Scholarships, Funding, Education Loan for International Students to Study Abroad [2023]
As education becomes increasingly globalized, more and more students are seeking opportunities to study abroad. However, one major challenge that students face is financing their studies in a foreign country. Fortunately, there are several ways to fund your studies abroad. In this article, we will explore some of the top ways to finance your studies abroad in 2023.
- Scholarships
Scholarships are one of the most popular ways to finance studies abroad. Many universities and organizations offer scholarships to international students. These scholarships can cover tuition fees, living expenses, and travel expenses. The application process for scholarships can be competitive, but it is worth the effort to apply. To increase your chances of being awarded a scholarship, make sure to submit a strong application that highlights your achievements, academic performance, and extracurricular activities.
- Grants
Grants are similar to scholarships, but they are usually given to students based on financial need. Grants can be offered by universities, governments, and non-profit organizations. These grants can cover tuition fees, living expenses, and travel expenses. The application process for grants is also competitive, so make sure to submit a strong application that highlights your financial need.
- Student Loans
Student loans are a popular way to finance studies in many countries. Many banks and financial institutions offer student loans for international students. These loans can cover tuition fees, living expenses, and travel expenses. However, student loans usually have to be paid back with interest. Make sure to carefully consider the terms and conditions of the loan before accepting it.
Scholarships for International Students to Study Abroad
Did you know that scholarships worth approximately 15.6 billion euros are available for international students annually in Europe alone? However, with a wide variety of scholarships available, it can be challenging to identify the one that's right for you. After making the decision to study abroad, it's essential to explore all available funding options and select the one that best aligns with your needs and goals.
Below are a few universities that we recommend for studying abroad:
- University of California, Riverside, United States
- York University, Canada
- Swansea University, United Kingdom
- IU International University of Applied Sciences, Germany
- Wageningen University and Research, the Netherlands
Even if you're paying low tuition fees or no tuition at all, you'll still require financial assistance to cover monthly living expenses and other costs. Find Masters Worldwide is a comprehensive resource that provides a list of scholarships and other funding options available for international students.
When applying for scholarships, it's critical to carefully review the eligibility criteria and application instructions. Ensure that you submit a compelling application that highlights your academic achievements, extracurricular activities, and personal qualities.
Scholarships are the most commonly known type of financial aid, but there are other forms of financial support available as well. Let's take a look at some of these and how you can take advantage of them.
Merit-based scholarships (fellowships)
Merit-based scholarships are granted based on a variety of criteria such as academic performance, accomplishments, hobbies, talents, affiliations with various groups, or career aspirations. These scholarships can be offered by federal and state governments, large corporations, local businesses, professional organizations, or universities.
Each scholarship has its own eligibility criteria, which must be met.
Scholarships offered by universities Universities often offer scholarships based on academic excellence, with eligibility criteria such as being under a certain age limit, or specific scholarship offers for each degree level. In Switzerland, for example, there may be more scholarships available for a PhD and fewer for a Bachelor's or Master's degree.
At some international universities, accommodation costs and health insurance may be covered by the scholarship. In Sweden, scholarships may cover tuition fees, living expenses, some travel grants, and insurance depending on the organization offering them and their type. In France, some scholarship-holders receive a monthly allowance and the scholarship covers other expenses such as a return trip, health insurance, and cultural activities, but not tuition fees.
Scholarships offered by the government
Generally, scholarship holders are exempt from paying tuition fees. Most of these scholarships are awarded for three, six, or nine months. To qualify for this type of scholarship, you must meet certain criteria, such as educational qualifications required by the institution you have applied for, and knowledge of a certain language (usually the language of instruction used in the program you have applied for). Often, students must also be under a certain age limit.
In the UK, government scholarships may cover tuition fees, monthly living allowances, economy-class return airfare to and from the UK, and additional grants and allowances to cover essential expenses. Learn more about popular scholarships in Britain that international students apply for.
Sports scholarships
If you want to play a sport and be a member of a college or university team, you can qualify for a scholarship, most of which are offered by the college or university you attend. The good news is that you don't necessarily have to be very good at the sport you play. Sometimes, local groups or different organizations may also offer these sports scholarships and they usually look at criteria such as community service.
Types of Scholarships for International Students
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Chevening Scholarships - This is a fully-funded scholarship for students who want to study a one-year Master's degree program in the UK. It covers tuition fees, travel, living expenses, and other costs.
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Rhodes Scholarships - This scholarship is for outstanding students who want to pursue a postgraduate degree at the University of Oxford. It covers all tuition and living expenses.
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Commonwealth Scholarships - This scholarship is for students from developing Commonwealth countries who want to pursue a Master's or PhD degree in the UK. It covers tuition fees, living expenses, and travel costs.
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Gates Cambridge Scholarships - This is a fully-funded scholarship for graduate students who want to pursue a PhD degree at the University of Cambridge. It covers tuition fees, living expenses, and other costs.
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GREAT Scholarships - This scholarship is for students from China, India, Indonesia, Malaysia, Thailand, or the USA who want to pursue a Master's degree at a UK university. It covers tuition fees.
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Clarendon Scholarships - This scholarship is for outstanding graduate students who want to pursue a postgraduate degree at the University of Oxford. It covers tuition fees and living expenses.
