Financing Your Studies - An Overview
Many of you will be interested in finding out how to get assistance with financing your studies abroad. The most important advice I can give in this regard is: START EARLY! You should begin to consider your options at least one year before you want to start your studies. This means right now is the perfect time!
The typical student uses a mixture of different financing options, such as personal funds, loans, scholarships or funding from employers. I have compiled an overview of the most relevant options available for you in order to finance your Master studies at Bucerius Law School.
Those of you who have already done some research on studying in Germany, will have come across the website of the DAAD (German Academic Exchange Service). The DAAD offers living expense scholarships for students from all around the globe, be it for Master or Ph.D. studies.
In addition to the DAAD, many other scholarship organizations can help you fund your studies at Bucerius Law School. It is important to know that many of these organizations have their application deadlines between September and November, so please do your research and submit your application to Bucerius as soon as possible, as you may need an admission letter for the scholarship application.
Depending on your home country, the Ministry of Education may offer scholarships or loans for students who wish to continue their education abroad. In some countries, there are also charitable foundations that want to increase the number of citizens with an international degree. Whether these scholarships include funds for tuition or only for living expenses depends on the individual organizations. Please do intensive research on local scholarships as we cannot keep track of all of the options.
Tuition Scholarships from Bucerius Law School
Last but not least, Bucerius Law School is able to offer some very limited full tuition and some partial scholarships as well. These Bucerius Scholarships are allocated on the basis of comparative financial need and merit. The financial aid application process is separate from the admission process and takes place after the applicant has been admitted to the program. Admitted students will receive our financial aid application forms and are expected to write a letter explaining their financial situation.
Living Expense Scholarships from Bucerius Law School
The Bucerius Master of Law and Business Program is also able to award a very limited number of Deutschland-Stipendien (“Germany Scholarships”) to further support students financially. These scholarships are awarded to outstanding students without consideration of personal funds. The selected students will receive EUR 300 per month. The application process is separate from the admission and tuition scholarship processes. Please note that the German Ministry of Education and Research excludes students who receive other merit-based scholarships (such as from the DAAD for example) from receiving a Deutschland-Stipendium. Please contact me for details.
While there are various different scholarships around, it is very unlikely that these scholarships will cover all of your expenses. As soon as you start thinking about continuing in education, you should determine how much money you can reasonably save each month and if you might be able to borrow money from your family.
In addition to your own savings and assistance from your family, you should research if any banks in your home country offer educational loans with low interest rates. Please note that German banks generally do not give loans to anyone who is not a permanent resident in Germany.
Do you still have questions about how to finance your MLB studies at Bucerius Law School? Do not hesitate to contact me! I look forward to hearing from you!
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