The dream to graduate from a foreign university is highly mushrooming among the students with the increased possibilities to study abroad. For students those aren’t aware about the various kinds of funding options for overseas education loan, this article will surely help you through.
Read on.
Indian Government Scholarships for Overseas Education:
To encourage students to excel academically in studies abroad the Indian Government has made special provision for them.
- This is offered on merit based as well as student based – caste specific, minority religion specific, family occupation specific and university specific that are under specific QS World Ranking.
- These scholarships are strictly not applicable for admissions to Undergraduate or Bachelors courses.
- The students have to apply to these scholarships themselves.
- The time required to receive these scholarships or grants is long, at times it takes a year too.
- The students have to be highly dedicated to take regular follow ups and updates for their applications in order to get the process accelerated at times. There are students who could manage getting their scholarships with regular and personal follow-ups.
- The number of scholarships awarded is less in comparison to the number of applicants; hence it is time consuming process for the officials to filter the best profiles.
- Herein, the first priority will be given to students who have received offer of admission or admit letter
- Second priority will be given to students who have cleared GRE or GMAT or TOEFL or IELTS etc.
Herein, there are two categories based on the receipt of funds or grants.
- Interest Subsidy for Education Loan: The student has to apply for loan through these scholarships; where the simple interest to be paid during the moratorium period is paid by the government.
- Financial Assistance: The students receive financial assistance towards their tuition fees.
Funding Institutes that offer Scholarships:
- The students should apply for the scholarship themselves.
- There are specific deadlines that have to be considered while applying.
- These scholarships offer financial funds for specific listed universities, specific courses like Arts and Culture, Environmental Science, International Legal Science and so on.
- These scholarships are country specific too – i.e. US and others.
- The financial awards can cover the entire tuition fees, living expenses, air fares, health insurance and other expenses also, i.e. Stanford Reliance Dhirubhai Fellowship Scholarship for Masters in Business and MBA from Stanford University USA.
- There are a few scholarships that may not cover all the other expenses, but offer the entire tuition fee only, i.e. TATA scholarships.
Universities themselves offer Scholarships to students:
- The scholarships that are funded by the government of the country – give a by-default provision of funds that may be for the entire tuition fees or partial or discount towards the tuition fees. In some categories, the scholarship awards the entire expenditure including the tuition fee, living expenses, air fare, other educational expenses and accommodation too.
- The scholarships that are funded by the university directly also there are some Foreign Universities Offering Scholarships – either directly offer or ask for acceptance from the student for the financial awards or grants given towards the tuition fees and or other expenses.
Majorly all countries and universities have their merit based scholarships to be offered for academic excellence as well as extracurricular excellence. In of the case, the student should be focused to achieve academic excellence till the end and have a focus of future career directives.
The students shouldn’t be disheartened if they aren’t eligible to apply for any of the scholarships. Students can always look forward to different kinds of Overseas Education Loan. The ease to apply for education loan is also now easier but it also requires dedication and career focus.
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