You finally decide that you are all set to go for a Masters degree. You even have influenced everyone around you that your dream school is the best one for you. But something is still missing. Maybe the preparation to crack the test! No, you have prepared enough, it can’t be that. Then could it be the research work of that particular school or country? No, not even that, you have spent a great deal of time reading and talking to people about these subjects. Wait, did you think about the funding part? Well, for most students wanting to go for higher education (especially to a country abroad), the fees or the funding part is one of the most prevalent concerns. But the good news is, depending upon the region and the school you want to head to, there are numerous funding options available to be taken an advantage of.
In this article, we discuss 5 major ways students can use to finance their higher education abroad. Let’s begin.
Fellowships or Merit-Based Scholarships
Awarded based on various factors like academics, talents, achievements, hobbies and career aspirations, this is one of the most famous and widely known ways to get your higher education funded. Organizations like large corporations, businesses, universities, and even governments raise their hands to fund the education for students. Also, different scholarships have different eligibility criteria and conditions which need to be met.
Some of the universities offering the largest number of scholarships are:
- Oxford University
- University of Bologna
- University of Bristol
- Utrecht University
- Uppsala University
Furthermore, some of the top universities granting scholarships to international students on the basis of different sports are:
- Columbia University
- Harvard University
- Yale University
- Stanford University
- Duke University
Grants or Need-Based Scholarships
Typically known as ‘gift-aid’ for the reason that students don’t have to repay them, they are money-free. In some countries, it is also known as ‘bursaries’. In contrast to other scholarships (merit-based), grants are need-based and take into account students’ financial condition along with certain other factors. The value commonly ranges from USD 500 to USD 2,500 which is made available to students with low family income and for those with disabilities.
Such scholarships are meant to benefit various minorities including gender and ethnic minorities. This is the reason that we find numerous scholarships dedicated to Asian-Americans or African-Americans. Some countries provide scholarships to students coming from some specific countries (for example, Belgium offers scholarships to students coming from African countries). There are certain organizations providing scholarships to applicants with learning disabilities, physical disabilities or some sort of health problems.
This option is nothing different than the prizes that are won at various competitions or events. It’s just that these prizes represent a particular amount of money. Student prizes do not fully fund the studies, but they do facilitate them in the form of financial aid. These can range from a few hundred to several thousand dollars. Following are the events which call for student prizes:
- Excellent performance in UG exams
- Various academic achievements
- Outstanding thesis work
- Excellent coursework and public examination results
Just like other loans, student loans need to be repaid. Students can approach the govt. or private banks to seek this kind of loan, which can either be in their home country or the country they’re planning to move to. Since most of the students don’t have a credit history to be able to get such huge amount from the banks, co-signing is pretty common for this type of loans. The government offers such loans at low rates of interest in order to encourage education. The repayment normally starts within 6 months after the student is done with his or her graduation and this period is called a ‘grace period’. Also, the repayment tenure ranges from 5 to 15 years.
Many students get confused when it comes to choosing the right mode of funding for higher education. If you are one of them, connect with one of the Leverage experts today and get answers to all your questions under one roof.