Pursuing studies abroad is indeed a thrilling experience. Exposure to world-class education and networking with students from worldwide are worth an experience. To take a step forward on this journey, many students consider taking education loans to fund their higher education abroad. However, this is not the only type of financial assistance available.
There are many other ways to secure funds including merit scholarships, grants, campus employment and much more. Continue reading to explore the various types of financial assistance available to international students and take off to pursue their global dreams.
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Types of Financial Assistance
Financial assistance truly aids aspiring and deserving with the funds to cover their tuition fees, living expenses, and other related expenses. The assistance also provides them with peace of mind and not worry about monthly expenses. These minimise the financial burden and help students focus on their academics. Here are some of the types of financial assistance students can opt for:
Scholarships
Applying for international scholarships is a great way to fund your education. The government and private universities both provide various types of scholarships to students. Some of the types of scholarships are fully funded while some are partially funded. This is how to prepare for international scholarships to study abroad. Make sure to check the eligibility criteria for the type of scholarships you are applying to-
- Merit-based scholarships are given to students with exceptional academic backgrounds.
- Need-based scholarships are for students with low-income backgrounds. Their minimum family income determines whether they are eligible for a scholarship or not.
- The other kind of scholarships are for the wards of the military and soldiers by giving them military-based scholarships.
- Identity-based scholarships are for people from a certain background, minority or community. For example- a wide range of LGBTQ+ scholarships are offered to not only provide them with financial assistance but also celebrate and support their aspirations.
- Activity-based scholarships are awarded to students who excel in extra-curricular activities like filmmaking, theatre, dance, creative arts and others.
- Many universities welcome students with extraordinary sports performance by offering Athletic-based scholarships.
Also Read: Know all about Non-Government Scholarships in Canada
Check out these Scholarship options for students-
Education Loans
Education loans are another great way to receive financial aid. Many private and public sector banks’ education loans help students pay off their tuition fees, accommodation expenses, travel expenses, expenses related to insurance, and much more. The applicants must research the lenders, check their eligibility, gather the necessary documents, and fill out the application form.
- ICICI Bank education loans provide up to INR 2 crore to study abroad and up to INR crore of collateral-free loans to study in premier institutes.
- SBI Bank offers education loans up to INR 1.5 crore under schemes like SBI Global Ed-vantage education loan to study abroad.
Also Read: Comparing education loan interest rates is one of the best practices before applying for a loan with any lender. Compare the education loan interest rates of leading banks and NBFCs to find the best-suited lender.
Campus Employment
Campus employment is another type of financial assistance that international students can avail of. Students can apply for on-campus and off-campus part-time opportunities in Australia, employment opportunities in Canada, and other countries that they wish to study in. Students can work for a certain number of hours in a week (as per the country’s policies on working hours) and get the most rewarding financial aid.
- Besides, many foreign universities also offer work-study programs for the international students.
- Not only do these allowances provide the required finances to the students, but they help nurture professionalism and connect them to networks.
Fellowships
Fellowships are similar to scholarships. Fellowships are prestigious awards that are granted to fund the academic journey of students and give them a professional direction. There are a number of fellowships available to international students, such as graduate fellowships, medical fellowships, and postdoctoral fellowships.
- These fellowships typically cover tuition fees, living expenses, and research costs, which enable students to concentrate on their studies without having to worry about finance.
Also Read: Check out the ways to receive PhD funding in France and embark on a fulfilling academic pursuit.
Grants
Grants are a type of funding awarded by governments, universities, and colleges to enable students in their studies, which do not need to be paid back. Indian Students can benefit a lot by the numerous grants offered by the Indian government, foreign government and organizations across the world. In addition, many universities and colleges provide grants to students coming from foreign countries due to their financial need, academic excellence or special criteria.
FAQs on Types of Financial Assistance
There are many types of financial assistance available for international students to study abroad. Education loans are one of the most popular ways. Other types of financial aids include scholarships, grants, campus employment, and fellowships.
Financial assistance is a type of aid given to aspiring and deserving and provide them funds to cover their tuition fees, living expenses, and other related expenses. The assistance also provides them with peace of mind and not worry about monthly expenses.
To seek financial aid, international students must research the types of financial available to them by researching. There are many types of financial aid including education loans, scholarships, grants, fellowships, and campus employment. Check out your eligibility and requirements for each type and apply for the same before deadlines.
Scholarships are generally given to students who belong or who perform well academically or to those who fulfill specific criteria. While fellowships cover a wide range of areas or research but oftentimes, they cover additional benefits such as mentorship or networking opportunities.
Government scholarships for international students are available through cultural exchange programs and specific programs designed to advance education. One can explore the education ministry website or other relevant government bodies about offered grants and processes of application.
The employment of international students is strongly influenced by national regulations and visa laws. In some countries, international students may be permitted to work full-time during scheduled breaks but others might have restrictions.
This was all about the types of financial assistance for international students to study abroad. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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