Scholarships for International Students: Exploring Financing Options for Studying Abroad
Scholarships for international students are available along with other financing options that could easily make it possible to study abroad without putting a huge financial burden on the family. If you have good academic performance, then many scholarships are there to sponsor your dream. In this post, those scholarships, student loans, and all other funding options will be explained in detail and how you can avail them to achieve your dream to study abroad.
Scholarships for International Students: The Golden Opportunity
One of the golden financing options for students nowadays is a scholarship. Universally, universities offer a broad scope of scholarships and awards to meritorious international students, ranging from partial tuition fee waivers to wholly funded scholarships. For example, the university you would apply to can offer Dean’s awards, subject-based scholarships, or even an alumni-funded scholarship.
Apart from the above university-specific awards, there are a large number of external scholarships as well for Indian students who want to pursue education abroad. Some of the prominent ones are:
- Commonwealth Scholarship
- Fulbright Foreign Student Program
- Chevening Scholarship
- Rotary Global Grant Scholarships
- Tata Scholarship
- Inlaks Shivdasani Scholarship
- Aga Khan Foundation Scholarship
Govt. Scholarships for Karnataka students of India—Karnataka Prabuddha Overseas Scholarship Scheme, The D Devaraj Urs Foreign Scholarship Scheme, National Overseas Scholarship for Minorities. These scholarships will be applied to help reduce the expenses of your education abroad.
Student Loans for Study Abroad: A Feasible Funding Option
Another great option for students who may not qualify for the scholarship or may need a little extra to cover up expenses is the student loan for studying abroad. Most of the major Indian banks, such as SBI, ICICI, Bank of Baroda, and HDFC Credila, offer loans specifically designed for students who are planning higher education overseas. There is usually a reasonable rate of interest along with flexible repayment modes.
The student loans do not place a burden on the family savings. Most banks offer loans with no collateral and cosigner requirement for top-tier students. The process is thus much easier. One can use the loan to cover tuition fees, living expenses, travel costs, among others, and even study materials.
Pitfalls to Avoid When Taking Student Loans
While student loans are a lifeline for funding your education, in the long term, it’s something about which one should think seriously. Missing one EMI payment on your loan can leave an ugly blot on your credit rating, which will then help you secure loans and credits later. Also, always borrow only as much as required. High borrowing can create gigantic interest payments over time, leaving you heavily burdened after graduation.
Before applying for loans, an estimation of the total cost should be set, including maybe tuition fees, costs of housing, and travel. This might lead to a shortage of funds at the critical point, which may jeopardise academic output. Other criteria when applying for bank loans are to compare interest rates and terms of repayment of different banks in a bid to get a better deal.
How to Mix Scholarships and Loans: The Smart Way to Finance Your Study
The more scholarships available to international students that a student can apply for, the better. Another thing is that international students from most countries are allowed by law to work part-time while studying at the least to partly meet the stay requirements and have minimal dependence on loans. For example, most countries allow students to work up to 20 hours when school is in session but up to 40 hours when school is not in session.
Conclusion: Wise Choices for the Bright Future
Financing becomes easily accessible with so many different options for students who want to study abroad. Scholarships and student loans are the most easy and practical means of financing your dream to study overseas. Just make sure to plan, borrow only when necessary, and apply for scholarships to limit your loan intake.
With proper financial planning, your international education journey is sure to be exciting and hassle-free
