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Financing your study Abroad: Scholarship, Grants, and Loans

Financing your study Abroad: Scholarship, Grants, and Loans

Ashutosh Mishra Author

Founder @ EduAbroad

A Chemical engineer with a sharp managerial flair; Ashutosh Mishra holds a business management degree from the top School of India; Indian Institute of Management; Ahmadabad, He has more than a decade of experience in teaching and has taught more than 10000 students so far. Interacting with young minds and nurturing them is his passion which is why he has been instrumental in procuring and shaping the solid talent team at and continually differentiating the company from its competitors by benchmarking educational services with impeccable quality.

Thu Apr 27 2023

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Financing your study Abroad: Scholarship, Grants, and Loans

The prospect of studying abroad can be both incredibly thrilling and extremely unsettling. For many, the prospect of moving to a new country, adjusting to a new culture, and perhaps even learning a new language is overwhelming. However, the biggest worry may actually be how to pay the bills. Many students have developed innovative and creative ways to pay for their studies abroad, some of which are more useful than others. Nevertheless, there are many choices available.

How to Finance Your Study Abroad Program

  1. Scholarships
  2. Loans
  3. Grants
  4. Sponsorships

1. Scholarships

Scholarships can be a great way to get money for tuition and living costs while studying abroad. There are a variety of opportunities available to those with strong academic credentials who come from low-income backgrounds or work in specialized fields, depending on the university, the country, and the course. The vast majority of scholarships are for postgraduate programmes rather than undergraduate ones if you're considering studying in the UK. However, there is an abundance of funding for both undergraduate and graduate programmes in nations like the US and Germany.

Let's look at what they are and how you can use them to your advantage.

  • Merit-based scholarships (fellowships)

The merit-based scholarships are given out based on a variety of factors, including academic performance, accomplishments, interests and talents, membership in extracurricular organizations, and career goals. The federal and state governments, major corporations, small businesses, professional associations, or universities may all offer these scholarships. Each scholarship has specific requirements that must be met in order to qualify.

Scholarships offered by universities

Universities typically base their scholarship decisions on two factors: academic excellence and age restrictions (for example, under 35 years of age). You'll learn that there are unique scholarship offers available for each level of study as well.

Housing expenses and health insurance may be covered by the scholarship at some international universities.

Scholarships offered by the government

Scholarship recipients typically do not pay tuition. These scholarships typically have durations of three, six, or nine months.

These are some of the prerequisites for applying for this kind of scholarship:

  • the degree of education required by the institution of choice

  • having a specific language skill (the language of instruction used in the programme that you applied for)

  • Specific scholarships

The majority of targeted scholarships are awarded to students who belong to a particular racial or familial group. Racial or ethnic minorities are intended to benefit from these grants. As a result, there are many scholarships available that are specifically geared towards African Americans, Asian Americans, or Hispanics. In some nations (such as Belgium, France, the United States, etc.), the local government offers scholarships to students who are citizens of particular nations. For instance, Belgium provides special scholarships to applicants from South America, Asia, and Africa.

Additionally, these programmes are designed to assist minority students in pursuing a degree in a field where they have historically been underrepresented. Students with physical disabilities, learning disabilities, and incapacitating medical conditions may be eligible for scholarships from certain organizations.

2. Student loans

Any student loans you obtain to fund your international studies must be repaid. With a few exceptions, they operate much like any other loan would. In the nation where you want to pursue your studies, you can obtain a student loan from the government or a private bank; it can be a bank from your home country or a foreign bank. Since most teenagers lack the credit history necessary to qualify for a loan of this size, co-signing (along with parents or a legal tutor) is very common for private student loans. However, because the interest rates are typically lower, student loans that you can obtain from the government tend to be more advantageous.

Some loans are based on your capacity to repay them, while others—like all loans—are based on your credit score.

Types of student loans

Although it would be impossible to discuss or list all of the student loans that are available, you can use the ones listed below as examples to get an idea of what is available. You can find the Erasmus+ Masters Loans Scheme in Europe, which offers EU support for bank loans up to 18,000 EUR for a two-year programme or 12,000 EUR for a one-year Master's degree. You can apply for federal loans in the US that have flexible repayment terms, benefits, options, and low interest rates. These loans are supported by the federal government.

Loan repayment for students

Following the grace period of six months following degree completion, repayment typically begins. It is expected that you repay the loan within 5 to 10 years, depending on its size; however, in some European nations, you have the option of repaying it in 15 years. When you finish your studies and reach the "repayment threshold," which is a predetermined level of income, you only have to start paying back student loans that were taken out to pay for tuition. For instance, in the UK, you are permitted to borrow 8,200 GBP, but you must pay it back once you graduate and begin earning more than 21,000 GBP annually.

3.** Grants ( Need-based scholarships)**

Because grants are free financial aid that doesn't require repayment, they are frequently referred to as "gift aid." Grants (also known as bursaries in some countries) are frequently need-based in contrast to scholarships, which are typically merit-based. Grants and bursaries are typically awarded based on financial need, but they may also take other factors into account (e.g. physical or mental disabilities). This type of financial assistance is gratuitous and typically ranges in value from $500 to $2,500 USD.

4. Sponsorships

It is occasionally possible to have your tuition fees sponsored by a company, firm, or institution, depending on your degree or area of specialisation. These sponsorships can take one of three shapes:

  1. **Corporate sponsorship- **is when a business that you are affiliated with pays your tuition. Perhaps you already work for the company and want to continue doing so during your studies or after you graduate. You would need to contact the company to find out if it would be feasible because it depends heavily on them.
  2. **Sponsored degree- **is a little different because you don't need to be connected to the sponsoring organization. Typically, businesses use this kind of sponsorship to find top talent for their workforce. Typically, the company will pay your university tuition in exchange for your agreement to work for them for a specified amount of time after graduation.
  3. **Company scholarships -**are provided by businesses as a fee subsidy in exchange for you earning a specific degree. These scholarships typically come with mentoring and additional work experience.

5. Part-time jobs

You can always look into part-time jobs if you're looking for a way to supplement your income. Most universities permit international students to work full-time during the summer break and part-time for up to 20 hours per week during the semester. This enables you to work while maintaining your ability to concentrate on your studies while making enough money to pay your tuition and living expenses. You can look for part-time employment at the university or in the neighborhood's eateries, shops, and other businesses.

Conclusion

There you have it, then! You can see that there are numerous ways to fulfil your desire to study abroad. There are many ways to pay for your international studies, from grants to sponsorships to student loans. Make sure to thoroughly investigate all your options and seize any chances that present themselves. Good fortune!

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