As you gear up for travelling overseas for your higher education, one thing must have had crossed your mind at some point or the other
-financing. Yes, as lucrative as a degree from a top college overseas is, the fact that educational expenses, comparatively, are higher overseas, specially in the US and UK. For international students, this may seem like a deal breaker, for different students have different financial backgrounds. But the good thing is that there are numerous ways to fund your education without it letting be a financial burden.
We look at some of the most popular methods to lessen the financial load off of the shoulders of the students and help them pursue their education with peace of mind.
I) Merit Based Scholarships
If you are a bright student with a consistently good performance to boast of, this is right up your alley. Almost every major college, be it MIT or Cornell, provides merit based scholarships to deserving students, that can range anywhere to paying off part of your tuition fees, or waiver of all of your educational expenses! Although merit based scholarships (or fellowships, as referred to by many colleges around the world) are extremely competitive in nature, it is not impossible to get in through it. And the good thing is that almost every college provides some kind of merit based scholarship. Many will be given to you on the basis of the entrance test scores of the particular college, but many will also have their own internal tests to screen students. Some programs may also provide you with You should regularly keep checking the website of the college for any updates, or contact their admissions department, for the same.
II) Need Based Scholarships
If the fees of the college hosting you is not easy for you to bear, you can apply for a Need Based Scholarship. These scholarships are very selective, and sometimes require you to provide documents such as your family income proof. Many major universities provide need based scholarships to deserving students who may not be able to bear the expenses to study overseas. These may not cover the entire expense of your stay or curriculum, but they can lessen the financial burden off of you considerably. Information about these, if your host university does provide need based scholarships, are also present on their website. So be sure to check them out.
III) Third party scholarships/grants
Many organisations and private companies also provide financial assistance for your education overseas. Major tech giants like Google and Dell have also been known to provide assistance to deserving students. These scholarships/grants can be provided as a one time lump-sum amount, or can be distributed across the tenure of your course.
IV) Loans from Bank
With more and more availing for educational loans from bank, banks now provide a hassle-free processing of such loans at much lesser interest rates, easy repayment options and long payback tenures. Banks like State Bank of India, Axis Bank etc. have a dedicated loan section just to cater to international university applications. Be sure to check out their websites regularly, as they they often run lucrative schemes and programs for students too!