Financing medical studies

Studying medicine is a great challenge and not cheap. Whether BAföG, student loans, scholarships or other options are the best way for you to finance your studies is a very individual matter. In this article, we would like to give you an overview of the available financing options and show you that you don't have to give up on your dream of studying medicine because of financial hurdles.

Financing your studies must be well planned

Starting medical school is a great adventure. However, financing should be sorted out beforehand, as otherwise it is not possible to study without stress. However, if financial worries are added to the already existing learning stress, in the worst case scenario this can quickly lead to you not being able to concentrate on the actual subject and thus jeopardising your degree.

It is therefore a basic requirement to ensure that you can pay your rent on time and that the financing of your tuition fees is clear.

Regardless of whether you have your Studying medicine abroad or in Germany: Gather the information you need early on to create a workable financial plan for your medical training.

Costs and expenses

As a medical student, you have to pay for many things. These expenses need to be planned and financed wisely. It is therefore a good idea to make a list of all the expenses you need to take into account as a student before you start your medical studies.

How much money you spend on the individual items on your list depends very much on your individual circumstances. For example, life as a student abroad is associated with different financial challenges than studying at a state-funded university in Germany.

The question of whether parents, family or other sponsors will support you or whether you will have to pay for everything on your own can also play a role in planning your funding. In the following sections, we will take a closer look at the costs that students should usually consider.

Tuition fees and semester fees

Semester fees are incurred when studying medicine. How high these are varies depending on the federal state and university. At private universities and universities abroad, the fees are usually significantly higher than at state-run German universities, which of course also poses other challenges in terms of financing. The semester fees often include a student ticket for local public transport.

Books and other learning materials

Although most books can be borrowed from the university library, you will need many of them regularly throughout the semester. The reading time granted by the library is therefore not enough, making it necessary to buy the book.

As a medical student, you will also need scrubs, dissecting instruments, a stethoscope and other equipment. It may be worth buying these items second-hand from former students.

Cost of living during your studies

In addition to the expenses for the actual medical degree programme, you also need to budget money for accommodation or a room in a shared flat or similar. Food, clothing and leisure time are also important. By knowing how many euros per month you spend on these things, you can see where there is potential for savings and how much money you need to have in your account at least once a month to avoid getting into financial difficulties.

Financing medical studies: the various options

Even though studying medicine can be expensive, there are fortunately many financing options. Regardless of whether you want to study in Germany or abroad, there are numerous ways to cover the costs. From BAföG and student loans to scholarships and part-time jobs, there are many options open to you.

The reverse generation contract can also be a good financing option. In the following sections, you will find out what support is available to you during your medical studies and how you can successfully master the challenging study period financially. This will pave the way to graduation and working as a doctor.

Student jobs

The degree programme itself is not paid for, but it costs money. A part-time job can therefore be a good option to earn money during your medical studies so that you can pay for food, accommodation and other costs.

Many students work during the semester break or in the evenings. It may be possible to not only generate income with a part-time job, but also to gain practical experience that will be useful to you during your studies and later as a doctor. Some students, for example, work as student assistants at university or as temporary staff in hospitals.

It is always important that you are able to combine your work with the daily routine of your degree programme, as you want to complete it without unnecessary delays so that you can then work as a doctor and no longer have to work part-time.

Suitable part-time jobs for medical students

The following list provides you with an overview of jobs that are available as regular work during medical studies or between semesters during the lecture-free period:

• Student assistant at universities
• Night watches and other temporary jobs in a clinic
• Tutoring in scientific subjects
• "Hold the hook" in the operating theatre

If a student already has the relevant training, it is of course possible to work in this field alongside their studies. For example, many students work in the emergency services or in nursing. As help is regularly needed here, it is usually not particularly difficult to find a way to organise working hours that are compatible with your studies.

Federal Training Assistance Act (BAföG)

The Federal Training Assistance Act (BAföG) was created to provide students with financial support. You can use the money to cover part of your study costs. Whether you receive funding in the form of BAföG and how much it is depends on your parents' income and the number and support needs of other children in your family. Some of the money you receive has to be paid back after completing your studies, but moderate time frames and conditions apply.

You can obtain important information about the application from your university's student union, where BAföG applications are also available.

Scholarships

A scholarship is an excellent way to finance your medical studies without having to pay back debts later on. Universities as well as many foundations and private organisations offer scholarships for prospective medical students.

The requirements and funding vary depending on the type of scholarship. It is therefore important that you do your research beforehand so that you know which scholarships you might be eligible for.

Some scholarships relate to the financing of tuition fees, others also offer support for accommodation and living costs. You can obtain advice on the options available to you from the counselling centres of the Deutsches Studentenwerk.

Student loan

A student loan is designed so that you receive exactly the conditions for the loan that suit your situation as a student. Repayment of the loan usually only begins after you have completed your medical studies. You will then be working as a doctor and have the resources and income to repay the loan without any problems.

Many student loans are designed in such a way that you do not receive the full amount at the beginning. Instead, you have monthly access to a fixed amount, so that as a student you have a fixed monthly cash inflow with which to finance your costs.

Reverse intergenerational contract

The reverse generation contract is an innovative way of financing your studies. To a certain extent, these are private education funds that cover the costs of your medical studies.

In return, you commit to paying a fixed percentage of your income into the fund for a certain period of time while you are working as a doctor. This can then be used to finance the costs of the next generation of students.

The reverse generation contract is an interesting alternative to a loan. As a student, you don't have to worry about your finances and the repayments are made in such a way that you can definitely afford them.

Special challenges when studying abroad

Studying medicine abroad brings with it special challenges. In addition to financing, future doctors have to master the language and culture of the host country. Recognising degrees in Germany is fortunately a formality with the universities abroad recommended by us, but must also be tackled.

You may be lucky enough to receive BAföG abroad, even if you would not have been eligible if you were studying in Germany due to your parents' income. As your expenses abroad are higher, there are more German students who can receive this funding abroad.

Studying abroad offers the best conditions for earning good money later on

Every year, numerous school leavers ask themselves whether it makes sense to study medicine abroad. The high expenses associated with such a degree programme are an important issue and a frequent counter-argument. However, you should bear in mind that you can usually repay a loan taken out for your studies at a later date. After all, your licence to practise medicine will secure you a good income. Many doctors have already taken this route and do not regret their decision.