A foreign Education is an expensive affair. One needs to have enough funds to pay for tuition fees, accommodation, utilities, supplies and various other expenses. At times Visa regulations require you to show a certain amount of funds per year for sustaining in that country, for approval. A foreign education can cost you six times more than a college in India.
But still, a lot of people prefer to study abroad. This may be due to the quality of education, access to a variety of courses, facilities and better job opportunities.
Thus, there is a big need for a proper financial planning when it comes to foreign education. There are various ways through which students can finance their education. Some of them are given below.
University Funding / Financial Aid
Many colleges offer financial aid to international students based on merit and sometimes on a background profile. Postgraduate students have to indicate the need for financial assistance at the time when the application form is filled.
The different type of financial aids available are-
There are various types of scholarships that can be awarded to a student based on their background profile
Assistantship – Most of the students receive financial assistance in the form of teaching assistantship i.e. students get a stipend for covering their living expenses. To get this the students are required to work in teaching or research work for about 20 hours per week.
Often students are required to prove their research and teaching skills in order to get a TA. Hence many universities give a TA only after the 1st semester. One might also have to take a Test of Spoken English (TSE) in order to get the TA.
Who should apply for University funding / Financial Aid?
Education Loans – student loans are like any other loan, where you basically have to return the money back after some time or in installments with interest. You can get student loans from both private and public banks and even from the government
International Student loans – For international student loans in US, there is a requirement of having a US citizen or permanent resident as a Co-signer. The better the credit score of your co-signer, the better interest rate you will get.
Advantages of international student loans-
Education Loan from Indian Banks- If it is not possible for someone to get a loan from an international bank, you can always try your luck with Indian banks.
Eligibility criteria for a student loan from an Indian bank
These are prizes given in the form of money. This may not be enough for supporting your entire education but can be considered as financial aid. These may be given for excellent academic record, to reward performance at undergraduate level, for writing the best research papers etc.
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