When students visit international countries to complete their education at the undergraduate master’s or Ph.D. level, they face many issues and challenges. The major one is to cover the high cost of college and universities. Studying at the world’s best university is expensive because you need to pay much more than in many countries, universities, and colleges. In that situation, financial aid for international students is a blessing. Because they, with tuition fees, must pay for room and living costs to live in the country. The additional expenses they need to bear are visa fees, a ticket to travel, a phone and a laptop. Financial aid is usually provided to international students, and there are some resources for financial aid for international students that help them to pay the cost of studying and living expenses. Below we discuss the three categories of financial aid for international students.
Categories for financial aid for international students
There are three categories of financial aid for international students: scholarship grants, loans and bursaries. Some financial aid offerings are just for schools, while some are specific to colleges and universities. Every financial aid application process procedure and requirement is different.
Scholarship and grants- This type of financial aid is provided to post-secondary students depending on their academic records and participation in extracurricular activities. This financial aid for international students is providing schools themselves or other organizations and governments. The recipient is not liable to repay the scholarshipor grant. They play an excellent role for an international student to complete their education in a foreign country. It is a free source of money, and hundreds of scholarships are available from different sources for international students. Everyscholarship is for specific fields, such as sports, study heritage volunteerism and more. Students need to answer some personal questions and make a video or essay to make the supervisor and university see that they are suitable candidates for the scholarships. It would help if you also looked forward to smaller scholarships. They can add up. But stay away from scammers who ask for a fee to apply for scholarships. There are multiple financial aids for international students in different countries.
Bursaries- this financial aid for international students is given to post-secondary students depending upon their financial need for assistance. There is a certain threshold for students that they need to maintain, like their economic needs, parental income and others. Students will receive financial assistance that they don’t need to pay back. In most cases, they must undergo specific assessments to verify the level of assistance needed.
Loans- In this type of financial aid, the recipient must pay back the money based on the agreement taken when taking a loan. The loan payback always involves a specific interest rate when paying back. The interest must be decided prior, and the recipient must be aware of the interest charge on the amount to avoid any unnecessarydebt while repaying. International students must reach out for private loans to study in international countries. Banksusually provide loans at lower interest rates so international students can quickly repay the loan. Usually, private loans want the recipient to have a creditworthy individual, any relative, spouse, or friend who will support him while taking a loan. It would help if you considered a loan a lost option after looking at other options such as scholarships, grants, savings and bursaries. The significant advantage of taking a loan is that you can be admitted to any college you choose. The loans have a faster application process for students who want to pay university fees urgently. The major disadvantage of taking a loan is that you must pay a high-interest rate when repaying. The repayment option is few in private loans, so it is quite challenging for students to repay after graduation.
Countries that offer financial aid for international students to study in the USA
The other funding options to finance your education are bilateral student exchange programs, off-campus jobs and on-campus jobs. You can also get financial aid from the country you belong to, like Canada, to study in the US offer the organization of Americanstatesand academic scholarships program for students wanting to pursue a master’s or Ph.D. degree. Students of Canada on this scholarship can visit any institution or university that is an OAS member state. India offers a full bright Nehru fellowship. Japan offers 40-50 Fulbright grants to their citizen to study in the US or conduct their research. US educational commission and Japan- the US friendship commission offer these grants. The United Kingdomprovidesscholarships to their student to study for undergraduate degrees in Canada or USA. The full bright scholar award and BUNAC educational scholarship trust travel awards provide the funding.
Institutional financial aid for international students
The institutes provide financial aid for international students for universities, colleges and educational institutions. Some opportunities are merit-based scholarships, fellowship or assistantships and need-based scholarships. International students can also work off-campus or on-campus to make money and finance their studies.
US colleges and universities that offer financial aid to international students on need-based scholarships are Amherst College, Bernard College, brown university, Bucknell College, clark university, Columbia University, Davidson College, franklin marshal College, Harvard University, occidental college, Macalester College, Prince ton University, Stanford University, St John’s College, University of Chicago, Washington and Lee, Williams College and Yale University. Merti-based scholar shops are offered at center college, Davidson College, Indiana University, Lyn University, St Lawrence University, University of Wisconsin, American University in Washington DC, and new york university. Many more universities than these in the US offer financial aid to international students. The UK offers financial aid for international students through scholarships, which are the Chevening Scholarship and the Commonwealth Scholarship that the government offers. The other type of scholarship is university scholarships are the royal society grant, Scotland’s saltire scholarship, the international atomic energy agency scholarship, the Great India Scholarship and the Marshall Sheffield Fellowship. There are many other financial aid options for international students worldwide.
Studying at the world’s best university is expensive because you need to pay much more than in many countries, universities, and colleges. In that situation, financial aid for international students is a blessing. The article discusses the three categories of financial aid for international students: grants, scholarship loans and bursaries. It includes countries that offer financial aid for international students and financial aid offered in US and UK. You can visit the university website or another education commission country website to learn more about specific financial aid options for international students.