Huge additional costs and increasingly expensive purchases in the supermarket: inflation and the energy crisis are causing problems for all of us. However, low-income earners – such as students – are particularly affected. This situation requires them to manage their budgets well.
In a representative survey conducted by the opinion research company Civey on behalf of watson, 79 percent of the students surveyed said they felt abandoned by politics in terms of rising costs in important areas of life. Particularly bitter: The recently decided Bafög increase of five percent will be eaten up directly by the current inflation rate (7.6 percent in June 2022, Federal Statistical Office). No wonder that four out of five students are disappointed with the political measures.
Financial worries fueled by inflation
The majority remain confident that they will be able to complete their studies as planned. However, 27 percent fear that they will no longer be able to finance their studies. This is in line with the current expertise of the Joint Research Centre, according to which around 30 percent of all students in Germany are affected by poverty. Another problem for many is the uncertainty about how the situation will develop. When asked “Are you afraid that you will no longer be able to finance your studies sufficiently due to the current inflation?” the proportion of concerned people rose to 42 percent. Only about one in two (48 percent) sees no impact on the financing of their own studies.
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Bafög is not enough?
In order not to have to give up the dream of studying, you should also consider other financing options in addition to Bafög. In addition to the classics parents and Kfw student loan, a scholarship could also be considered. The possibilities are more diverse than you might think – there are more than 2,500 different scholarship providers throughout Germany who filter according to over 40 award criteria (such as profession, place of birth, parents, or field of study). You can find a corresponding search engine on mystipendium.de.
Sustainable study financing with German Education
Private providers of study financing can also be an opportunity. The financing of german education, for example, works according to the principle of the reverse intergenerational contract. Social impact investors put money into the cycle of the German Education Study Fund. This study fund enables young academics like you to finance their studies. With your repayment, you support the next generation of students and give them the same chance of studying that you have received. To get you off to an even more successful start, you will be trained, coached, and networked with the community at the German Education Academy.