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What is Financial Aid
Financial aid is a means by which students can reduce or
eliminate the expenses that they will incur in the course of
their education overseas.
Since education and living costs overseas can turn your life
and pockets upside down; Financial aid is provided by various
sources to minimize the financial burden on parents and
students.
Financial Aid is a term used to describe a number of sources
and programs that assist students fund their education. There
are three main types of financial aid, they are:
• Scholarships
/Grants /Fellowships /Assistantships / Need based aid - do
not have to be paid back to the institution that provides it.
They are given to students on a merit basis. Students applying
for the MS degree, if you have a good academic record, can
expect to fund your education abroad almost free of cost!
Money is available from the universities in the form of a TA
(teaching assistant) or a RA (research assistant) which
enables the students to support themselves completely
• Loans –
have to be paid back. Loans can be borrowed from financial
institutions or banks. Therefore if for any reason you are not
eligible for a scholarship/fellowship/grant then this is an
avenue to explore to fund your education
• Student
Employment programs – Money earned does not have to be
paid back. Student employment programs are designed for
students to work and earn. These enable you to work and pay
off for your education costs simultaneously
Sources of funding:
There are two main sources of aid – one in your home
country and the other abroad
The amount of financial aid needed is assessed by the amount
parents can contribute minus the total cost of education. The
difference of this will be the amount of Financial Assistance
required by the student.
Sources of financial aid:
The Government of your Country:
Inquire with your government and find out if they have any
funding for students looking to pursue their education
overseas. The Government may put down certain terms and
conditions, which the student will have to abide by, but this
could be one of the avenues for financial aid. Some
communities have trusts that offer students of the community,
scholarships to pursue higher education.
Colleges and Universities Overseas:
A number of colleges and universities offer financial
assistance to international students in the form of
scholarships or need based financial assistance. While
scholarships are determined on your merit, need based
financial assistance is evaluated on your family’s economic
profile.
Private sources:
Private sources and organizations offer financial assistance
in the form of grants and loans to international students.
There are a number of requirements that a student will need to
fulfill while applying for these grants and loans. |
