Financing Options for your Continuing Education

Participating in a continuing education program often involves a substantial financial investment in your future. To support you we have compiled a comprehensive overview of various financing options for further education.

Tax Deduction and Financial Benefits*

In Austria the tuition fee and all other costs incurred (e.g. travel expenses or accommodation) are fully tax deductible for employees as well as for self-employed persons. Depending on your income, you can save up to 50% of the tuition fee.

If your company covers the tuition fee (or a part of it) this may be a win-win situation for both sides. Unlike bonuses, for example, tuition fees are exempt from taxation and the financial advantage amounts up to 50%. And, your employer benefits too because there are no payroll related costs. Moreover, the Austrian state shares the costs with the employer and covers 31% (in case of a public limited company) or 61% (in case of an individual enterprise). As for the employers, not only tuition fees are fully deductible, they are also entitled to a 6% education bonus or a 20% education tax exemption alternatively.

Information about tax deductions in Austria is available at www.bmf.gv.at. For tax arrangements of other countries please refer to the responsible institution of the respective country.

* Errors and omissions excepted!

Financing Options and Grants

Further information about grants for employees, entrepreneurs and companies in English language is available here. More comprehensive information about grants, education financing by banks, tax deductions or other financial advantages in German language is available here.
We also recommend you to contact your local authorities or relevant institutions for information about special grants and scholarships. Specific scholarships for the MSc Renewable Energy Systems will be announced here.

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