Funding Your Future: A Guide to Economics Scholarships in Luxembourg

Are you interested in studying economics in a major European financial hub? Luxembourg offers world-class education, but funding your studies can be a challenge. This guide provides detailed insights into the scholarships and financial aid opportunities available for aspiring economics students, helping you navigate the path to achieving your academic goals.

Why Study Economics in Luxembourg?

Before diving into the scholarships, it’s worth understanding why Luxembourg is an exceptional choice for an economics degree. As one of the world’s leading financial centers and a founding member of the European Union, the country provides a unique and dynamic environment for students.

  • Global Financial Hub: Luxembourg is home to a vast number of international banks, investment funds, and financial institutions. This creates an ecosystem rich with opportunities for internships, networking, and future employment right at your doorstep.
  • International Environment: With a large expatriate population and three official languages (French, German, and Luxembourgish), the country is incredibly diverse. English is widely spoken, especially in business and academia, making it welcoming for international students.
  • High-Quality Education: The University of Luxembourg, the nation’s primary public university, is modern, internationally focused, and highly ranked for its global outlook. Its Faculty of Law, Economics and Finance (FDEF) offers top-tier programs with a strong emphasis on research.
  • Strategic Location: Situated in the heart of Europe, Luxembourg provides easy access to major cities like Brussels, Paris, and Frankfurt, expanding your cultural and professional horizons.

Key Scholarship Opportunities for Economics Students

Finding financial aid requires knowing where to look. In Luxembourg, funding primarily comes from two sources: university-specific scholarships and government financial aid.

1. University of Luxembourg Scholarships

The University of Luxembourg is the main institution for economics students and offers scholarships specifically designed to attract talented international candidates. The most prominent of these is managed by the Faculty of Law, Economics and Finance.

Guillaume Dupaix International Master’s Scholarship

This is the flagship scholarship for high-achieving international students wishing to pursue a Master’s degree at the University of Luxembourg.

  • Who is eligible? The scholarship is open to both EU and non-EU students who have been admitted to a Master’s program at the university. Selection is highly competitive and based entirely on academic merit. Candidates cannot be beneficiaries of Luxembourg’s state financial aid (AideFi).
  • What does it cover? The scholarship provides a stipend of 10,000 euros per academic year for up to two years. This is intended to help students cover their living expenses and study costs. It is not a full tuition waiver, but it significantly reduces the financial burden.
  • How to apply? Students do not apply for this scholarship separately. All eligible Master’s applicants are automatically considered based on their application file. The university’s selection committee reviews the applications and awards the scholarships to the most outstanding candidates. This means your primary focus should be on submitting the strongest possible application for your chosen Master’s in Economics program.

Other University Support

While the Guillaume Dupaix scholarship is the main award, students should also look for potential mobility grants (for study abroad semesters) and other smaller, program-specific grants that may become available. Always check the official website for the Faculty of Law, Economics and Finance for the most current information.

2. State Financial Aid (AideFi)

The Luxembourg government provides significant financial support for higher education students through a system called AideFi. This aid is managed by the Centre for Documentation and Information on Higher Education (CEDIES).

AideFi is a combination of grants and loans available to students enrolled in higher education. Eligibility is complex and depends heavily on your residency and employment status.

Eligibility for EU/EEA/Swiss Students: You may be eligible for AideFi if you meet one of the following conditions:

  • You are a frontier worker employed in Luxembourg.
  • You are the child of a frontier worker employed in Luxembourg.
  • You have been legally residing in Luxembourg for at least five consecutive years.
  • You are a permanent resident.

Eligibility for Non-EU Students (Third-Country Nationals): Eligibility for non-EU students is more restrictive. You generally need to meet one of these criteria:

  • You have held official refugee status in Luxembourg.
  • You have been legally residing in Luxembourg with your family for at least five consecutive years and your parent has been working in Luxembourg during that time.

It is crucial to understand that simply being admitted to the University of Luxembourg as an international student from outside the EU does not automatically make you eligible for AideFi. You must meet the specific residency or employment-related criteria.

How to Prepare a Strong Scholarship Application

Securing a scholarship is competitive. A well-prepared application is essential to stand out from other talented candidates.

  • Achieve Academic Excellence: The primary criterion for most scholarships, especially merit-based ones like the Guillaume Dupaix award, is your academic record. Strong grades, particularly in economics, mathematics, and related subjects, are fundamental.
  • Write a Compelling Motivation Letter: Your statement of purpose or motivation letter is your chance to tell your story. Explain why you want to study economics, why you have chosen Luxembourg and the specific university program, and what your future career goals are. Tailor it to show how your ambitions align with the program’s strengths.
  • Secure Strong Letters of Recommendation: Ask professors or employers who know you well and can speak to your academic abilities, work ethic, and potential. Give them plenty of notice and provide them with your CV and motivation letter so they can write a relevant and detailed recommendation.
  • Highlight Relevant Experience: Include any internships, volunteer work, or research projects related to economics or finance. This demonstrates your passion and commitment to the field beyond just your coursework.
  • Meet All Deadlines: Application deadlines are strict and non-negotiable. Start your research and preparation well in advance to ensure you have all the required documents, such as transcripts and language proficiency test scores (IELTS or TOEFL), ready on time.

Frequently Asked Questions

What is the cost of living for a student in Luxembourg? Luxembourg has a high standard of living, and costs reflect that. The University of Luxembourg estimates that students should budget approximately 1,200 to 1,500 euros per month to cover accommodation, food, transport, and other personal expenses.

Can I work part-time while studying? Yes, students can work part-time. EU/EEA students can work up to 16 hours per week during the semester and full-time during holidays without a special permit. Non-EU students can also work up to 16 hours per week but must inform the Immigration Directorate of the Ministry of Foreign and European Affairs.

Are there scholarships specifically for Bachelor’s degrees in Economics? Most high-value, merit-based scholarships like the Guillaume Dupaix are targeted at the Master’s level to attract top talent for advanced studies. Bachelor’s students are more likely to rely on government aid like AideFi (if eligible) or scholarships from their home country. Always check the university’s undergraduate admissions page for any available opportunities.