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Financial Assistance

Thousands of students every year aspire to pursue higher education abroad. But, the number of students reduces to half during the process solely because of the humongous tuition fee that needs to be paid. Paying the tuition fee can be a challenge for some of us, but, there are several ways to circumvent this challenge. Financial aids like fellowships, scholarships, grants, bursaries, financial awards, and educational loan can reduce the pressure of paying the fee.

So let us learn about these various financial assistances and how they can benefit you.

Scholarships:

In this competitive world of education, the national and global ranking has become utmost priority of the institutes worldwide. The Universities strives to attain and sustain a global rank. In this process many Universities in the host nations like United States, Australia, Canada and United Kingdom seek to convince the deserving students worldwide, especially from Asian countries, as much as a student would seek for a renowned institution. And, as a part of it, they are ready to offer several scholarships and wavier programs for deserving candidates, based on their needs and qualification.

So, the statement is that scholarships are a rightful opportunity for every deserving student, based on their qualification, irrespective of any myths that litters around on the Internet. Here is a detailed view of types of scholarships and their eligibility criteria.

Merit-Based Scholarships:

Also known as fellowships, the merit-based scholarships are granted to candidates who excel in academic, artistic and athletic or extra-curricular talents. These scholarships are based on number of criteria like the candidate’s academic qualification, talents, hobbies, affiliations and also aspirations.

The merit-based scholarships are usually offered by the federal or state government, business bodies, large corporations, professional organizations and also by the University themselves. Each type of these merit-based scholarships has their own eligibility criteria.

Need-Based Scholarships:

Unlike the merit-based scholarships, the need-based ones are granted to students from a monetarily less fortunate background. Although the academic profile of the student is considered as criteria, the major criterion depends on the student’s financial background. Need- based scholarships are financial supports that are offered as grants, which mean there is no payback. Grants or bursaries are financial supports, offered to the national and international students based on their financial circumstances. These can be mostly a part of the tuition fee or even the entire fee including the living cost, and book fee.

In United States, several public and private organizations offer financial support to national, international, immigrant and refugee candidates based on their needs.

Specific Scholarships:

As the name suggests, these types of scholarships are granted to specific and highly deserving candidates. The specific scholarship can be of three types.

Student-specific scholarships: These scholarships are granted to international students from specific characteristics that include race, gender, religion or medical issues. For example, The Arab American Women’s Business Council (AAWBC) provides scholarship for Arab America women attending school in the state of Michigan.

Career-specific scholarship: Otto Bayer Scholarship supports students aspiring to study in Biology, Molecular biology, Bioengineering, Bioinformatics, Chemistry, Biochemistry, Pharmaceuticals and Computational life sciences, in Germany. These scholarship programs encourage aspirants who aim to pursue their career in the life science field. In several countries, certain area of study are encouraged by the government and private organizations, as there is demand for the specific skill and to address the supply shortage.

College-specific scholarship: Most Universities invest on developing their core competencies. As a part of it, the institute encourages international students with scholarships and grants, usually the deserving candidate is generously granted with the full tuition fee, also including the living cost. However, these prestigious awards are granted to the deserving candidates, who outshine in the specific field of study and also have a record of personal achievements and extra-curricular activities.

Educational Loans

Scholarships make education affordable. But, if you are able secure a partial or no scholarship that is not the end. Several government and private banks both in your home country and abroad are more than ready to support the aspiring candidates financially. They offer educational loans for students who would like to study both in India and abroad. The lenders/ banks have specific criteria to be eligible for educational loans; it commonly includes academic records and financial background of the student. The educational loans mostly cover all or any of the following expenses.

  • Tuition fees
  • Examination, library, laboratory and hostel charges
  • Books, equipment, instruments and uniform fee
  • Travel expenses for study abroad
  • Caution money, refundable deposit, etc.
  • Study tours, exchange programs and project work

The students have to repay the loan usually within 6 to 12 months after completion of the course. And, depending on the loan amount, the student should repay the amount within 5 to 10 years, but in certain European countries, the student can repay the loan in 15 years.

Awards and Prizes:

The awards and prizes are provided as a certain amount of money that can support your financial needs during the course of study, but, will not sufficiently support the entire study cost. These prizes are provided to the candidates, who excel in their performance in the following areas,

  • Academic achievements
  • Undergraduate examinations
  • For coursework results or public examinations
  • For best paper presentations
  • For work submitted for a dissertation, examination or thesis,
  • Overall performance

For the deserving students who are in need of scholarship, here are some tips for applying.

Seek professional help – Education counsellors can help you with the process of applying for a scholarship and assist you in analyzing the best possible options.

Research is the key word – The online world has all possible information about the scholarship schemes available even at the poles, so use the opportunity.

Start early - The earlier you start applying for the scholarship, the more the opportunities to receive a better fund.

Contact them directly – The best way to know all the details about the scheme is to either make a call or drafts a mail. Wait for no intermediaries to fetch you the information.

Recreate your resume – Work on being awarded with a scholarship. And, as a step towards it, tweak your resume. Seek professional help if needed.

Apply – Never hesitate to apply to a suitable scholarship scheme out of doubt or any misconception. You may regret it. So apply to many yet suitable scholarship schemes. Take your time to create the most suited application for each scheme.

Keep up with your Grades – Finally, keep your grades to the mark to easily obtain a scholarship.