Studying abroad is an enticing choice for students across the country, offering access to renowned institutions, excellent education, and a high standard of living. However, along with the prestige of international education comes the critical concern of financial expenses. While pursuing education overseas can be financially daunting, there are several scholarships and financial aids available to international students, which can ease the transition. This article will explore some of these options.
Understanding Scholarships
A scholarship is financial assistance awarded to a student for their further education. These are typically awarded based on specific criteria and do not need to be repaid. Some of the most common types of scholarships include:
Merit-Based ScholarshipsThese scholarships are based on a student’s academic or extracurricular achievements. Your university may have scholarships based on TOEFL scores, academic record, artistic ability, musical ability, or athletic ability. Usually, merit-based scholarships tend to be very competitive, and you will have to demonstrate exemplary performance to be considered for one.
Need-Based ScholarshipsAlso known as bursaries, these scholarships are based on the financial condition of the student. Here, the income of either the student or their family is assessed, and if they demonstrate a financial need at a level pre-determined by the institution, they are eligible for these scholarships. While demonstrating a low income is a mandatory condition, these scholarships often employ a second selection factor, which is typically merit-based.
Scholarships for all International StudentsRecognizing the increasing value of international educational exchange, many institutions have introduced scholarships specifically for international students. These scholarships help create a diverse and inclusive campus, enriched with several intertwined cultures and traditions. The criteria for this scholarship typically include being an international student, demonstrating language proficiency in the relevant language of the host country, and producing letters of recommendations from previous teachers, mentors, or professionals.
Scholarships for Underrepresented Groups
These scholarships are aimed at ensuring education for socially disadvantaged or historically marginalised groups, including ethnic and racial minorities, women (especially in fields where they are severely underrepresented, like STEM), the LGBTQ+ community, etc. Common criteria for eligibility include proof of belonging to a particular community or gender, financial need, and personal essays.
Scholarships with a Special Focus
These scholarships are targeted at students who adhere to a certain, specific focus. These vary from institution to institution, and you will have to check in with your desired university to know which one they offer. These scholarship are usually of three types
(a) Location-Specific: Designed for students from a specific, predetermined region.
(b) Subject-Specific: Tailored for students pursuing a specific field of study.
(c) Programme-Specific: Associated with narrowed academic courses within institutions.
Understanding Financial Aid
Financial aid is an umbrella term that encompasses, but is not restricted to, scholarships. It usually includes various types of funding that may need to be repaid. Some types of financial aid include:
Grants Like need-based scholarships, grants are financial assistance that need not be repaid. They can be based on either financial requirement or exemplary performance. Grants are primarily arranged and funded by federal and state governments, and institutions. However, international students are only eligible for the latter, as federal and state grants remain reserved for citizens of the country. Moreover, grants can also come from educational institutions and private organisations. For instance, organisations like the Fulbright Program offer grants for international students pursuing graduate studies in the U.S. They are usually credited directly to the student’s tuition account, and can sometimes even include living expenses.
Loans Education loans are intended to cover the cost of tuition, books and supplies, and living expenses while the borrower is in the process of pursuing a degree. Loans are borrowed funds and require repayment with interest. The rates of interest vary significantly between private and federal loans, However, international students are typically only eligible for private loans, often requiring a U.S. co-signer. Loans are credited directly to the institution to cover tuition, and any remaining amount is disbursed to the student for other expenses. Repayment begins after the student graduates, leaves school, or drops below half-time enrollment.
Work-Study Programs These are schemes that offer students part time job opportunities in order to tackle educational expenses. While federal work-study programs remain closed for international students, there are various institutional work-study programs. Many international students on F-1 or J-1 visas can work on-campus part-time during the academic year, and full-time during breaks. This can be a significant source of income to help cover expenses.
In conclusion, while navigating the finances of international education may be challenging, a thorough understanding of scholarship and financial aid programs can help ease the process drastically. It is of utmost importance for students to explore and reach out to their desired universities to identify the funding options best suited to their personal circumstances. With the right resources, information, and guidance, students can secure exceptional educational opportunities, which plays a pivotal role in ensuring a bright future.
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Frequently Asked Questions
How are scholarships classified on the basis of coverage?
On the basis of coverage, scholarships are of two kinds, fully-funded and partially-funded. The former type covers all educational expenses, including tuition fees, accommodation costs, health insurance, and more. The Fulbright program and Rhodes Scholarships are examples of fully-funded scholarships. Partially-funded scholarships, on the other hand, cover a portion of the expenses. They usually include a set amount for tuition fees, and a stipend for living expenses.
When do I apply for scholarships?
Study abroad scholarships usually depend on the start of the academic year in the relevant country. For instance, for fall admissions, scholarship applications are open till the late summer months, while winter admissions have scholarships available until late fall. However, it is important to assess the time frame of your desired country, and it's always beneficial to apply early and get a head start.
Can I apply for more than one scholarship?
Yes, you may apply for multiple international scholarships. In fact, this is a highly encouraged practice to increase the chances of securing financial aid.
How can international students find scholarship and financial aid opportunities?
Several avenues can help international students discover scholarship and financial aid opportunities. These include the university websites, scholarship databases such as scholarships.com and fastweb, government resources, and social media forums. These provide comprehensive overviews of the exact kinds of scholarships available, and often include the procedure to apply for them.
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