Education funds (also known as study funds) are provided by foundations, companies or private individuals and support selected students with the financing of tuition fees, living expenses or stays abroad during their goal-oriented studies. Repayment to the education fund is income-dependent over a predefined period of time and only begins when you start an employment relationship. This means that financing your studies with the help of education funds is socially acceptable, flexible, calculable and, in contrast to student loans, independent of banks.
In Germany there are now
- nationwide education fund concepts (z. B. Market leader CareerConcept, Deutsche Bildung),
- university-specific education funds (z. B. TU Munich, Leipzig Graduate School of Management or International University of Applied Sciences Bad Honnef) and
- company-specific models such as the Festo Education Fund,
which, in addition to financial support, usually also offer additional services for career preparation such as soft skills training (social skills), mentoring programs, coaching or company excursions.
PRACTICE TIP! Offers from education funds are mostly aimed at students in the context of a first degree (full-time) at a state-recognized university in Germany and abroad. Funding for vocational training is available through the Festo Education Fund, for example.
Festo Education Fund
The Festo Education Fund supports in particular junior staff in engineering and technical courses of study and thus aims to counteract the (impending) shortage of skilled workers in these core economic areas.
So if you would like to continue your education in the STEM field (mathematics, information technology, natural sciences, technology) or business administration / management on a part-time basis at a German or foreign university in one of the sponsored courses of study and already have several years of professional experience, then you can apply for study financing with the Festo Education Fund. It is irrelevant whether you are receiving BAföG or a partial scholarship at the same time.
Possible funding with the Festo Education Fund
- Financing period: 48 months
- Cost of living: 2.000 Euro / month
- Tuition fees: 100%
- One-time expenses: up to max. 5.000 Euro (e.B. for learning materials, stay abroad)
- Financing volume: up to max. 40.000 Euro
Application for the Festo Education Fund
In a multi-stage online-based application and selection process, your academic achievements (including grades in your Abitur), practical experience, language and IT skills, or other commitment are assessed. Your personal competencies are also taken into account in the decision-making process.
After submitting your application documents, the first payment can be made within 4 to 6 weeks.
Funded courses of study:
- Architecture & Civil Engineering
- Business Administration
- Electrical engineering
- Energy technology
- Automotive and aeronautical engineering
- General Management
- Computer Science
- Aerospace technology
- Management / Process Engineering
- Media Engineering
- Pharmaceutical and medical technology
- Product Design
- Production / Logistics
- Environmental Engineering
- Traffic Engineering / Nautical Science
- Economically oriented courses of studies
- Industrial Engineering
Financial securities are not necessary for the application process, but professional and personal qualifications, willingness to perform and determination are!
European Social Fund (ESF) in Thuringia
Employees in small and medium-sized Thuringian companies with a weekly working time of at least 35 hours who want to complete a part-time master's degree program building on a diploma or bachelor's degree can receive up to 50% funding to finance the fees incurred for studies and exams, up to a total of 6.000 euros received through the ESF.
Another requirement for receiving the subsidy is an annual gross income between at least 25.600 Euro and a maximum of 40.000 euros for single people (double that amount for cohabitants).
The application for funding must be submitted by the employing company up to 6 weeks before the conclusion of the study contract.