Making ends meet as a student in the Czech Republic

17. 11. 2020 | Student Life

Student loansSchool tuition, studying abroad, accommodation and a laptop are just some of inevitable expenses you’ll have to pay for when attending university. If you don’t have a stable income yet, it’s always better to avoid loans. However, there’s often no other way if money is desperately needed. We present a few useful tips how to get money without resorting to stealing.

Student loans

The open market nowadays allows many non-bank companies to provide loans for just about anything and to anyone as a way to attract new clients. Should you be caught by their flashy adverts and nice promises and decide to loan money from them, at least check their licence and read the contract carefully.

The only banking institution that offers loans specifically designed for students in the Czech Republic is Komercni banka and its loan programme called Gaudeamus. You can borrow up to 600 000 CZK which you start repaying after the graduation. During your studies you pay only the interest rate that starts at 6.9 percent. The money can be used to finance school tuition in the Czech Republic or broad and it even allows you to purchase a laptop, a mobile phone and other necessary equipment or extra curriculum workshops.

Overdrafting your account

Some student accounts allow you to open a so-called “overdraft account” which Czech banks call “kontokorent.” In the Czech Republic, this service is offered by two banks. Komercni banka with its Student Account G2 allows clients to overdraft up to 5 000 CZK without any additional interest on the condition that the account is at least once during 365 days with a zero or positive balance. Other option is Genius student account provided by Moneta Money Bank. Moneta allows you to overdraft up to 10 000 Czk; however, this service is not free of charge and you must pay the interest rate.

Credit cards

Another option of financing extra expenses is a credit card. All banks offer them even to students on condition of verifying your steady income so it’s an option only for those who study and work at the same time. Credit cards offer non-interest period, usually 30-60 days, discounts with the bank business partners and other benefits if used regularly.

University scholarships

Another way of improving your financial situation as a student is applying for scholarships. If you commute to school, live in a dormitory or you flat-share, check whether you can apply for a so-called

accommodation scholarship support. Conditions for obtaining this scholarship differ between schools but usually all students who have their permanent residence outside the city the school is situated in may apply.

Another option is a social scholarship. Students whose family’s total income isn’t higher than 1.5 of the life minimum can obtain it. Last but not least, don’t be shy to apply for a grade scholarship. The only disadvantage is that the grade scholarship is assessed retrospectively based on your performance from the previous academic year so it won’t fix your immediate financial situation.

See more articles on the topic

Czech student loans comparison

Czech student loans comparison

Studying a university can be financially tough – one must pay rent, food, tuition, textbooks… Although the living costs in the Czech Republic are significantly lower than in most other EU countries, it is still important to think carefully about how to finance your studies and life abroad. The Czech universities charge no tuition fees …

číst více
New expat centre for foreigners in the Czech Republic opens in Ostrava

New expat centre for foreigners in the Czech Republic opens in Ostrava

A new centre providing assistance to foreigners coming to live in Ostrava or the Moravian-Silesian Region is opening on March 2. The Expat Centre will be based at Českobratrská 1888/14 in Ostrava’s city centre and it will be open from Monday to Thursday (10 a.m. – 4 p.m.). It will operate as a pilot program for one year. After …

číst více
7 skills you should acquire during the new semester

7 skills you should acquire during the new semester

The beginning of each semester is the ideal time for setting goals you want to achieve and things you want to learn or get better in. Improving your skills and your CV might eventually give you a better chance of finding a desired job. Here are our tips on seven skills you should acquire during …

číst více