How to get Funded for your Study Abroad Program ??

Last updated on 8 Apr, 2019 | 0 comments

Funding for Studying Abroad

Studying overseas can be one of the wisest and rewarding decisions that a student can make. You get an opportunity to get immersed in a diversified culture. Your mind will open to newer possibilities.

All this in addition to holistic personal development and receiving excellent education. But it is not inexpensive to fund your studies abroad.

Many choose a personal loan for education expense. Here are 5 ways you can consider funding your education abroad.

5 Ways to Fund Your Study Abroad Program

There are various ways to get funded for expensive study abroad programs. Some of them are mentioned below.

1. Merit-Based Scholarships

Merit-based scholarships are awarded to students based on different criteria. Some of these criteria include:

  • Academic excellence
  • Achievements of the applicants
  • Talents
  • Hobbies
  • Career aspirations
  • Affiliations with important groups

You can apply for a merit-based scholarship through various platforms.

Some include universities, state or federal government, local businesses, large corporations or professional organizations. Each scholarship has its own eligibility criteria that the applicant must meet.

Most governments, schools, universities and external organizations list their scholarship opportunities online. The listings usually have details of how to apply and what supporting documents you need to provide while applying.

Here are some examples of merit scholarships for Indian students who wish to study abroad:

I. Fulbright-Nehru Fellowships

The United States-India Educational Foundation (USIEF) provides these scholarships to Indian students who wish to pursue their master’s course or research in an U.S. institution. Scholarship Eligibility:

  • Students should have completed the U.S. equivalent of bachelor’s (4 years of education), and
  • Should have at least 3 years of work experience in the area they wish to study in.

II. Tata Scholarship

Through this scholarship, it is possible for Indian students to study their undergraduate courses at Cornell University, USA.

Scholarship Eligibility:

  • Should be an Indian citizen who have secured an admission to Cornell University.

2. Loan or a Personal Line of Credit

Another popular way to fund your overseas education is by taking a loan. It would help cover tuition fees and accommodation. You can take a student loan or an education loan from either a private bank or a government to pay for your education abroad.

You can choose a bank from your home country or a foreign bank in the country you wish to pursue your education. The loan would help in covering most of the tuition fee and accommodation.

Alongside the loan, it would be a good idea to have a personal line of credit. This would help in covering any additional expense you incur while you are studying abroad.

For instance, if you need money for project work and you find yourself short of money, use the line of credit.

With the evolution of fintech, there are quite a few online lending platforms like LoanTap, Lendbox, MoneyTap, KreditBee, etc. from where you can borrow a personal line of credit. It works as a good backup plan, ensuring you never have to worry about unexpected expenses.

3. Graduate Assistantship

A graduate assistantship helps students pay for graduate school fees through a combination of cash compensation and tuition waivers. Graduate assistantship is a role provided to the students to support professors and universities.

This form of financial aid allows the students to get the funding in exchange for working as an assistant to lecturers in a university. The aid could be a partial or full exemption of the tuition fees.

It is a great opportunity for students to finance their education and gain valuable professional knowledge. It also helps them polish their teaching skills.

Hiring for graduate assistantships usually is carried out by the administrator or professor of the school’s graduate program. The competition for such positions is usually intense.

So, if you want to come out a winner, you’ll probably have to demonstrate excellence in your undergraduate work. You can consider writing an application essay describing why you think you are a good fit for the position.

Depending on the role the student has to play during the assistantship, Graduate Assistantship can be of three types:

  • Research Assistantship (RA): It is provided to students who can help in the research work of any professor.
  • Teaching Assistantship (TA): The student would be responsible for assisting the teachers in lectures and even taking classes if required. This may include checking the students’ assignments and exam papers.
  • Administrative Assistantship (AA): The student would have to assist the administrative staff. They would help in managing different kinds of administrative works of the university.

4. Crowdsourcing

If you did not get a full scholarship, don’t be dejected. There is a popular way to fund the remaining cost of your tuition – Crowdfunding.

Yes, crowdsourcing is a common way most businesses use to raise money. But you can use online crowdfunding to raise money for your projects that you cannot afford otherwise.

Use the crowdfunding platforms like Ketto, Milaap, Bitgiving and Generosity, to share your heartfelt story, your motivation on why you want to study abroad and how the donations can help.

Add in a personal video if you can. If you have a great campaign, you will see many donations coming your way to fully fund you. There is no dearth of good Samaritans who want to help deserving students complete their studies!

5. Prodigy Funding

Prodigy Finance is a financial institution which offers loans to postgraduate students from about 200 countries across the globe. It was created to give a platform to meritorious and potential students from developing countries.

It is a community-based funding organization. Thus, the rules are more student-friendly as compared to other financial institutions.

It helps deserving students find a way to fund their higher education. For you to be eligible for a Prodigy Finance loan, you’ll need to meet these criteria.

  1. You must be admitted to a school and program that Prodigy Finance supports.
  2. Your chosen school must be located outside your country of residence.

Pack Up Your Bags!

If you have always dreamt of studying abroad, it is time to make it a reality. There are many ways to fund your education abroad. Some options even help you save money

Apply for either of the above-mentioned options and pack your bags. You may soon find yourself in the college of your dreams in a new country.

How to get Funded for your Study Abroad Program ?? 1
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at [email protected]