3 Financial Tips for Studying in France

France is one of the world’s most popular study destinations, and it is easy to see why. But before getting ahead of ourselves, it is important to consider one of the most essential parts of studying abroad: your finances.

Careful planning is essential. That is why, in partnership with Montpellier Business School, we have put together three financial tips for studying in France.

Plan your budget properly

This may seem like an obvious starting point, but it is easy to make a few rough estimates in your head and leave it at that. When planning your budget and living costs, there are also things you might overlook. Bills are not always included in your accommodation costs, so what about travel expenses?

If you are considering studying in France, you probably already know that living costs in the capital are higher than in the regions. For example, Montpellier in the south of France can be 30% to 40% cheaper.

If you choose to study for a degree here, Montpellier Business School recommends that students planning to study in France budget as follows:

Accommodation: EUR 400-600 per month

Transport: EUR 25-30 per month

Miscellaneous expenses: EUR 200-300 per month

You should also remember that your first month will be more expensive because of one-off costs such as temporary accommodation, if needed, public transport passes, health insurance, and more.

Opening an international bank account will also help you manage your day-to-day expenses and pay your bills.

Vanessa is an international student from Mexico who is currently studying for a Master's degree in Management at Montpellier Business School. We asked her how she prepared her budget and finances before moving to the south of France to study.

"I asked Campus France in Mexico about the financial costs of living in France and saved some money based on that, but I only got a clear picture of the cost of living in Montpellier when I received information from Montpellier Business School’s International Students Office," she said.

"In my budget, I also included all the related administrative costs, such as the Campus France fee, document translation fees, and transportation costs for flights and trains."

Find out whether you can apply for scholarships or financial aid

Scholarships are not just for top-performing students, and they are not only offered by universities and schools. There are also grants, bursaries, and special funding available. For example, the French government and the French Ministry for Europe and Foreign Affairs allocate several grants for international students, including:

• The Eiffel Excellence Scholarship in partnership with Campus France
• Need-based scholarships (based on social criteria)
• Mediterranean Youth Mobility Scholarships

To learn more about these, you can visit your local French embassy.

Universities and business schools also often award Erasmus scholarships for exchange students, merit-based scholarships, and a range of international scholarships. At Montpellier Business School, personal scholarships worth up to EUR 2,000 are available, along with extended payment options.

We also know that some costs, such as housing, can be a little expensive. The good news for international students who want to study in France is that, just like domestic students, you may be eligible for housing support from the French government, known as "APL". Montpellier Business School can also help you with this.

Check whether your school or university offers financial advice and guidance

Once you arrive at your university or school, it is worth finding out whether you can also get financial support and guidance if you need it. Before the start of each academic year, some universities and schools hold orientation events for international students to help them settle in and address any concerns they may have, including financial ones.

International students at Montpellier Business School can attend several administrative workshops organized by the International Students Office, with topics including "How to open a bank account." In addition, thanks to the school’s banking partner, international students can open a French bank account before even setting foot in France. This is another great example.

Vanessa also told us how the school’s International Students Office helped prepare her before she left Mexico. She said:

"Many students feel anxious and lost, especially because they do not speak French. The guidance provided by the International Students Office helps students through the different steps, from pre-arrival budgeting and required documents to the administrative procedures after entering the country, such as opening a bank account, finding a house, [setting up] an electricity account, and obtaining a residence permit (titre de séjour)."

"The information provided by MBS’s International Students Office about budgeting and financial support was really helpful because I did not know about it before. The information came at the right time and was very clear. It helped me a lot, especially because it eased some of the financial burden."

"Many international students see the International Students Office as the school’s main point of contact because it supports us not only before and during the academic year, but also with future steps, such as the administrative procedures we have to handle after graduation," she added.

So remember to give yourself enough time to research your options, plan your budget, and apply for any scholarships or grants for which you may be eligible!