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Edinburgh Global Research Scholarship - This scholarship is for outstanding international students who want to pursue a PhD degree at the University of Edinburgh. It covers tuition fees and living expenses.
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British Council Scholarships - The British Council offers several scholarships for international students who want to study in the UK. These scholarships cover tuition fees, living expenses, and other costs.
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Vanier Canada Graduate Scholarships- This scholarship is for doctoral students pursuing their studies in health sciences, natural sciences, engineering, social sciences, or humanities. It covers a value of CAD 50,000 per year for three years.
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Trudeau Foundation Scholarships- This scholarship is for doctoral students who wish to make an impact in their fields and communities. It covers tuition fees and a living allowance of up to CAD 40,000 per year for three years.
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Banting Postdoctoral Fellowships- This scholarship is for international postdoctoral researchers who wish to conduct research in Canada. It covers a value of CAD 70,000 per year for two years.
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Canada Graduate Scholarships - Master's Program: This scholarship is for Master's degree students in all fields of study. It covers a value of CAD 17,500 for one year.
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Ontario Graduate Scholarship- This scholarship is for Master's and doctoral students in all fields of study. It covers a value of CAD 15,000 for one year.
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University of Waterloo International Master’s Award of Excellence- This scholarship is for international Master's degree students at the University of Waterloo. It covers a value of CAD 2,500 per term for up to five terms.
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Lester B. Pearson International Scholarship- This scholarship is for international students who demonstrate academic achievement and leadership potential. It covers tuition, books, incidental fees, and full residence support for four years at the University of Toronto.
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Humber College International Entrance Scholarships- This scholarship is for international students who are entering Humber College in Toronto. It covers full and partial tuition scholarships.
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Fulbright Foreign Student Program- This program provides funding for graduate-level study and research in the United States for students from all over the world.
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Hubert Humphrey Fellowship Program- This fellowship program is designed for experienced professionals who want to study in the United States for one academic year.
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Joint Japan World Bank Graduate Scholarship Program- This program provides scholarships for individuals from developing countries to study at selected universities in the United States.
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American University Emerging Global Leader Scholarship- This scholarship is for international students who wish to pursue an undergraduate degree at American University.
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Yale University International Student Scholarship- This scholarship is awarded to outstanding international students who have been admitted to Yale University and have demonstrated financial need.
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Harvard University Scholarships- Harvard University offers a number of scholarships to international students, including the Harvard University MBA Scholarship and the Harvard University Undergraduate Scholarship.
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Aga Khan Foundation International Scholarship Program- This program provides scholarships for postgraduate studies to outstanding students from developing countries who have no other means of financing their education.
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AAUW International Fellowships- The American Association of University Women offers fellowships to women from all over the world who are pursuing graduate or postgraduate studies in the United States.
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Rotary Peace Fellowship- This fellowship is for individuals who want to pursue a master's degree in international relations, peace studies, or a related field at one of the Rotary Peace Centers.
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Clark University Global Scholars Program- Clark University offers scholarships to exceptional international students who have demonstrated leadership and community involvement.
Education Loans for Indian Students to Study Abroad
A specialized loan product known as a "student loan for studying abroad" is available to help students pay for their post-secondary education costs, including tuition fees, classroom materials, and living expenses while studying abroad. These loans may be different from other types of loans as they often offer lower interest rates and allow borrowers to adjust the repayment terms while they are still enrolled as students.
There are two types of study loans for studying abroad that can be beneficial when searching for an education loan to pursue education overseas.
Secured loans
In this type of loan for international studies, the borrower provides some of their assets as collateral. The borrower must pledge their property to the bank or financial institution when obtaining a secured loan. However, the borrower’s mortgaged property cannot be agricultural land.
Unsecured loans
These are loans that are not secured by the borrower's assets. Financial institutions may offer them under different guises or marketing packages. To obtain an unsecured loan, one must meet several requirements.
Documents required to get an education loan in India for Studying Abroad
If you are an Indian student planning to study abroad and looking for an education loan, here are some of the common documents you will need to provide:
- Admission letter from the foreign university or institution
- Cost of attendance and tuition fees for the entire course duration
- Your academic records and scores (10th, 12th, and bachelor's degree)
- Identity proof (such as Aadhaar card, PAN card, passport, or driving license)
- Address proof (such as Aadhaar card, passport, utility bills, or rental agreement)
- Income proof of your parents or co-signer (such as salary slips, ITR, or bank statements)
- Collateral documents (if you are applying for a secured loan)
- Loan application form from the respective bank or financial institution
Top banks that provide education loan for study abroad
Here are some of the top education loan providers in India:
- State Bank of India (SBI)
- Axis Bank
- HDFC Bank
- ICICI Bank
- Bank of Baroda
- Punjab National Bank (PNB)
- Canara Bank
- Union Bank of India
- Indian Overseas Bank
- IDBI Bank
Conclusion
In conclusion, studying abroad can be a life-changing experience, but it can also be expensive. Educational loans can be an excellent option for those who want to study abroad but cannot afford to pay for it outright. However, it's important to understand the different types of loans available and their requirements before applying. Researching and comparing different loan providers is also crucial to find the best loan with the most favorable terms and interest rates. With the right preparation, students can make their dream of studying abroad a reality through educational loans.