How to fund your studies abroad?

While planning to study abroad, apart from securing admittance in your target institution, arranging finances for your study abroad dream becomes a daunting task. Well, worry not; we are launching our study abroad platform very soon. Leave all your study abroad finance problems for us.

Our dedicated team of counsellors will provide you, all the required information from scholarships, bursaries to the education loan option available.

The sources of financial aid can be broadly categorized into

1. Scholarships: Scholarships and grants are the best options to finance your study abroad if you want to study abroad without any extra financial burden. Scholarships play a huge role in lightening the financial burden on a student and which in result motivates them to focus solely on their studies.

Scholarships can be broadly classified into 5 kinds

2. 1. Need-Based: For students from socioeconomically disadvantaged (i.e. low-income) backgrounds

   2. Merit-Based: For students who demonstrate outstanding academic performance or potential.

   3. Country Focused Scholarship: Governments, public institutions run various scholarship programs to promote and strengthen cultural ties between the 2 countries. Few popular mentions are Indo-US Fellowship Program by  Science and Engineering Research Board, Ful Bright Nehru scholarship by United States-India Educational Foundation among others

   4. College Focused Scholarship: These scholarships are provided by specific colleges to Indian Students to study a specific program in that respective college. These scholarships are very competitive and are only given when the student shows exemplary an academic background

   5. Student Focused Scholarship: These scholarships are given to selective students who have distinct characteristics of a predicament such as a gender, race, religion, medical history, etc.

3. Education Loans: As there is a limited number of scholarships available, Education Loan is the best viable finance option available for aspiring students to fulfil their study abroad dream.

There are two types of Education Loan options available

• • Secured: Collateral and Co-applicant required (Generally sanctioned by public sector banks and in some cases private banks

  • Unsecured: Income proof and Co-applicant required [Generally by private banks and Non-Banking Financial Companies (NBFCs)]

Once you have submitted your applications, you should start exploring financial aid opportunities at the universities to which you have applied directly.

However, even before applying for financial aid what needs to be done is that true cost needs to be calculated. The cost of the university goes far beyond tuition, room, and board; you’ll also have to take into consideration things like books and supplies, health insurance, personal items, travel, and more. Therefore, financially right fit colleges must be taken into consideration.

Although part-time work is seen as a viable option to cover the study costs, it is a widely accepted fact that not all the expenses can be covered by it. Therefore, it is always advisable to look for alternative means.

Top destinations for Study Abroad and funding options

United States of America (USA): The United States is the most favourable place to study abroad. According to the ministry of external affairs report, 211703 Indian students (18.07.2018) were studying in the United States at different levels.

Popular methods of funding your abroad education

Scholarships can be broadly classified into 5 kinds

• • Need-Based

  • Merit-Based

  • Country Focused Scholarship

  • College Focused Scholarship

  • Student Focused Scholarship

• Education Loans: As there is a limited number of scholarships available, Education Loan is the best viable finance option available for aspiring students to fulfil their study abroad dream. There are two types of Education Loan options available

  • Secured: Collateral and Co-applicant required (Generally sanctioned by public sector banks and in some cases private banks

  • Unsecured: Income proof and Co-applicant required (Generally by private banks and Non-Banking NBFCs  

CANADA

Finance options  to study in the Canadian Universities can be broadly classified into three kinds:

As per the data of the Ministry of External Affairs, around 124000 Indian students were studying in Canada at different levels as per 18.07.2018

• Scholarships: It is often granted to meritorious students. However, eligibility criteria (ranging from academic grades to extracurricular activities) and application process for various scholarships differ widely.

Scholarships can be broadly classified into 5 kinds

• • • Need-Based

    • Merit-Based

    • Country Focused Scholarship

    • College Focused Scholarship

    • Student Focused Scholarship

• Bursaries: It is financial aid based on economic needs and as with scholarships; students do not need to pay the money back. It is granted after a thorough assessment of the parents’ and students’ income.

• Loans: If traditional financial aid options, such as scholarships and bursaries, are not a possibility, international students are also able to access traditional student loans, which have similar interest rates and repayment schedules for both international and Canadian students. There are two types of Education Loan options available

  • Secured: Collateral and Co-applicant required (Generally sanctioned by public sector banks and in some cases private banks

  • Unsecured: Income proof and Co-applicant required (Generally by private banks and Non-Banking NBFCs

You can visit the Government of Canada International Scholarships and International Council for Canadian Studies websites to get an overview of the financial aid landscape in Canada.

UK

• Scholarships: There are two varieties of scholarships for which one can apply

                           i) UK Government scholarships

                           ii) UK University scholarships

• Loans: As an international student, you won't be eligible for a loan from the UK government like British or EU students. Individual countries will have different schemes in place for this, so make sure to research loans for students from your own country.

• Private Grants: Apart from scholarships and student loans, private grants are another alternative resource of financial aid for international students in the UK. More often than not, companies are ready to help students in the UK under the condition that they will come back to work for them once they get their degree.

Further information can be availed at the UK Government website

AUSTRALIA

1. Scholarships: Like other study destinations, Australia also offers a wide range of scholarships other than the ones offered based on merit. For instance, students from developing countries can avail of grants. Then there are privately funded scholarships offered by businesses or donors for international students. Part scholarships, on the other hand, are offered to cover certain costs at the university.

Scholarships can be broadly classified into 5 kinds

• • Need-Based

  • Merit-Based

  • Country Focused Scholarship

  • College Focused Scholarship

  • Student Focused Scholarship

B) Education Loan

 There are two types of Education Loan options available

• • Secured: Collateral and Co-applicant required (Generally sanctioned by public sector banks and in some cases private banks

  • Unsecured: Income proof and Co-applicant required (Generally by private banks and Non-Banking NBFCs

More information can be availed at the Australian Government’s Study Assistance website

How can 9.O CareerCafe help students?

So many scholarship options tend to confuse the aspiring students planning to study abroad. This is where 9.O CareerCafe comes into the picture. We have shortlisted the scholarships in which agencies invest in creating a new future for students. Our scholarship database considers above-and-beyond contributions, not solely limited to free education. For example how the Government of Turkey’s Turkiye Scholarships provides students with - Accommodation, Basic Living Allowance, University Allotment, Free Tuition, Travel Allowance, etc.

We at 9.O CareerCafe believe that Scholarship is the best funding option for an Indian student aiming to study abroad. Hence, each scholarship page contains information such as location, eligibility, level of study, deadlines, etc. Each scholarship page has a direct link available to the concerned website where you can follow to apply directly. If you need any assistance regarding application and funding options, please feel free to connect with us at careertalks@9careercafe.com