Why Europe Is an Affordable Option for Master’s Degrees

Europe remains a top choice for graduate students. By comparison, U.S., tuition fees can be a big investment. It is important to note that tuition fees in the U.S. can differ vastly depending on various factors. For example, whether you study in-state or out-of-state, or at a public or private institution. 

Additionally, the type of study program and format can make a difference. Online master’s courses can be cheaper than on-campus courses. However, average tuition fees are considerable. The average full cost of a master’s degree is about US$36,760 per academic year. Forbes suggests this is even a bit higher, at an average cost of around US$40,000 for a master’s degree. 

Compared to the U.S., Europe offers a more affordable path to a master’s degree. It offers low tuition fees and shorter program durations. Public universities in Germany and Norway often charge little or no tuition for EU/EEA students.

Non-EU students usually pay around €3,000 per year, which is still lower than in many other countries. Most specializations last one to two years, so you pay for fewer semesters overall. Living costs vary by country. However, many students manage expenses through part-time jobs and student discounts.

Also, several countries offer subsidized housing and affordable public transport for students. Most importantly, you can earn graduate degrees that are globally recognized and respected. Students in Europe gain a rich academic and cultural experience by learning from global faculty and living in diverse, historic cities.

Furthermore, countries like Sweden, Finland, and Austria provide strong government support to both EU and non-EU students. As a result, you get lower costs and better long-term value from your education.

In this guide we will help outline the various ways to fund your master’s degree in Europe. We will look at scholarships, school-based opportunities, loans and other funding options. Let’s dive in.

Best Scholarships for Master’s Students in Europe

Scholarships help fund your studies without creating future debt. Unlike loans, you don’t need to repay scholarship money. Numerous types of scholarships are available for international master’s students in Europe. Apply to scholarships that match your strengths and give you the best chance.

Merit-Based Scholarships

Universities across Europe reward students for strong academic performance. For example, programs such as the DAAD Scholarship in Germany and the Excellence Eiffel Scholarship in France support top-performing students. These scholarships often cover tuition fees and basic living expenses. 

Sometimes, universities automatically consider students for merit-based awards during the admission process. In other cases, students may be required to submit additional applications, essays, or attend interviews. Therefore, these scholarships are highly competitive; apply early and highlight your academic achievements, activities, and leadership experience.

Need-Based Options

Some universities and governments offer financial aid based on your family’s income. For instance, the French Ministry provides need-based grants through the CROUS system to international students.

These scholarships help make education accessible for students facing financial challenges. Additionally, many schools have international offices to guide students through the eligibility and application process. As a result, need-based aid can significantly reduce your tuition, housing, and travel expenses.

Private Sector Opportunities

Organizations such as the Heinrich Böll Foundation offer grants for specific countries or areas of study. For example, they support fields such as sustainability, innovation, and social change that align with their core mission.

Additionally, many corporate foundations, NGOs, and regional groups support international students who share similar interests. Additionally, consult with your country’s education office or embassy to determine if there are private scholarships available to you.

European Government Scholarships by Country

Government-funded scholarships help attract international students to study in Europe. These awards are often competitive and highly prestigious.

  • Germany: The Deutschlandstipendium offers €300 per month for a minimum of two semesters. It supports top students and includes mentorship. The Master’s program is co-funded by the German government and private sponsors.
  • France: The Eiffel Excellence Scholarship offers a monthly stipend of up to €1,181, in addition to travel, health insurance, and cultural benefits. It targets top Master’s and Ph.D. students, especially from emerging economies. 
  • Spain: MAEC-AECID Scholarship, funded by the Spanish Ministry of Foreign Affairs, supports students from Ibero-American countries. Awards cover tuition, monthly stipends, and sometimes travel or insurance. Details vary by each Master’s program.
  • Netherlands: The NL Scholarship awards €5,000 to non-EU/EEA students entering bachelor’s or master’s programs. Additionally, the Orange Knowledge Programme funds short courses and master’s degrees for mid-career professionals from select developing countries.

