Visa
Proof of Financial Resources

Your Proof of Financial Resources

Before you can begin to study in Germany, you have to prove that you will be able to pay for your studies. Therefore, you will be asked to present a so-called "Proof of Financial Resources." Often, you will have to provide this document already for the visa application, otherwise it will be due when you apply for your residence permit, at the latest.

The amount of funding that you must have at you disposal depends on the duration of your stay and the maximum BAföG (German study grant) rate. Currently, this amounts to 720 Euro per month in Germany (last updated: October 2018), although if you stay longer than one year, it is enough to prove that you have sufficient funds to pay for your first year in Germany.

In other words: If you are planning to study in Germany for one year or more, you will have to provide a proof of financial resources amounting to at least 8.640 Euro. If you intend to stay for a shorter period, the amount is reduced accordingly. 

There are several ways to provide your proof of financial resources:

If you have been granted a recognised scholarship (e. g. from DAAD or your home university), the confirmation letter can serve as proof of financial resources. If the scholarship amounts to less than the required 720 Euro per month, you may have to provide an additional proof of income for the rest of the sum.

Your parent(s) or a sponsor can guarantee that they will be able to pay for your stay in Germany by providing respective documents (e. g. scholarship, proof of income, employment contract etc.).

A Declaration of Commitment (within the meaning of the German Residence Act §§ 66-68) can also serve as proof of financial resources. For this option, a person – usually a resident of Germany – has to guarantee that they will bear the costs of your studies in Lower Saxony.

You can also deposit a security payment of at least 8.640 Euro for your first year of studies (or less for shorter stays) into a blocked account. After you arrival in Germany, you will be issued an EC card (Eurocheque card) from your banking institution. You can use this card to withdraw a fixed monthly rate from your account, or you can manage your money via online banking. 

Find more information on opening a blocked account here.

You can also provide your proof of financial resources by depositing a bank guarantee. Please contact your banking institution for information on this option.

Video: Different Ways to Fund Your Studies

Video: © DAAD/Study in Germany – Land of Ideas