There are several options available for your study financing in Germany.
- German or Foreign Scholarships (Higher Education Commission Scholarships)
- Blocked Account
- Formal Obligation (A German resident sponsor your studies)
- Show Enough Resources of your Parents
- Bank Guarantee
Now well tell you all three financial possibilities in detail.
German or Foreign Scholarships (Higher Education Commission Scholarships):
If you get scholarship from German or foreign scholarship provider institutions like Daad Pakistan, then with these scholarships you can finance your study in Germany. Scholarships usually provide both educational expenses and living expenses.
Second option is the block account. Blocked account means, you required to open a bank account in any German Bank and need to deposit 8,640 Euro in account. Bank will put some restriction on this account according to German laws for foreign students. Due to these restrictions this account is called blocked account.
This account is like a security deposit for your living expenses in Germany. Because if you study free or with fee in Germany in both ways you need money to survive in Germany like for food, rent and shopping etc. So, this money in blocked account will help you to survive in Germany with studies. According to the restrictions you can only withdraw 720 Euro per month from your blocked bank account. (Read detailed information about Blocked Account Here)
Formal Obligation (A German resident sponsor your studies):
Formal obligation means you need a sponsor from a German Resident, who will give assured that he or she will bear or finance all your educational and living expense in Germany. With sponsor you also need income proof and bank statement (6 month) old of your sponsor.
Show Enough Resources of your Parents:
It means that your parents show enough financial resources and assure that they will support you for your living and educational expenses in Germany.
Provide a bank guarantee as your financial resource like loan letter.
But in all these financial options we think that blocked account the best option for students who want to study in Germany.
Hope this information will helpful for you. We try to prepare this information with our full efforts and available resources.