Studying abroad is expensive”. That’s the most common myth about studying abroad.
While the tuition fees and living costs might seem “beyond the budget”, there are ways for students to lower their overall cost of education. One such way is through scholarships and financial aid. And there are plenty of scholarships for international students, no matter where they’re from.
The process involves a lot of research. One of the first steps is to identify the different types of scholarships available.
This blog provides an overview of the various scholarships to study abroad. We also discuss the different strategies for obtaining scholarships.
Also Read: Why Study in USA? Top Reasons To Pursue Higher Studies in the US
What are scholarships?
Scholarships are a form of financial aid intended to assist students in covering the costs associated with their education.
The financial aid can be full and cover all expenses for an academic year, or partial, providing a fraction of the cost. Scholarships are typically given based on meritorious achievements. They may also be based on athletic ability, which is particularly common in the United States.
Full scholarships at the undergraduate level are relatively rare. They become more prevalent at the Master’s and Ph.D. levels.
Next, let’s understand the difference between scholarships and grants.
Scholarship vs. Grants
A grant is a form of education subsidy peculiar to the USA. While both are financial aid and share similarities, they also have distinct characteristics that set them apart.
Scholarships are usually awarded based on academic achievements, or athletic talent (in the case of THE USA). It also requires a level of achievement to be maintained for renewal.
Grants are typically provided by government bodies. Some may also come from educational institutions. The most well-known grant in the United States is the Pell Grant, which is awarded to low-income undergraduate students. Grants are automatic and do not require any level of achievement for renewal.
Indian students are ineligible for all US federal and state grants including Pell Grant. University grants might be available.
However, please note that in common parlance, the two terms, scholarships, and grants are often used interchangeably.
In the next section we look at the different types of scholarships available for Indian students.
Also Read: Study in USA: Process, Requirements, Documents, Visa & Benefits
Types of Scholarships for International Students: Merit-based, University, Country-specific, Government, Private and Bursaries
Merit-Based Scholarships
- These are scholarships for international students awarded to those who show exceptional academic performance.
- It is based on a student’s level of success and does not take financial status into consideration.
- A common misconception is that merit-based scholarships are just limited to grades. The fact, however, is that some universities consider any co-curricular talents including athletic abilities or musical skills.
- The money granted by a merit-based scholarship is almost exclusively meant to cover tuition fees.
University Scholarships
- University scholarships are scholarships from universities/colleges to help students fund their studies.
- Many of these are entrance scholarships. In other words, students don’t need to apply to be considered for the award.
- Your admission into the university/college, by default, makes you eligible.
- We recently wrote a blog on The University Of Dundee Scholarships for International students, which is a university-specific scholarship for international students.
Country-specific Scholarships
- Country-specific scholarships are awarded to students to encourage higher studies from developing countries.
- There are also many private institutions that give scholarships to students from these countries.
Government Scholarships
- With these scholarships, different agencies register with the government and offer scholarships for students.
- State governments may fund scholarships for residents attending college in their state.
- Foreign governments may offer global scholarships for international students to study in their country.
- The Fulbright Foreign Student Program and The Chevening Scholarship are a couple of examples of scholarships for international students.
Private Scholarships
- These are the scholarships funded by individual donors or privately owned businesses.
- Many companies, community organizations sponsor study abroad scholarships. Scholarships from these organizations are called outside/external/private scholarships.
- Individual donors set up a private fund for students who need financial aid. These scholarships are awarded based on academic merit or financial need depending on the donor.
- Most of these have strict eligibility requirements, such as:
From a developing country
For women/minorities/specific areas of study
Financial Scholarships
- Also known as bursaries/need-based scholarships, these are a form of aid to enable students to attend graduate schools.
- If the student is still supported by their parents, the scholarship provider will analyze the parents’ income and ability to pay for the tuition fees.
- They may also look at factors such as citizenship and residence status, tax statements, or employment.
- If the student supports themselves, their own income will be assessed.
- These scholarships are independent of merit scholarships. In some cases, students may qualify for both merit-based and need-based scholarships depending on the program or university.
Now that you’re aware of the different types of scholarships available, you can use this approach below to move on to the next steps:
- Research and make a list of international scholarships you could be eligible for.
- Make a checklist for each scholarship.
- Gather the necessary documentation like transcripts, LORs and essays etc.
- Review and get reviewed for feedback on your application.
- Apply by submitting your application well ahead of the deadline.
