The Truth about Study Abroad Scholarships

A study-abroad scholarship is a financial aid given by a university, government, public organisation, or international organisation to continue studying in foreign countries. Studying abroad is expensive so getting a scholarship can make things financially comfortable.

A study-abroad scholarship is a financial aid given by a university, government, public organisation, or international organisation to continue studying in foreign countries. Studying abroad is expensive so getting a scholarship can make things financially comfortable.

Types of Scholarship to Study Abroad for Indian Students

• Merit-based: Based on academic excellence and scores of qualifying exams
• Need-based: Based on family income and economic status
• Subject-based: Awarded to pursue specific studies. It may be for research or artistic achievements.
• Student-specific: Based on gender, race, religion, family, and medical history of the student.
• Destination-specific: Given by the government, universities, and several public authorities to study in a particular country. It varies from country to country.
• Sports-based: Offered to the best sportsperson. The student is required to continue the sports training and represent the university at various sports events.

Why is it difficult to get a scholarship to study abroad?

The student might face difficulties in getting the scholarships abroad because of one or more reasons mentioned below:

• You need to apply almost a year before the intake season. For most scholarships, the deadline for accepting applications ends almost a year before the course starts. 
• A limited number of scholarships are available; many students applying for one course increases competition. 
• Scholarships, such as merit-based scholarships require academic excellence and a good score in the qualifying exam. 
• Need-based and student-specific scholarships are only applicable to special cases, such as students with low economic status or belonging to a particular community.
• Some scholarships (destination-based) may require you to learn a foreign language. For example, if you want to study in China, you need to know Mandarin.

You will require an application form, letter of motivation, letter of recommendation, acceptance letter from the academic institute, and proof of academic or athletic achievement to apply for a study-abroad scholarship.

What expenses do study-abroad scholarships cover for Indian students?

The scholarships to study abroad for Indian students provide essential financial support for education. The student is not supposed to pay that money back. Various scholarships for Indian students cover various expenses based on different parameters.

If you are top in academics, an elite athlete, or have done something remarkable in research or art, then you have a chance to get a full scholarship.

• Full-Ride Scholarships cover the entire college expenses, including tuition fees, textbooks, school material, laptops, travel expenses, and sometimes even the living costs. It varies from scholarships to scholarships.
• Full-Tuition Scholarship covers the expense of the college tuition fees. It may or may not cover students’ other expenses such as travel expenses, room, and lodging costs.
• Prestigious awards such as Coca-Cola scholars, the Gates Scholar, and many more are also available. They are awarded based on merit, extracurricular activities, or any philanthropic effort. This money can be used for college fees, non-academic expenses, laptops, and textbooks. The amount varies for different scholarships.

Alternative Ways to Finance Your Studies Abroad

Getting a scholarship is difficult. Thousands of students apply, and only a few get it. Do not pin your hopes for foreign education entirely on study abroad scholarships. The alternative ways to finance your education abroad include –

• Student loans- These loans are offered by the government and private banks at lower interest rates. The banks sanction about 90% of the expenses. The applicant has to arrange for the remaining 10%. You can return the loan amount after the completion of your degree.
• Sponsorship- The sponsors usually help with the tuition fees. There are various websites, local agencies, and people who can sponsor foreign education.
• Crowdfunding- Crowdfunding is the concept of fundraising, which is used to raise money for a particular objective. The crowdfunding portals available online help students collect money or funds for their education abroad.
• Part-time or Local Jobs- While studying, students can find part-time jobs to help with the expenses.
• Exchange programs– Some colleges or universities run exchange programs with foreign universities. Under such programs, universities send their students abroad to strengthen their links and understand each other’s culture. So if you want to study abroad, you might want to enrol yourself in universities that conduct exchange programs.
• Hybrid programs – These programs allow you to start in your own country and then finish overseas. They are an extremely effective way of reducing your cost of education without compromising on the quality or job outcomes.  

The WorldGrad offers exciting smart programs which allow you to start online and complete on campus at an overseas university. Even if you choose to do one term online, it can help you save INR 20 Lakh upfront through reduced tuition fee and zero living expenses. 

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References

https://www.mastersportal.com/articles/2850/how-to-get-a-scholarship-to-study-abroad-in-2021.html

https://www.collegedekho.com/study-abroad/articles/10-foreign-scholarships-for-indian-students/

https://www.fastweb.com/college-scholarships/articles/how-much-money-in-scholarships-can-i-get

https://www.investopedia.com/articles/personal-finance/121015/how-much-can-students-realistically-get-scholarships.asp

https://www.mastersportal.com/articles/1681/5-ways-to-finance-your-studies-abroad-in-2021.html

https://www.indiaeducation.net/studyabroad/articles/5-brilliant-methods-to-fund-your-study-abroad-goal.html

https://edvoy.com/articles/5-strategies-to-fund-your-studies-abroad/