Germany has become one of the top destinations for students looking to study abroad. If you are planning to study in Germany in the coming academic year 2024-25, here is some important news for you.
Well, you must know that you must prove that you have enough money to pay for your tuition fees and bear the cost of living in Germany. Now, the question arises: how much funds do you require? Previously, €11,208(US$12,135) was enough, but now the government of Germany has recently announced an increase in the proof-of-funds requirement for students applying for the Study visa. The minimum funds required for a student visa application for the new academic year will be raised from €11,208(US$12,135) to €11,904 (US$12,875) per year. This hike reflects a broader adjustment to meet the increasing cost of living. It will ensure that international students can maintain a stable standard of living while studying in Germany.
The German Federal Ministry of Education and Research website explains that students can meet the funds requirement for a study visa in various ways. These include the
A blocked account is a bank account designed precisely for international students and offered by German banks, including Deutsche Bank and Fintiba. It is considered “blocked” because students cannot access the funds until they arrive in Germany and may only withdraw funds up to a specified monthly limit.
The new requirement of proof-of-funds, which is €11,904 (US$12,875), keeps Germany near the top of the range among major study-abroad countries. It can be compared to
In recent months, there have been notable changes in the financial requirements of countries like Australia and Canada for immigration purposes. Canada moved significantly by doubling its proof of funds requirement in December 2023. Similarly, Australia made its second adjustment in the same year in May 2024, enacting a significant rise of more than 20%.
Germany welcomed a significant number of international students in the winter semester of 2022/23, reaching a record number with close to 370,000 international students enrolled. This figure reflects a 5% rise from the previous academic year of 2021/22, presenting consistent growth for the fifth consecutive year.
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Categories: Germany
Tags: Study Abroad