Financial aid is the most important aspect to be considered when thinking about studying abroad. The expenses of travelling alone can cost a fortune while studying and accommodation are two other bombs that can be diffused only through proper and optimum organizing and planning. And planning includes getting an idea of the various scholarships that your university offers for foreign students. Financial aids provided for students studying abroad mainly comprise of federal grants, private loans, fellowships and scholarships. Read through the catalogs and/or prospectus of your university to get an idea of the expenses so that you can anticipate the amount of money you'd require to finish your education. You can also ask your campus financial aid officer and study abroad advisor to learn more about funding options available in that country and about the procedures for your college or university. You may be required to have a certain amount ready at hand because most countries offer student visas only when the students show proof that they have enough funds to carry on at least first year of the education. There are many resources that you can tap if you have your heart set on foreign education. Read further for some insights.
Types of Financial Grants For Studying Abroad
Know about financial aid resources for study abroad students and types of financial grants for studying abroad.
Financial Aid Resources
- Undergraduate scholarships and graduate fellowships are forms of financial aids that help students pay for their educational fees or tuition fees. Scholarships and fellowships do not have to be repaid.
- There are several thousand sponsors who award hundreds, or may be thousands, of scholarships and fellowships to deserving students every year. Internet surfing is the best way to find basic information about scholarships. Follow up this basic information by reading up more on the scholarships in a nearby library.
- Usually, scholarships and fellowships are kept for students with special qualifications in the field of academics or achievements in athletic, artistic or any specific talent.
- Financial aids are also offered to students interested in particular fields of study or members of represented groups or to those who live in certain areas of the country or who are able to give specific reasons for the financial requirement.
- Financial benefits are also available in the form of loans, saving schemes, military aids and some awards such as honor for talented students for presenting and proving their specific talents the best.
- Search and look the notifications that are published in national newspapers from time to time and also answer to them in definite time period.
- Financial grants are a form of financial aid, based on need, which you do not have to repay. Several government agencies and private companies offer financial grants to students irrespective of their streams. Pell Grant is a type of financial award which is issued by the government to only undergraduates.
- Stafford loans are issued by the government or, at times, by private lenders directly to the students and not their parents. These are given out at pretty low interest rates.
- There is an additional financial aid resource called Post 9/11 GI Bill which is offered by the U.S. given to the veterans of the 9/11 attacks. This scheme also covers the lodging expenses of the students to a certain extent. All requests must, however, be sanctioned by the Veteran Affairs before the benefits can be processed.
- In the U.S., you need to prove to the university and the consular officer that you have an adequate amount of funds to handle your living expenses, health insurance along with the university's tuition fees. once this is done, you can be eligible for a variety of grants for the tuition fees.
After reading this article you must come to know about different financial aid resources available for students intending to go abroad for further education. Read through relevant journals and official websites of universities and grants etc to get an in-depth knowledge of the subject.