Funding

The public universities of Cyprus (University of Cyprus, Cyprus University of Technology, Open University of Cyprus) are mainly funded by the government in the form of government grant and tuition fees for undergraduate studies.
Private universities and private institutions of higher education are mainly funded by private sources. They raise their funds from tuition fees as well.

Financial autonomy and control

As already mentioned, public universities are governed by the University Council, which oversees financial management, property control, and budget preparation.
Once drafted, according to the strategic goals of the government and the university’s strategic goals, budgets are submitted to the Council of Ministers and the House of Representatives through the Ministry of Education, Sport and Youth, after the approval of the Ministry of Finance. To ensure fiscal transparency, all public funding is subject to rigorous external audits, and the university provides an annual report to the ministry at the close of each academic year.

Fees within Public Higher Education

The government subsidizes the tuition fees for Cypriot and EU undergraduate students (€3,417 per student per year). International undergraduate students from non-EU countries are responsible for covering their fees which are ranging between €3,417 and €6,834 per academic year.
Postgraduate students, both Cypriot and international, pay fees that range between €5,125 and €19,500 for Master’s programmes.
Fees for Ph.D. programmes range from €4,000 to €9,000, depending on the total duration of study. The fees for the postgraduate programmes of the Mediterranean Institute of Management (MIM) are set at €3,900.

Financial support for learners

Student grants and allowances
The Grants and Allowances Service of the Ministry of Finance is the authority responsible for administering state student welfare according to the State Student Welfare Law of 2015.
A 'student grant' can be awarded to students to support their studies in Cyprus or abroad, provided that the student is enrolled in a programme of study with a minimum duration of one academic year of full-time study.
The 'student allowance' is a targeted need-based grant to students based on their socioeconomic status, for obtaining only one undergraduate degree leading to the award of a Bachelor’s degree, or for the acquisition of only one undergraduate-level qualification awarded by a public higher education institution of Cyprus.
More information on state student welfare, as well as detailed criteria for its granting, can be found on the website of the Grants and Allowances Service of the Ministry of Finance.

Scholarships

Scholarships are awarded to both undergraduate and postgraduate students by the Cyprus State Scholarship Foundation (Idryma Kratikon Ypotrofion Kyprou – Ι.Κ.Υ.Κ.) based on students' academic performance and criteria related to their socioeconomic status and health.
Scholarships are also available to Greek students in Cyprus. By decision of the Council of Ministers, the government of Cyprus grants scholarships to Greek nationals accepted to public universities in Cyprus, based on their results in the Pan-Hellenic Entrance Examinations.
More information on state scholarships can be found on the website of the Cyprus State Scholarship Foundation 

Student Identification Card and Youth Card

The Youth Board of Cyprus is the responsible organisation for the issue of the Student Identification Card and the European Youth Card for Cypriots (who study either in Cyprus or abroad) and foreign students who are enrolled in accredited fields of study.
Students who wish to issue a Student Identification Card/European Youth Card can either contact the Youth Board of Cyprus or download the ‘European Youth Card Cyprus’ application to their mobile phone, since the card is now in digital format.
Studying in a quality assured/accredited higher education institution is the main criterion for the right to hold a Student ID/Youth Card.
The Student Youth Card offers benefits exclusively to higher education students and, at the same time, is linked to the European Youth Card Association (EYCA) offering low prices on products and services in Cyprus and in other European countries who are members of EYCA.

Institutional Financial Support for Students

Private universities as well as private institutions of higher education provide their own scholarships and financial support schemes to assist students. These may include tuition fee waivers, merit-based scholarships, and financial aid granted on socio-economic criteria.
Detailed information on these types of financial support can be provided by the Admissions Departments of the institutions.
The websites and contact information of all the higher education institutions operating in Cyprus can be found on the website of the Department of Higher Education of the Ministry of Education, Sport and Youth.