Europe offers an array of prestigious universities with globally recognized master’s degree programs that are often more affordable than similar programs in the US. The chance to master new languages and delve into a new culture allows for an educational journey that goes beyond traditional classroom learning. The continent’s rich cultural diversity, iconic landmarks, and deep-rooted traditions make it a prime destination for international scholars.
However, pursuing a master’s degree in Europe is a significant financial commitment. Understanding the options available to ease the financial aspect is crucial. We delve into the multifaceted world of financing a master’s degree in Europe to help make your educational aspirations attainable. Here’s a comprehensive guide on financing your master’s studies in Europe.
Paying For Your Master’s Degree With Scholarships
Scholarships are an excellent way to finance your studies. In contrast to loans, they don’t need to be repaid. With a myriad of scholarship types available, it’s wise to explore the various options. You need to determine not just those you qualify for but also the ones worth dedicating your time and energy to apply.
Merit-Based Scholarships in Europe
With its rich academic history and world-renowned institutions, Europe offers many merit-based scholarships. These awards are tailored for students with exceptional academic achievements, leadership qualities, and other outstanding talents. Designed to recognize and foster excellence, these scholarships are a testament to Europe’s commitment to nurturing global talent and innovation.
Need-based scholarships consider the financial situation of the student or the student’s family. While these are often only for local students, some universities offer need-based scholarships for international students to promote cultural exchange.
Private Sector Scholarships in Europe
Funded by corporations, non-profits, or private individuals, these scholarships may be tied to potential employment with the funding company or could be given for fields of study that align with the company’s interests. For example, Google offers scholarships for students in computer science and engineering.
These are scholarships funded directly by a country’s government to attract international students. They are often very competitive and prestigious. Here are a few examples of government-funded scholarships
Germany: The Deutschlandstipendium supports high-achieving students, both German and international. Funded jointly by the German government and private donors, recipients are awarded €300 monthly for at least two semesters. There are potential extensions based on study duration.
France: The Eiffel Excellence Scholarship Program was initiated by the French Ministry of Foreign Affairs and International Development and aims to attract top international students to France’s master’s and Ph.D. courses. Recipients benefit from a monthly allowance, travel expenses, and health insurance. The program prioritizes emerging economies and covers various academic disciplines.
Spain: MAEC-AECID scholarships, funded by the Ministry of Foreign Affairs and the Spanish Agency for International Development Cooperation, support international students, primarily from Ibero-American countries. These scholarships generally cover tuition, a monthly stipend, and sometimes travel or insurance. The duration and coverage vary by program, and students should consult the Spanish embassy for the most recent details.
Netherlands: The NL Scholarship is offered by the Dutch Ministry of Education, Culture, and Science and Dutch universities for non-EU/EEA students enrolling in bachelor’s or master’s courses. There is also the Orange Knowledge Programme. This caters mainly to mid-career professionals from select developing countries, offering funding for courses and master’s programs.
European business schools usually have their own scholarship programs. It’s crucial to check for scholarships with the specific institution you’re interested in. Here are a few examples to get started.
France: ESSEC Business School offers three scholarships: Excellence, Singaporean, and Diversity. The Excellence Scholarship is for top academic candidates and is open to all. The Singaporean Scholarship, covering up to 30% of tuition, is exclusive to Singaporean citizens and permanent residents admitted to a program. The Diversity Scholarship covers up to 30% of tuition for students from regions like Asia-Pacific (excluding Singapore), Africa, Europe, and the Americas.
Germany: Goethe Business School (GBS) provides scholarships for its master’s students. The Women+ in Business Scholarship supports self-funded female and non-gender conforming applicants. The FinTech Scholarship is for those self-funding their studies in the Financial Technology track of the Master in Finance program. Exceptional students in the Risk Management & Regulation specialization can avail of the FIRM scholarship, offered by the Frankfurt Institute for Risk Management & Regulation, covering up to 25% of tuition and granting access to the FIRM alumni network benefits.
Netherlands: Breda University provides four master’s program scholarships: StuNed, VSBfonds, LPDP, and the Colfuturo Scholarship-Loan Program. StuNed targets mid-career professionals, supporting Indonesia’s development through bilateral ties. The VSBfonds Scholarship, offering €7,000 – €10,000, is granted annually to select Dutch students for international studies or post-graduation research.
UK: Hult International Business School offers students an array of merit-based scholarships that grant tuition waivers reflecting their accomplishments and potential. The Social Impact Scholarship recognizes candidates who have made—and continue to make—a constructive difference in society. The Entrepreneurial Impact Scholarship is also tailored for professionals who have demonstrated leadership in entrepreneurial endeavors.
Financing a Master’s Degree in Europe With Student Loans
Student loans are a popular option to pay for higher education in Europe. Students from the United States can use FASFA to get a loan to study at close to 600 universities in Europe that have been approved by the US Department of Education.
For most Europeans, the Erasmus+ Masters Loan program is an increasingly popular option. Erasmus+ supports students from lower-income backgrounds, offering favorable pay-back terms and interest rates.
Less popular are direct local bank loans. In some countries, specific banks may provide education loans for overseas studies. These loans typically require a credit check or collateral.
Get a Part-Time Student Job To Help Fund Your Master’s Degree
Part-time work can help you finance your living expenses. However, student visa restrictions on working hours vary across countries. Most student visas have work restrictions that limit the number of hours a student can work. These rules ensure students are financially secure before they arrive so they can focus on their studies. Always check your visa conditions and consult local employment offices or your university’s international office for guidance.
Germany: Non-EU students in Germany can work 120 full days or 240 half days per year. Students from the European Union (EU) and the European Economic Area (EEA) have more flexibility, but they should be at most 20 hours per week during the semester.
Spain: Students with a student visa and a work permit can work up to 20 hours a week in Spain, provided the work doesn’t interfere with their studies.
The Netherlands: International students in the Netherlands may work up to 16 hours a week throughout the year. Alternatively, they can work full-time during June, July, and August. However, their employer must obtain a work permit (TWV) for them.
Weighing the Options To Pay for Graduate School in Europe
Embarking on a graduate education journey in Europe promises a plethora of academic and personal growth opportunities. However, planning your finances is vital.
Scholarships are desirable due to their non-repayable nature and the prestige they can add to a student’s profile. However, they are often competitive, and some have conditions like maintaining a specific GPA.
Student loans, like Erasmus+, provide substantial coverage and might have favorable terms. But they lead to future debt, and the long-term implications of accruing interest are a concern. Some loans also require credit checks or collateral.
Part-time jobs not only alleviate financial burdens but also provide real-world experience and insights into local culture. However, juggling work and studies is challenging, and visa restrictions might limit working hours.
In conclusion, while scholarships are an ideal route, the competitive nature might necessitate considering loans or part-time jobs. A blended funding approach might be the key for many to finance their master’s degree in Europe.
For insights grounded in real-life experiences, contact one of our student ambassadors based in Europe.