Even though the majority of universities in Germany carry no tuition fees and most German cities are not too expensive to live in, authorities still want to know if you have enough financial resources to study and live in Germany, at least for the first year of your studies, in order to issue you a German student visa and residence permit.
Under current estimations of the official student loans and scholarships regulator in Germany, Bundesausbildungsförderungsgesetz, a foreign student needs €934 per month or €11,208 per year at minimum to be able to live in the country.
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Who needs to provide proof of financial resources?
Basically, everyone who needs a visa to enter Germany must submit proof of financial resources known as “Finanzierungsnachweis” when applying for a visa at the German embassy, as shown in the table below.
|Your country of origin||Do you need to submit Proof of Financial Resources?|
|Citizens of EU Countries (including Norway, Switzerland, Iceland and Liechtenstein)||NO.|
|Citizens of Non-EU Countries that need a visa to come to Germany||YES, when applying for a student visa.|
|Citizens of Australia, Honduras, Israel, Japan, Canada, New Zealand, Republic of South Korea, the United States of America||YES, when applying for a residence permit.|