An Investment in Your Future
As a state accredited university in private sponsorship, Munich Business School charges tuition which exceeds that of public universities. The practice-oriented program aligned with the needs of the industry, the short length of study and the associated early and qualified entry into work life also make the investment in your own qualification worth while from a financial perspective. The declared goal of Munich Business School is to facilitate high-performance prospects access to studies regardless of their economical situation.
The following points should therefore provide you with information about the financial assistance options available. Whether supported by the government, foundations or MBS directly.
There now are also numerous student loans, and we will briefly introduce you to the best-known.
Domestic and International State Grants
Students of Munich Business School as a basic principle are entitled to financial support according to the Federal Education and Trainings Assistance Act (BAföG).
Whether state grants are issued in individual cases depends on the income and asset of the applicant and his/her parents. A support independent of parental income requires the applicant to either have been employed for 5 years after age 18, or to have been employed for 3 years after a 3-year vocational training (or for shorter training periods an suitably longer period of employment).
BAföG services are provided as one half being a grant not requiring payment, and the other as an interest-free loan, with part of the loan repayment also potentially being waived depending on the study term and outcome. BAföG support is currently available for up to 585 Euros per month and on principle is limited to the phase of the standard period of study for the respective academic program.
The BAföG authority responsible for MBS applicants is:
Studentenwerk München Anstalt des öffentlichen Rechts Amt für Ausbildungsförderung
Leopoldstr. 15
80802 Munich
Germany
Phone +49 (0)89 38196-0
Fax +49 (0)89 38196-111
E-Mail: muenchen@bafoeg-bayern.de
www.studentenwerk.mhn.de
Financing Semesters Abroad
Even for students not receiving BAföG it may be worth inquiring about the conditions of the international BAföG. Due to the increased financial expenses of studying abroad, the limits of the imputed income may change compared to the domestic BAföG calculation. The respective application should be submitted to the responsible grant authority no less than 6 months prior to leaving the country.
Details about the conditions can be found at www.das-neue-bafoeg.de
Foundations
Scholarships oftentimes present the most beneficial option for financing studies, as they generally do not require repayment. However, the number of scholarships is limited and they therefore generally require successfully passing an application process.
The criteria in the awarding of scholarships vary. In many cases they are used to promote the gifted, but there are also other purposes, making applying worth while for many students.
The addresses listed below are merely a selection of the best-known foundations in Germany.
Further information is available at www.stiftungsindex.de
Find an overview of the various types of sholarships for students and graduates offered by selected organisations here www.mystipendium.de.
Loans and Education Funds
In addition to scholarships, various loan programs are available. Providers include public and private banks. The Kreditanstalt für Wiederaufbau (KfW) plays a special role, as in additional to its own products – the KfW-Studienkredit [student loan] and the KfW-Bildungskredit [education loan] – it is also a lender for the BAföG bank loan.
KfW-Studienkredit
The KfW-Studienkredit is a limited term, low interest loan for initial degrees which requires no securities and is granted regardless of the student's or his/her parents' income. The monthly disbursement is between 100 and 650 Euros. The interest is adjustable and is adjusted to the capital market development semi-annually. At signing, however, the borrower is issued a guaranteed interest cap for a period of 15 years. Interest is typically deferred. The grace period is 18 to 23 months following the last date of disbursement. The subsequent repayment term may be extended to a maximum of 25 years. Unscheduled repayments may be made at any time and without penalty. Further information is available at www.kfw-foerderbank.de
KfW-Bildungskredit
The KfW-Bildungskredit is another low-interest loan product specifically for students in advanced study phases. This loan is granted regardless of assets and income of the applicant and his/her parents. Even the receipt of BAföG benefits does not influence eligibility for the KfW-Bildungskredit. Its term is limited to 24 months during which a maximum of 300 Euros per month is disbursed. Detailed information is available at
http://www.kfw-foerderbank.de/DE_Home/Bildung/Wissenskredite_fuer_Studenten/Bildungskr48/index.jsp
BAföG-Bankdarlehen [bank loan]
This loan product is aimed toward students whose study term is extended following a change in majors or dropping out. Even second degrees can be financed in part with this option. The low interest BAföG bank loan does not require securities. The loan amount is determined by the respective Amt für Ausbildungsförderung [grant authority]. Since the loan is handled by the Kreditanstalt für Wiederaufbau, detailed information about this loan is also available at www.kfw-foerderbank.de
