Study and finances

You want to study at one of the universities or any other higher educational institutions in Austria? And you think about how to finance it? Here you can find practical help and possibilities to your study’s finances – from different scholarships and grants to education loan

Student dorm or a flat, food and drinks, car or public transportation, one or other hobby and of course the costs of books and other learning materials.

1. Earning a living with part-time job

So, how is it possible to finance my studies? For most of the students the family is the main supporter, no matter if cash or in kind. According to the report of Student Social Survey (Studierenden-Sozialerhebung – Sola) 2015, 61 % of students are employed and they seem to be busy: in average, students spend 19.9 hours per week at work, what the main motivation and reason is the financial necessity for. After all, a little more than the half the students (57 %) stated to have jobs which are possible to during their studies. But many students do dare the steps towards self-employment. Flexible working hours and independence speak for this decision. Moreover, they can gain experiences. The Start-Up Service of the Austrian Economic Chamber offers an informative brochure on the topic ‘Students and Self-Employment’.

2. Grants and subsidies

But also grants and subsidies are basic financial help for students, according to the Student Social Survey. The most important Subsidies are the followings:

  • Exactly 43 % of students use the family allowance for financing.
  • The federal aid for students can help to fill the bank account: for every 8th (12,3%) student is the study grant and for around seven percent is the self-supporter grant is a great financial help.
  • Working students who almost finished their studies or who are writing a thesis or master thesis can apply for the Grant near Completion of Studies. You can find further information about Grant near Completion of Studies at the Austrian Study Grant Authority.
  • Being diligent brings a high price: performance – related grants can mean a little extra money on your bank account. Around four percent of students know the importance of it.
  • There are many other additional grants, subsidies and scholarships, such as the child care subsidy for students with a child, or study grants which are partly connected to the federal aid for students. You can find out more about grants and subsidies on the website www.grants.at.

3. The Austrian National Student Union – Social Fund

The Austrian National Student Union offers student counselling, legal advices and also social support in cases of financial problems. The application form ‘Antragsformular Sozialfond’ is available online.

4. Housing grants as financial support

The housing grant might also represent an important source of income for many students. The conditions change according to the federal state’s regulations. The height of this grant depends on the size of the apartment, the amount of monthly housing costs and the size of the household. Click here for the application forms for housing grants. As we mention housing: according to the student social survey, an average student in Austria has 1,132 Euros in a month.

36 percent of it they give out for living – with a trend of rising. At popular university locations with growing numbers of students there is also an increase in housing costs! Living becomes more and more expensive for students as well. The good news is that student homes are still among the most affordable forms of housing!

5. Education loans

If it absolutely does not work out with the finances, there is the possibility of an education loan. There are many providers. In addition, education loans usually have better conditions than other loans. Nevertheless, it is important that you compare the conditions such as interest rates and repayment agreement and that you take your time for the decision.

Questions?

We are happy to help!