Financing education abroad can put international students in flux. However, the right information might save them from a lot of unnecessary hassle.
Are you considering pursuing a university degree but feeling hesitant about it? If you are a high school pupil preparing for college applications or already a working professional, investing in your education can have a significant impact on your career and personal growth. By earning a degree, you can expand your skill set, learn from industry experts, build a professional network, and open doors to exciting job opportunities. Additionally, the rising cost of tuition can be a significant barrier, but the benefits of investing in your education always outweigh the costs.
Do you comprehend the value of 15.6 billion euros? This is approximately the amount of money given out each year in scholarships for students from abroad. And only in Europe, at best.
The question is, which scholarship is the best? Scholarships can vary significantly, as you will soon learn. Following your decision to pursue an international education, you should research all of your financing alternatives and prefer the one that best suits your requirements and objectives. Interestingly, Canada is a top-rated country for educational purposes. This is why Post-Graduation Work Permits are so prominent for Canadian international students. Moving to Canada for Canadian studies might just be what you would ever want.
We suggest the following colleges for study abroad:
- York University, Canada
- Wageningen University and Research, the Netherlands
- University of California, Riverside, the US
- (IU) International University of Applied Sciences in (Germany)
You can apply for varied forms of financial assistance, while scholarships are the most popular and well-known. Let’s look more closely at what they mean and the process to use them to your advantage.
1. Financing Education Abroad through merit-based scholarships or fellowships
The merit-based scholarships are distributed in accordance with a variety of factors. These include academic performances, accomplishments, interests and abilities, membership in extracurricular organizations, and career goals. Also, the federal and state governments, major enterprises, small businesses, professional associations, or colleges may all provide these scholarships.
Each scholarship has unique requirements that must be satisfied in order to be eligible.
Academic quality and a low age requirement (for example, under 35 years of age) are typically the standards by which institutions award scholarships. You’ll learn that there are unique scholarship options available for each level of study as well.
For instance, in Switzerland, there can be more scholarships available for PhDs than for Bachelor’s or Master’s degrees.
Housing expenses and health insurance may be paid by scholarships at some overseas universities. Also, scholarships in Sweden may be used to pay for tuition, living expenses, some travel awards, and insurance, depending on the organization providing them and their type.
Some scholarship recipients in France receive a monthly stipend. Additionally, the scholarship also covers other costs like a return flight, health insurance, and cultural activities. However, because tuition fees are already so low, it does not cover those costs.
Here are some instances of European colleges that offer the most scholarships:
- University of Oxford, the UK.
- Utrecht University, the Netherlands
- Uppsala University, Sweden
- University of Bristol, the UK
- University of Bologna, Italy
Grants given out by the government
Scholarship recipients typically do not pay tuition. These scholarships often have durations of three, six, or nine months.
These are some of the prerequisites for applying for this kind of scholarship:
- Knowledge of a certain language (the chief language of instruction used in the program you apply for) is a prerequisite educational requirement by the institution you have selected.
- Students frequently need to be under a particular age restriction.
Some government scholarships in the UK provide funding for the following:
- Monthly living allowance for tuition
- Return economy class travel to and from the UK, as well as any additional grants and allowances needed to pay necessary costs
- Learn more about well-known British scholarships that foreign students can apply for.
You may possess scholarship eligibility, which your institution or university might frequently provide you with. This applies to you if all you want to do is play sports and be a part of the team. The vital news is that you don’t require exceptional skill at the sport you play. These sports scholarships are occasionally offered by neighborhood associations or other organizations. Also, they typically include requirements like community service.
Check out these American colleges and universities, which provide various scholarships to students from abroad:
- Columbia University
- Harvard University
- Yale University
- Standford University
- Duke University
2. Particular scholarships
The majority of targeted scholarships are awarded to students who belong to a certain racial or familial group. These grants aim to aid racial or ethnic minorities. Consequently, there are several scholarships available that are expressly geared toward African Americans, Asian Americans, or Hispanics. In various 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 specific scholarships to applicants from South America, Asia, and Africa.
Additionally, these explicit programs exist to support minority students in pursuing a degree in a field where they experienced marginalization.
Students with physical disabilities, learning problems, and incapacitating medical illnesses may be eligible for scholarships from certain groups.
3. Scholarships based on requirements for financing education abroad
Because they are free of charge, grants are frequently referred to as “gift aid”. In short, they are a form of financial aid that doesn’t need repayment. Grants (also known as bursaries in some countries) frequently rely on needs in contrast to scholarships, which typically adhere to merit. Grants and bursaries are typically awarded based on financial need, although they may also take other considerations into account. These could be physical or mental impairments.
This type of financial assistance is gratuitous and often ranges in value from $500 to $2,500 USD.
The US Department of Education provides several federal grants to students enrolled in four-year institutions, community colleges, and career training programs.
Different kinds of merit-based incentives are given out in Germany. The amount and duration are determined by each institution giving out the merit scholarship. For instance, the University of Hamburg gives merit grants worth between 720 and 1,000 euros each month for two semesters (a total of twelve months). To gain this scholarship’s eligibility, you must be ineligible for the government student loan program. Research more about German scholarship options and do check out the Study portals Scholarship as well if you need assistance paying for your studies abroad.
4. Financing education abroad – what about Student Loans?
You must repay any student loans you take out to pay for your international studies. With a few exceptions, they operate much like any other loan would. In the nation where you want to further your education, you can obtain a student loan through the government or a private bank; it can be a bank from your country of origin or a foreign bank.
Since most teenagers lack the credit history necessary to become eligible for a loan of this amount, co-signing (with parents or a legal tutor) is typical 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.
While some loans depend upon your ability to pay them back, others rely on your credit score, exactly like any other loan.
Student Loans and their types
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 understanding of what is available.
You may discover the Erasmus+ Masters Loans Scheme in Europe, which offers EU funding for bank loans up to 18,000 EUR for a two-year program or 12,000 EUR for a one-year Master’s degree. You can apply for federal loans in the US that include flexible repayment terms, benefits, options, and low-interest rates. The federal government funds these loans.
Student Loan- what about its repayment?
Ordinarily, the grace period—also known as the repayment period—begins six months after the degree is awarded. The size of the loan will determine how long you have to pay it back, but generally you have five to ten years to do so, with the option of fifteen years in some European nations.
If you have a student loan due for your tuition fee, you won’t have to start paying it back until you graduate and reach the “repayment threshold” or when you have adequate money to cover the education cost. When you earn more than 21,000 GBP a year after graduation, for instance, in the UK, you must pay back the 8,200 GBP you borrowed.
5. Financing education abroad – what about student prizes?
Student awards are precisely what you’d expect them to be: the award is a sum of money that, while it won’t officially help you pay for your studies, can be viewed as financial assistance. One-time awards, student prizes can cost anywhere from a few hundred to several thousand euros.
The following student awards are possible:
- In the case of academic excellence and accomplishments.
- To acknowledge and reward undergraduate exam performances.
- Awards on the basis of the coursework and public test outcomes.
- For an outstanding exam in a variety of subjects.
- Honoring exceptional work that has been submitted for a dissertation, test, or thesis, as well as for overall performance.
If you are about to graduate, you might even win a prize and obtain a scholarship for the next year or the title of scholar.