Financing Options for Studying Abroad Part 2

Education funds, such as CareerConcept or the German Education Funding Program, offer another financing option via loans. The funds are financed by private donors (primarily by repaying former borrowers) and by institutional investors. Both study funds finance both part and full study abroad. There are also education funds that depend on the course of study (Festo education fund for engineering & technology) as well as university-specific education funds. With most student funds, the repayment is only made after a successful start in professional life and is individually adjusted to the income. The catch: the selection process is very demanding and applicants have to demonstrate outstanding skills.

Austria: Financing options for studying abroad

Which forms of funding are possible as funding options for Austrians depends on how the studies at their home university are financed. Are you already receiving study grants and would like to do one or two semesters abroad as part of your studies? As part of a mobility program, it is possible to continue to receive the allowance and, in addition, allowance for studying abroad (BAS)to acquire. However, the entitlement to study grants in Germany must already be granted; This means that the course has already started in Austria and the matriculation must remain valid during the stay abroad. The amount of foreign aid depends on the destination country, with a maximum duration of 20 months. In addition, a subsidy for travel expenses is paid. In addition, recipients of study grants have the option of receiving a language scholarship to finance a language course if this is related to the sponsored study abroad.

There is the possibility of receiving a study grant for a full course abroad in the form of a mobility grant. This scholarship is only valid for countries in the European Economic Area (EEA) and for Switzerland. The following requirements apply to the mobility grant:

  • The course is carried out at a recognized university or university of applied sciences
  • The university entrance qualification was obtained in Austria
  • No studies have been completed yet. This does not apply to a completed bachelor’s degree; Here it is quite possible to receive the mobility grant for a subsequent master’s degree
  • At the same time, it is not allowed to study in Austria or to receive any other funding under the Study Funding Act
  • Social eligibility, compliance with the age limit at the start of studies and favorable academic success

If you are not entitled to a grant for studying abroad or a mobility grant, a specific search on www.grants.at could be worthwhile. This is Austria’s largest online database for grants and research funding, backed by the Federal Ministry for Science, Research and Economy (BMWFW) and the Austrian Exchange Service (OeAD-GmbH). There are also numerous funding opportunities for study abroad.

Switzerland: Financing options for studying abroad

The funding for Swiss consist mainly of grants. The scholarship system is regulated by the cantons, ie each canton has its own scholarship legislation. The cantonal scholarships can also occasionally be used for a study visit abroad. This applies in particular if it can be proven that the subject or parts of the subject cannot be studied in Switzerland.

The best way to find out whether there is a suitable scholarship for you for a semester abroad is to contact the student exchange office at your university. The respective universities and mobility centers also offer scholarships for their students who want to go abroad. Of course, this is only possible if the person concerned is already enrolled at a domestic university and only wants to complete part of their studies abroad.

In the case of self-organized full study abroad, it is not possible to receive a scholarship for an exchange program from the mobility office of a specific university. The best way to do this is to contact the scholarship office of the responsible canton. The canton of origin or the canton of residence of the parents is usually responsible. The cantons decide according to their respective law on grants, although the individual cantons have tried very hard in recent years to harmonize their law on grants.

In addition to the state-sponsored scholarships, there are also a number of foundations and private funds. The cantonal scholarship office can also help you here. You can also find many of them in the Federal Register of Foundations. Especially if you are considering a full degree abroad, you should try your luck with Swiss universities. This is a scholarship service that manages the foreign government scholarships. The offer is aimed at students, researchers and artists from Switzerland who want to study or research abroad.

Financing Options for Studying Abroad 2