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Germany is set to raise the financial threshold for international students from non-EU countries who plan to study there. Starting September 1, 2024, students will need to have at least €11,904 in a blocked bank account (known as a Sperrkonto), a 6.2% increase from the previous requirement of €11,208. This adjustment reflects the rising cost of living in Germany, ensuring that students have adequate funds to support themselves during their studies.
The blocked bank account is a key requirement for obtaining a German student visa. Students can withdraw a maximum of €992 per month from this account to cover living expenses. This change, announced by various German embassies, including those in India, and the German Academic Exchange Service (DAAD), underscores the importance of financial preparedness for international students.
Financial Requirement Details
As of September 1, 2024, any student applying for a German student visa will need to prove they have sufficient funds by showing at least €11,904 in a blocked account. This account is designed to ensure students have a stable source of funds while studying in Germany, preventing potential financial difficulties.
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Previously, the required amount was €11,208, which had been in place since January 2023. Before the 2020/2021 academic year, the requirement was even lower, at €10,236 with a monthly withdrawal limit of €853. However, as the cost of living has risen, the German authorities have consistently adjusted the required amount to reflect these changes.
Reason for the Increase
Gent Ukehajdaraj from Studying-in-Germany.org noted that this increase aligns with the growing cost of living in Germany, which affects students as much as it does other residents. The goal is to ensure that students arriving in Germany have sufficient financial resources to cover their expenses, thus avoiding situations where students might struggle to afford basic necessities.
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Germany's Popularity Among International Students
Germany continues to be a top destination for international students, particularly those from non-English-speaking countries. During the 2022/2023 academic year, Germany hosted approximately 458,210 international students, making it the third most popular country for foreign students globally. The consistent increase in the required blocked account amount reflects the country’s commitment to maintaining a high standard of living for all students, ensuring they can focus on their studies without undue financial stress.