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What are scholarships?
Scholarships are a form of financial support awarded by private or public institutions, foundations, companies, universities or the state. The main advantage over the BAföG student loans programme or student loans is that scholarships do not have to be paid back. As scholarships are often awarded based on academic and personal achievements, they can demonstrate recognition of your potential beyond mere financial support. They also offer opportunities to network with other scholarship holders as well as experts and to benefit from sharing ideas. Scholarships promote personal development and professional advancement through the additional personal development programmes which are generally offered, e.g. events, workshops and seminars.
Advantages of a scholarship
- Financial freedom: Many scholarships offer a monthly grant, which – depending on the provider – can be based on the BAföG student loans rate. In addition, some students receive an additional contribution towards studying costs, e.g. 300 euros. This financial support can help you to focus more on your studies without having to worry about finances.
- No repayment: Unlike student loans, your scholarship will not result in any debt being incurred during your studies.
- Prestige: A scholarship is more than just financial support, it also reflects your achievements to date – be it through academic success, social commitment or personal development. It is a visible sign of your skills and commitment and a plus point on your CV that will be valued by many employers and institutions.
- Funding for studying abroad: Studying abroad for one or two semesters will enable you to broaden your perspectives and gain experience.
- Personal development: A scholarship helps you to build leadership skills and develop self-confidence. It creates motivation and provides inspiration.
- Networking opportunities: You will gain access to exclusive networks, events, seminars and continuing education and professional development programmes, which will make it easier for you to start your career.
- Additional support: Mentoring, workshops, internships, conferences and international exchange programmes will support you in developing career ideas and advancing your career.
