The new law
If you want to study in Germany after January 2020 you nee to proof that you have atleast 10236 Euros for one year. The amount which you need to deposit into a blocked account was therefore raised by around 20 %.
Many foreign students that want to study in Germany will have to rethink now. You need to be aware of what is required of you to study in Germany.
You will have to deposit those 10236 Euros into a blocked account that you don’t have access to. Every month you will get 835 Euros out of your 10236. This is to ensure you don’t overspent in Germany. It might be strange to hand over your money to some bank and not be able to control it but that’s what is required of you if you want to study in Germany.
Until January 2020 you will get 720 Euros a month out of your 8640 Euros you deposited. This is not enough for most foreign students in Germany.
There are a lot of banks in Germany that will help you open such a blocked account. You should research which bank you want to use for this before you arrive in Germany.
We collected a list of the most choosen blocked account providers in Germany: compare blocked account
Why was the change necessary?
The law was changed because the cost of living in Germany increased dramatically in the last few years. Of course foreign students will have to budget for this. For many foreign students it’s hard to know how much money you need to live somewhere. In order to make it easier for foreign students to realistically budget for their stay in Germany the German gouverment raised the minimum amount of money you need to study in Germany.
A good example for this is the price of apartments in Germany. For example rent in Munich increased so much in the last few years that you will pretty much spent all your money on rent if you don’t want to share your apartment.
Because a lot of foreign students underestimated these costs the German gouverment raised the minimum amount of money you have to deposit.
The change was necessary because a lot of foreign students didn’t budget right for their stay in Germany. They underestimated the cost of living and ended up needing more money.