A part-time degree costs money. Depending on the provider and programme, it can be several thousand euros. Yet financing is rarely the reason someone doesn't study. Because there are ways to significantly reduce the costs. Here are seven options to finance your studies without breaking the bank.
1. Employer Funding: Your Boss Pays Along
Many employers contribute to tuition costs when the degree is relevant to your role. Some cover the entire fees, others pay a monthly allowance. In return, you commit to staying with the company for a certain period.
Bring up the topic early. Ideally with a concrete proposal: which programme, what costs, what benefit for the company. The clearer your pitch, the higher the chance of support.
2. Tax Deductibility: Money Back from the Tax Office
A part-time degree counts as deductible expenses (business expenses for a second degree) or special expenses (for a first degree) in many cases. Tuition fees, academic literature, work equipment, and travel costs to the university can be claimed on your tax return. For a second degree, there's no cap on the deduction.
3. Educational Leave: Time Off to Study (Austria)
In Austria, there's the Bildungskarenz (educational leave). You take up to twelve months off work and receive an education allowance equal to unemployment benefits. Requirement: at least 20 hours of education per week. A part-time degree meets this in most cases.
4. Education Vouchers and Grants
Depending on the region, there are grants for continuing education in Germany and Austria. The education voucher from the employment agency, the education bonus, or regional funding programmes (e.g., Aufstiegs-BAfoG in Germany) can cover part of the costs. Requirements vary. Checking your region's funding database is worthwhile.
Good to Know
In the 10-Minute Check, you'll find out which funding options are relevant for your situation. I review this during the consultation and show you which applications are worth pursuing.
5. Instalment Payments Without Extra Charges
Most private universities offer instalment plans. You pay monthly instead of a lump sum. With many providers, instalment payments are interest-free, meaning no additional costs. The monthly rate typically ranges between 150 and 500 euros. That's manageable for most working professionals.
6. Scholarships: Not Just for Straight-A Students
Scholarships aren't only for school leavers with top grades. Many foundations specifically fund working professionals, students with migration backgrounds, or people from specific professional groups. Universities themselves also award scholarships and performance discounts. The application takes time but can pay off significantly.
7. ECTS Credit Transfer: Fewer Modules, Lower Costs
If you've already completed vocational training, professional development, or another degree, you may be eligible for ECTS credit transfer. This means: you take fewer modules, study for a shorter period, and pay less. In some programmes, up to 50% of credits can be transferred. In a consultation, I check how many credits you can carry over from your prior learning.
The cheapest tuition fee is the one you never have to pay in the first place. Checking credit transfer options is always worthwhile.
Conclusion
Financing your studies is not an unsolvable problem. Employer funding, tax benefits, educational leave, scholarships, and ECTS credit transfer significantly reduce the real financial burden. Often, multiple paths can be combined. If you want to know which options work specifically for you, sign up for a free consultation.