How to finance your studies in Austria: Essential Tips and All Available Option

Written by: Helene Ausserwöger, 13.02.2025

The costs for rent, food, transportation, and leisure add up –  and on top of that, there are tuition fees and study materials. A student budget can quickly reach its limits. But don’t worry: In Austria, there are numerous ways to financially support your studies.

Scholarships, study grants, part-time jobs, or special funding programs – here, you’ll find out what options are available and which one suits you best. This way, you can fully focus on your studies without constantly worrying about your finances.

Tuition Fees and Other Costs: An Overview

Studying in Austria not only brings new experiences but also some financial challenges. The biggest cost factor is the cost of living, which includes rent, food, clothing, phone, internet, and transportation.

At STUWO student housing, you pay an all-inclusive rent that covers all additional costs, including electricity, heating, hot water, and internet. This way, you can keep track of your expenses and avoid unexpected additional payments.

In addition to general living expenses, direct study-related costs should also be considered. These include:

  • Tuition fees: Currently around €363.36 per semester for EU/EEA students at public universities (as of 2024; fees may be waived under certain conditions).
  • ÖH contribution: The Austrian Student Union fee, currently around €22 per semester.
  • Study materials: Books, scripts, technical equipment such as a laptop or software.
  • Additional fees for language courses, excursions, or exam retakes.

Leisure expenses for sports, hobbies, vacations, or gifts should also not be forgotten. To avoid financial difficulties, it is smart to set aside a buffer for unexpected expenses, such as a new phone or repairs.

Average monthly costs for students in Austria: approximately €1,200 (as of 2024). Costs may vary depending on the study location – especially in cities like Vienna or Innsbruck, where rental prices are higher.

Budget Planning: Keep Track of Your Finances

Good budget planning is essential for managing your finances. Use a budgeting app like Splitwise or Monefy to track your income and expenses. This way, you stay on top of your finances, know your fixed costs, and can quickly identify potential savings.

In addition to planning, you can also adopt more frugal habits in daily life to reduce your expenses. Maybe you skip the daily coffee-to-go or look for more affordable alternatives for leisure activities. Small adjustments can have a big impact on your budget. Check out more everyday saving tips here!

Tax Tips for Students

With the employee tax assessment (ANV), you can claim various expenses for tax purposes and get money back for your studies. Purchases related to your studies fall under “work-related expenses” (Werbungskosten), so make sure to keep all receipts.

If you have multiple marginal jobs, you may also qualify for a negative tax refund, which allows you to reclaim part of your social security contributions. Find more tax tips for students here!

Government Support and Support for Students

Fortunately, Austria offers several government grants to support you financially. Whether it’s study grants, housing assistance, or child benefits – many students are eligible for financial aid. And if things get tight, social funds can also provide help.

AllowanceExplanationRequirementsDetails
Child benefitAll students under the age of 24 and whose parents‘ main interest of life is in Austria receive a monthly allowance via their parents, which can also be transferred to the students‘ bank account.
  • Parents‘ main interest of life in Austria
  • Inscribed at university
  • Under the age of 24
  • Proof of academic progress (at least 16 ECTS per academic year)
Until the age of 18, your legal guardians receive the child benefit. After that, you can have the payment transferred directly to your own account.

The amount of child benefit depends on the number of children. Find all the details in our article!

Study grantIf parents cannot support their children financially during their studies, students can claim a study grant. Find more info on the amount here!
  • Social eligibility (family income)
  • Started studying before the age of 33
  • The standard period of study may be exceeded by a maximum of one semester.
The amount of the study grant depends on your parents‘ income and living situation. Even if you are unsure whether you meet these requirements, you should send an application!
Foreign grantStudents who receive study grants can apply for an additional financial support for studying abroad.
  • Recipients of the study grant
  • Application in due time – no later than 3 months after the start of your studies abroad.
  • Proof of successful studies – at least 15 ECTS per academic year
This financial aid is meant to allow students on a tight budget to get this experience. The amount of the foreign grant depends on your target country. The maximum duration is 20 months. You can apply online via stipendium.at for a foreign grant!

To make sure you don’t lose your funding or have to pay it back, keep an eye on the minimum requirements and plan your proof of achievement early. It also pays off to submit applications ahead of time so the money arrives when you need it.

Housing Allowance for Students: Financial Support for Your Home

Housing assistance is available across Austria for people with low incomes, but the exact conditions depend on the respective federal state. You can find detailed information and requirements on your state’s official website. The amount you receive depends on the size of your apartment, housing costs, and household size. But keep in mind that if you live in a student dormitory or with your parents, you are not eligible for housing assistance.

To check if you qualify and what documents you need for your application, just visit your federal state’s website – you can even apply online.

Tip: You can often combine housing assistance with other government benefits like student grants to help your budget!

Social Fund from the ÖH (Austrian Students’ Union): Help in case of Emergencies

The Austrian Student Union (ÖH) supports you in case of financial emergencies through its social fund. If you find yourself in financial difficulty due to rent increases, illness, study costs, or caring for children or relatives, the ÖH can provide a one-time payment every 12 months.

Requirements for one-time financial support:

  • Social need according to the ÖH social fund guidelines
  • Not living with parents
  • Not receiving a student grant
  • Completion of 16 ECTS in the last academic year
  • Cooperation with the local student representation of the ÖH
  • Within double the minimum study duration
  • Enrolled in a regular degree program

You can download the application form here and send it by post or email to the responsible office.

