How about heading to Europe for your higher studies? Sounds amazing, right? However, there are some things that you should be prepared for prior to starting this cross-continental journey.
Before you pack your bags, you’ll need to apply for a Schengen student visa, as European countries will not let you in without one.
One of the most critical elements is the minimum bank balance for Schengen student visa. This requirement clearly indicates that your trip demands the necessary financial resources to cover your expenses as an international student in European countries.
In this article, we’ll explain what is the minimum bank balance for Schengen student visa application. So, keep reading!
What is a Schengen Student Visa?
The Schengen student visa is a category ‘C’ visa issued for educational purposes. It enables foreign students to travel to any of the Schengen countries for a period of ninety days to study. Depending on the students’ convenience, this visa can be offered as a single-entry visa, two-entry visa, or multiple-entry visa.
It also enables an international student to enroll in the educational institutes of any of the 26 Schengen Area states. In addition to serving as a ticket of entry into the destination country, the Schengen student visa will also allow you to explore other countries in the Schengen Area during the validity period of your stay.
However, keep in mind that to get a Schengen student visa, you’ll need to lodge a mandatory and thorough application, which includes an essential emphasis on financial credibility.
How Much Minimum Bank Balance Do You Need for a Schengen Student Visa?
The specific amount in the bank statement that you need to demonstrate for the Schengen student typically depends on the country in which you intend to study.
On average, as an international student, you need to have a balance of €13,435 to €20,065 in your bank account to be eligible for a Schengen student visa.
This range ensures that you have enough money for your stay and can cover your expenses, including tuition and other financial necessities.
Breakdown of Financial Requirements for a Schengen Student Visa
Here’s a breakdown of all the expenses that you’ll most probably incur while studying in the Schengen region:
- Tuition Fees: Tuition fees can fluctuate depending on the chosen institution and a particular course. Make sure that you plan your funds for the whole academic year.
- Accommodation: Remember to add the cost of living in your preferred city. This includes rent, utilities, and other housing expenses.
- Daily Living Expenses: Also budget for your meals, car rental, medical coverage, and entertainment.
- Contingency Funds: Some extra money should always be saved to cover unexpected expenses or emergencies.
Tips for Preparing Your Financial Documentation
Being an international student, preparing your financial documentation is no doubt a hectic task. But with a strategic and thoughtful approach, you can successfully prove that you are able to afford your expenditure while studying in the Schengen zone.
- Accurate Bank Statements: Make sure all your bank account statements demonstrate your current funds. Moreover, almost all consulates demand statements from the last three to six months.
- Additional Financial Proof: Where necessary, provide proof of scholarships, grants or parental sponsorships in addition to the bank statements.
- Currency Conversion: If your bank account balance is in a currency other than the euro, ensure you include a conversion calculation that makes it easier to understand that the balance is in euros.
How Much Does it Cost to Study in Schengen Countries?
The average expense you may encounter while studying in the Schengen zone depends on multiple factors. These typically include the country of your choice, study program, academic level, and lifestyle.
1. Belgium
Belgium is generally the top choice for international students who yearn to study in the Schengen region. It is considered one of the most peaceful and safest countries on the globe, with a well-developed education system, advanced economy, and better quality of life.
On top of that, this country boasts many highly-ranked educational institutes that offer a plethora of affordable and best study programs at all academic levels to foreign students.
Here are the average costs that you will most likely incur for your studies in this country:
| Average tuition fees: | €4,175 to €8,000 per year |
| Average living costs: | €10,200 to 11,400 per year |
2. Finland
Finland is another great option for international students. Its healthcare and educational facilities are phenomenal. Furthermore, the cost of living for students is also quite manageable, as this country offers multiple student-friendly charges for meals, recreational activities, transportation, and more.
Finland is also slightly cheaper than Norway, Sweden and Denmark. All in all, this country offers students a great opportunity to excel in their personal and professional lives while enjoying the highest standard of living.
These are the average annual living costs in Finland for an international student:
| Average tuition fees: | €4,000 to €18,000 per year |
| Average living costs: | €9,600 per year |
3. France
Studying in France can give international students a unique opportunity to immerse in a culture-rich environment, learn different languages, and gain valuable insights into history, cuisines, and architecture.
This can prove to be incredibly beneficial if you are aspiring to build an international career that will set you apart. Moreover, because of its affordability and one of the best academic infrastructures, France attracts thousands of international students every year.
| Average annual tuition fees: | €2,770 to €30,000 per year |
| Average living costs: | €9,900 per year |
4. The Netherlands
The Netherlands is also becoming an attractive study destination for international students due to its amazing educational system. Thus, studying in this country can be a wonderful learning experience for you that will enhance your analytical, decision-making, and creativity skills. The country has a liberal attitude towards cultural diversity and welcomes students from all over the world.
Also, compared to several other countries, the cost of living in the Netherlands is relatively lower, particularly at the undergraduate level. In addition, the number of scholarship programs is extensive, thus encouraging students from different countries to pursue their studies at universities in the Netherlands.
| Average annual tuition fees: | €6,000 to €20,000 per year |
| Average living costs | €9,600 to €13,200 per year |
Get in Touch With Us!
Want to land in your dream European country for your higher education hassle-free? Well, StudyWise will make it possible. Contact our proficient student counselors and visa experts and get help in the selection of the best courses and universities in your preferred country.
Also, get the required support while gathering the necessary documents, including your bank statement and lodging your student visa application. We leave no stone unturned in transforming your visions into reality.
So, without any further ado, book a free consultation session with us today!
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Related Articles:
- List of European Countries You Can Study in With a Schengen Student Visa
- Study Master’s in France in 2024
FAQs:
Are there any factors that influence the minimum bank balance requirement for a Schengen student visa?
Yes, numerous factors can affect the bank statement requirement for the Schengen student visa. These can include your selected European country, the duration of the trip, personal circumstances, and the type of visa you have applied for.
Can I work part-time while on a student visa in the Schengen Zone?
Yes. You can work part-time on a Schengen student visa for a maximum of 20 hours per week and almost 1,040 hours per year.
What if my financial situation has recently changed?
If your financial situation has changed, then you should provide the most recent and accurate financial documents to show your current bank status.