The German authority as part of its commitment to maintain a more dynamic financial system for international students, has announced a slight increase in the proof of fund requirements for the year 2024/2025 academic session.
Germany Financial requirement for a study permit
The new financial requirement for study permits will start in the 2024/2025 academic year for international students. The study will need to show a minimum of €11,904 which is approximately USD 12,875 to be able to secure a study permit. This evidenced a 6% increase as compared to the previous year’s benchmark of €11,208.
Current financial requirements (2023/2024): As of January 1, 2023, the proof of fund requirement for student visa applications was €11,208 (US$12,135) while in the new development, the financial requirement will increase to €11,904 (US$12,875), which shows a 6% rise.
The German Federal Ministry of Education and Research outlines several ways to meet these requirements.
- Certified family income and assets: Intended students can provide certified documents showing their family’s income and assets.
- Bank guarantee note (“Bankburgschaft”): A bank guarantee
- Block account: A unique type of account for international students, available from German banks such as the Deutsche Bank and Fintiba. This account will remain closed until the student arrives in Germany and allows for monthly withdrawals up to a specified limit.
The above-mentioned ways or methods can be used to obtain a “Finanzierungsnachweis” or proof of funds, needed for the German student visa application.
Student Visa Cost in Germany compared to other countries
Indeed, the increase will significantly affect international students, nonetheless, Germany is still modest in its policy which ranked it as one of the higher-cost study destinations. Below is a breakdown of a few countries with their associated cost:
Australia: AUD$29,710 (US$19,540)
Canada: CDN$20,635 (US$14,930)
Ireland: €10,000 (US$10,680)
France: €7,380 (US$7,980)
Observable, are Australia and Canada which recently increased their financial requirements significantly. In December 2023, Canada nearly doubled its proof-of-funds requirement, while Australia announced a more than 20% increase in May 2024, marking the second increase within a year.
Germany has continued to attract a growing number of international students. During the winter session of 2022/2023, international enrolment raised close to 370,000, marking a 5% increase from the previous year and this continued to show steady growth across a five-year trend.
Conclusion
This shift or adjustment in the financial requirements evidenced Germany’s commitment to ensuring that foreign students are well-supported financially, contributing to their overall well-being and success during their studies in the country.