Tip: Even if your financial hardship seems minor, it’s worth asking – many funds are flexible and also offer support in unexpected situations!

Student Loans and Student Accounts

Savings, part-time jobs, or government grants aren’t always enough to cover the costs of studying. In such cases, student loans or a good student bank account can help you bridge financial gaps.

Student Loan in Austria: Your Options at a Glance

A student loan gives you more financial flexibility by providing monthly payments over a longer period. Repayment usually starts only after graduation, often with better conditions than regular loans. However, it’s important to compare different offers to find the most affordable option. To apply for a student loan, you must be between 18 and 30 years old, enrolled at a university, and have your residence in Austria.

Before taking out a student loan, you should think carefully about how much money you actually need. A loan should always be the last resort – it’s often smarter to first explore government grants, scholarships, or parental support to keep your future financial burden as low as possible.

Tips for repayment:

  • Keep the loan amount as low as possible to minimise debt
  • Compare offers and pay close attention to interest rates
  • If you’re self-employed during your studies, you can deduct interest as a business expense for tax purposes

You can find more tips and detailed information about student loans here!

Student Account: Save Fees and Benefit from Extras

A student bank account is the best choice for saving fees and benefiting from special conditions during your studies. Many banks offer free accounts with little to no fees. Plus, you often get perks like low-interest overdrafts, free debit and credit cards, as well as discounts or welcome gifts.

Requirements:

  • Age limit usually 26 or 27 years
  • Proof of enrollment with a student registration certificate

When comparing accounts, watch out for hidden fees, especially for cash withdrawals abroad. Some banks also offer better interest rates for savings accounts or loans, which can be beneficial in the long run.

Want to find the best deal for you? Check out our in-depth comparison of the best student bank accounts!

Part-time Jobs and Income

A part-time job can not only boost your budget but also give you valuable work experience. Whether it’s a typical student job or a position in your field, choosing the right one doesn’t just secure your income – it also strengthens your career opportunities.

Finding a Part-time Job: How to Finance Your Studies

Many students work alongside their studies to improve their finances – whether it’s because parental support or government grants aren’t enough, or simply because they want to be financially independent. A good part-time job should offer flexible hours so you can easily balance it with your studies.

Platforms like Studo, Studentjob.at, or unijobs.at can help you find suitable positions. Also, make sure to choose a job that not only boosts your budget but also works with your study life.

Here’s a list of 13, usually well-paid, part-time jobs!

Working Student? Earn Money and Gain Experience

A student internship job is the perfect mix of earning money and gaining valuable work experience. Unlike regular part-time jobs, an internship gives you insights into your industry while you’re still studying. It can even lead to a job offer after graduation.

Tip: Use the job as a career stepping stone – network, learn from experienced colleagues, and gather practical experience to make your job search easier later on.

Studying with a Scholarship: How to Secure Financial Aid

In Austria, there are plenty of scholarships available – and you don’t have to be a straight-A student to qualify. Still, many students aren’t aware that they might be eligible for one. So, it’s definitely worth checking out the different options and applying in time.

ScholarshipFor whom?RequirementsExplanation
Graduation Scholarship Students nearing the end of their studies can apply for a graduation scholarship
  • At least 36 months employed
  • No study grant
  • Under the age of 41
  • Max. 30 ECTS or thesis to be completed
Are you about to graduate and need financial support? A graduation scholarship can help. You can find all the details about the scholarship and the requirements in our article!
Mobility ScholarshipStudents who want to study abroad can apply for a mobility scholarship.
  • 15 ECTS as proof of work
  • Application in due time
Studying in another country can be an interesting experience for you. In this case, a mobility scholarship can help you finance your studies abroad. You can apply for this scholarship after your first academic year. You can find more information on studying abroad in our articles!
Scholarship for working studentsSome universities offer scholarships for working students.Depends on the university
It can be challenging to combine work and university. That’s why some universities offer scholarships for working students, which should reduce this burden. Get information directly from your university!
Scholarship for students who earn their own livingStudents who were employed before their studies can apply for a Self-supporting Scholarship to finance their education.
  • 4 years of employment
  • Minimum income per year: 11,000€
If you have been employed at least four years before your studies and have received a minimum income of 11,000€ per year, then you can apply for a scholarship for students who earn their own living. The maximum amount of money is 891€ per month. You can apply via stipendium.at!
Merit-based scholarshipStudents with good grades can apply for a merit-based scholarship afterwards.
  • Minimum amount of ETCS
  • Good grade average
  • Application in due time
This scholarship is calculated and paid out retroactively for an entire academic year. It It is based on your grade point average and ECTS. You can find all the details about the merit-based scholarship in our article!

Financing Your Studies: Staying Financially Flexible

The financing of your studies doesn’t have to rely on just one income source. A combination of parental support, part-time jobs, housing benefits, and scholarships provides more financial security.

Additionally, it’s worth scheduling a free consultation with the Arbeiterkammer or a tax advisor – this way, you won’t miss out on any financial benefits.

With the right planning and a thoughtful combination of different funding sources, you can smoothly manage your studies and focus fully on your success.

Questions?

We are happy to help!