These scholarships reduce financial barriers and promote cultural and academic exchange across Europe.

School-Specific Funding Opportunities

Many top European higher education institutions offer their own scholarships and tuition waivers to help international students manage costs. Alongside government aid, these school-specific options boost affordability.

ESSEC Business School (France)

ESSEC Business School, France, offers Excellence and Diversity Scholarships that cover up to 50% of tuition. Awards are based on merit and need. Moreover, ESSEC Business School supports access through French government initiatives.

Goethe Business School (Germany)

Goethe Business School in Germany offers early-bird discounts and merit-based VGU Merit Scholarships, where the top 5% applicants receive 100% tuition, the next 10% get 50%, and another 15% receive 25%.  Students can also use DAAD scholarships for funding in Germany.

Breda University (Netherlands)

Breda University of Applied Sciences, Netherlands, awards the Holland Scholarship and tuition waivers during the admissions process. The school also assists students in applying for external funds and planning budgets.

Hult International Business School (UK)

Hult International Business School, based in the UK, offers scholarships such as Global Generation and Social Impact for students with leadership aspirations. Furthermore, financial aid is tailored to merit, need, and background. Early applicants may also qualify for tuition discounts.

These targeted funding opportunities make studying at top European institutions more accessible and financially feasible.

Loans and Other Financing Options

Loans can help cover tuition and living expenses if scholarships or savings aren’t enough.

Erasmus+ Master Loan

Erasmus+ Master Loan offers up to €18,000 for one-year programs and up to €27,000 for two-year programs. This EU-funded loan supports students studying in other European countries. Partner banks and agencies provide these loans with flexible repayment terms after graduation. The Erasmus+ loan is government-backed, making it a safer choice for students without initial funds.

US Students: FAFSA for European Schools

U.S. students studying in Europe may be eligible to apply for the Free Application for Federal Student Aid (FAFSA) at Title IV-approved universities. Although limited compared to U.S. schools, FAFSA funds can significantly reduce the costs of studying abroad. Always contact your school’s financial aid office for assistance.

Local Bank Loans & Considerations

Local European banks sometimes provide education loans for international students with valid residence permits. Often, banks require co-signers or proof of admission to the program. Compare interest rates, repayment conditions, and total fees carefully, and include living, travel, and visa expenses when creating your budget.

Working Part-Time While Studying

Part-time jobs help students manage living expenses while studying in Europe. Most countries allow 20 work hours per week during the term and full-time during holidays. In France, students can work up to 964 hours per year, earning about €10.25 per hour. 

Germany permits 120 full or 240 half days of work annually. Spain allows up to 20 hours of work per week if the job aligns with studies. In the Netherlands, non-EU students are required to obtain a work permit and are permitted to work a maximum of 16 hours per week. These jobs provide income, local experience, and résumé value. Students must adhere to visa regulations and refrain from working during class hours.

Pros and Cons of Each Financing Option

Each funding option offers pros and cons. Scholarships don’t need repayment but are highly competitive. Loans cover considerable costs but require repayment with interest. Part-time jobs provide income but may impact study time.

Scholarships ease stress but demand strong grades or stories. Loans support cash flow but increase future pressure. Jobs build skills and experience, but reduce free time. Each method affects your academic and financial journey in different ways.

Plan Ahead: Tips to Prepare Financially Before You Apply

Overall, planning ahead will help you maximise your chances of getting the funding you need to start your chosen program. Begin budgeting at least six months before applying. List expected expenses and available funds in a spreadsheet. Apply early for scholarships and financial aid. Choose schools in cities with lower living costs.

Ask alumni or student forums for funding tips. Research post-graduation salaries to gauge return on investment. Track deadlines for scholarships, loans, and applications. Contact your financial aid office for information on hidden grants or other forms of financial support.

Good luck on your journey to finding and funding the perfect master’s degree for you!

For more insights into scholarships, funding, and success stories, visit our Financing Your Master’s page.