Austria is a great study destination for international students as the cost of study in the country is relatively low compared to other study destinations like the UK, Canada, and the US. The country has a low crime rate and high quality of life meaning that it is a good study environment. In this write up we shall be showing you how you can apply for Study Abroad Loan in Austria.
Study Abroad Loan
Generally, Austrian citizens, EU and EEA citizens schooling at any public universities in Austria pay no tuition fee while other foreign students will pay around 1,500 EUR per academic year. This varies depending on the course of study. Despite the free tuition-fee policy for domestic and EU students in Austria, there are still local grants and loans made available towards study expenses.
These financial aids are provided to help students, especially poorer students have stable academic experience. As said, foreign non-EU students aren’t qualified for any of these financial aids in Austria. There are no local aids available for international students in Austria.
However, there are student loans available from several banks within Austria. These loans are subsidized and are linked with the university system, meaning that the university you are in and your course of study determines whether you will get the loan.
It should be noted that, although you might not get a local grant in Austria, many international scholarships and grants allow you to study in Austria. But in the situation where you need a study abroad loan in Austria, you might not get it, as that are no explicit organizations that offer study abroad loans in the country.
There are possibilities of getting a study abroad loan in Austria, and we are going to discuss it in this article and also explore how to apply for a Study Abroad Loan in Austria.
About Study Abroad Loan in Austria
A study abroad loan is money borrowed from the government or a private lender such as a bank or financial institution, or from other organizations to fund post-secondary education. They have low-interest rates compared to other loans. It was created to help students who are willing to study but do not have sufficient funds.
The loan can be generally used for tuition, accommodation, books, or other costs. Studying abroad loans or international student loans is different from scholarships or grants that you don’t have to pay back.
Austria does not categorically have organizations that offer study abroad loans to international students, but there are a couple of banks that offer subsidized loans to international students who are unable to fund their education.
The banks that offer subsidized loans to international students, do this in conjunction with some selected universities, meaning that to be able to apply for a study abroad loan in Austria, you must be a student in any of these selected universities. The amount which can be borrowed depends on your course of study.
Reasons for a Study Abroad Loan in Austria
The cost of education might be relatively low, but it will still be expensive, especially for individuals who don’t have any support from the government or family. The study abroad loan can be of great help to these individuals, though it is strictly advised not to take a study loan if one has other means of funds. Nevertheless, here are some of the reasons to take a study abroad loan.
1. Low-Interest Rate: Student loan generally is among loans with low-interest rates. Since there are job opportunities for students in Austria, you can easily pay back the loan. The repayment schedule can be beyond the study period most of the time.
2. Fewer Qualification Requirements: Also, study abroad loan compared to other loans has fewer eligibility requirements. Most often, you don’t need collateral or even a guarantor to be qualified for the loan.
3. Reduces Financial Stress: The loan will be issued to you to cater for your study expenses like tuition fees and others. If there is no such loan, you might likely not be able to fund your education or pursue your dream course.
Eligibility Requirements for Study Abroad Loan in Austria
To be qualified for the study abroad loan in Austria offered by Austrian banks, here are the criteria which must be met:
- Studentship: You are expected to be a bonified student in any of the accredited universities in Austria. Distance learners aren’t eligible to apply.
- Age: Only if you are 18 years and above that’s when you will be able to get the study abroad loan in Austria.
- Be a Student of a Selected School: The banks that offer subsidized loans for students in Austria work in conjunction with some selected schools. You must be a student in any of these schools to be able to qualify for the loan.
- Proof of Income: There are various jobs opportunities for students to have a source of income in Austria if probably your parents don’t send you monthly funds. Proof of income source is an eligibility criterion to apply for a study abroad loan in Austria.
Documents Required to Apply for Study Abroad Loan in Austria
There are some documents required to apply for a study abroad loan in Austria. These are listed below:
- Valid ID card
- Signature Proof
- Statement of accounts (3-6months)
- Completed application form with signature
- Passport size photographs
- Valid Visa and Passport
How to Apply for Study Abroad Loan in Austria
There are no explicit organizations that study abroad student loans in Austria for international students, however, there are several banks in conjunction with selected universities in Austria that offer subsidized loans to international students. Here are steps to apply for the study abroad loan in Austria.
Step 1: Find Out School Eligibility
Since you are aware that banks that offer the loan in conjunction with some selected universities in Austria. You need to check if your school is among the selected universities before proceeding to the next step.
Step 2: Select Desired Bank
The school will direct you to the banks that they work with which can give you the loan you are seeking for. Read the loan term and conditions and compare them with others.
Step 3: Apply for the Study Loan
This can be done over the counter or online. Whichever way you choose, ensure you are with the required documents and provide the information needed without false.
Step 4: Get Loan
After going through your application, the bank will the loan to your university and you can receive it if it is not meant for tuition fee.
We have just looked at the possibility of getting a student loan as an international student in Austria and how to apply for a study abroad loan in Austria. As you have read, there are standardized agencies for student loans in Austria like in other countries. You can only get subsidized loans from banks. Lastly, apply for a student loan only if you have exhausted other sources of funds.