse generation contract, you undertake to finance additional study places after your studies.

7. Medical studies in the Bundeswehr

Studying medicine in the Bundeswehr has always seemed to have been an attractive offer for applicants in recent years. This option is particularly interesting for prospective medical students whose average school leaving certificate is not sufficient for direct admission to a university / college or the university selection process (AdH). The Bundeswehr also supports you in financing your studies.

But watch out: studying medicine in the Bundeswehr involves more obligations than you might think. If you want to study medicine in the Bundeswehr, you have to start an officer career at the same time and then commit yourself to the Bundeswehr for 17 years. In addition, as a student in the armed forces, you are not always allowed to decide in which city and at which university you want to study. You also have to complete some courses during the semester break. In addition, you have to finish your studies within the standard study period.

One advantage of studying medicine in the Bundeswehr is the payment. The Bundeswehr is currently promising students around 1,800 euros a month for the duration of their studies. However, it doesn't make sense to join the Bundeswehr just to get funding.

Podcast on the article

In the episode of the “Kitchen Medicine” podcast, our authors give you more detailed insights into the options you have for financing your studies.