Top 5 Scholarships to study abroad in the USA
If you’re an Indian student who wants to pursue higher education in the United States, several scholarships can help you ease the financial burden. Here’s a brief overview of the top five scholarships available for studying in the USA.
| Scholarship | Overview | Eligibility | Fields of Study |
| Fulbright-Nehru Fellowships | Offered by USIEF to promote cultural exchange and academic collaboration between India and the USA | Indian citizens with a master’s degree or equivalent, strong academic background, professional experience, and leadership potential | Arts, humanities, social sciences, public health, etc. |
| Tata Scholarship | Offered by Tata Education and Development Trust to support Indian students at Cornell University | Indian students who have completed secondary education in India and accepted into Cornell University | Primarily for undergraduate programs at Cornell |
| Inlaks Scholarship | Offered by Inlaks Shivdasani Foundation to Indian students for postgraduate studies abroad | Indian citizens aged 30 or below with first degree from recognized Indian university | All fields except medical sciences |
| SN Bose Study Abroad Scholarships | Initiated by Government of India to support Indian students pursuing higher studies in science and technology abroad | Indian students who have completed undergraduate degree and enrolled in postgraduate program in USA | STEM fields |
| KC Mahindra Study Abroad Scholarships | Offered by KC Mahindra Education Trust to Indian students for higher education abroad | Indian citizens who have completed graduation and secured admission to recognized foreign university | Engineering, management, social sciences, etc. |
How to get scholarships to study abroad
Pursuing education abroad can be an enriching experience. However, it comes with a significant price tag. Scholarships can provide crucial financial support, and make it more affordable to achieve your academic dreams.
Prerequisites:
Strong Academic Record
A solid academic performance is essential when applying for scholarships to study abroad. Many scholarships, particularly merit-based ones, require a high GPA as an indicator of your academic abilities.
High Test Scores
Depending on the country and the level of study, different standardized test scores are required. For instance, if you’re aiming to study in the United States, you may need to take exams like the GRE or GMAT for graduate studies.
Universities have varying score requirements. Harvard University typically expects a GMAT score above 730 for admission to its MBA course, while a score around 675 might be sufficient for other reputable institutions like the University of California, Irvine.
Extracurricular Involvement
In addition to academic excellence, universities abroad often value well-rounded individuals. Participation in extracurricular activities, such as involvement in music, sports, or internships with NGOs, can strengthen your scholarship application.
Process:
Conduct Thorough Research
Start researching scholarships well ahead of time. If you plan to study abroad after graduation, begin your research in your second or third year of college. Access online resources, including forums like Reddit and Quora, to explore funding options. You can also approach those studying abroad for insights. Engaging with alumni on LinkedIn can also provide valuable guidance.
Meet the Qualifications
As mentioned above you would need a strong academic foundation, as scholarships are often merit-based. Preparing well for graduate exams like GRE, and GMAT. These scores play a significant role in scholarship eligibility. Your proficiency in English and IELTS or TOEFL scores are also important.
Submit Applications
There are generally two types of scholarship applications—those you apply for after securing admission and those that you apply for concurrently with admission. Treat scholarship applications as seriously as job applications. Make sure that your CV is tailored to the specific requirements of each scholarship.
Prepare Scholarship Essays
A compelling scholarship essay is vital. This essay, typically between 500-1000 words, should clearly articulate why you deserve the scholarship.
It’s important to avoid generic themes and instead focus on presenting strong, personalized arguments. Securing strong letters of recommendation from your college dean or principal can greatly enhance your chances of receiving a scholarship.
Also Read: Top Public Universities in the USA 2024-25: Rankings, Tuition Fees, Eligibility & More
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After finding the right study abroad program through SelectRight, the next critical step is to secure the best education loan to fund your dreams. While scholarships can cover a portion of your expenses, the reality is that most students need an education loan to cover the full cost of their studies, especially when considering tuition, living expenses, and other associated costs.
This is where FundRight steps in to make the loan process as seamless as possible. FundRight is a unique platform that connects you with 15+ top lenders, including leading public banks and international NBFCs. With FundRight, you don’t have to apply to multiple lenders separately. Instead, you can receive competitive loan offers tailored to your needs.
Here’s how FundRight works:
- Create your profile on FundRight, including your academic and financial details.
- Lenders will review your profile and offer their best loan deals, including interest rates and repayment terms.
- Compare these offers in one place, making it easier to choose the best option.
- Receive personalized advice from financial experts to ensure you make an informed decision.
- Finalize your loan and have it disbursed directly to your university, all while saving potentially lakhs of rupees over the loan’s duration.
By using FundRight, students have saved up to ₹23 lakhs, thanks to the competitive interest rates and other value-added services offered by the platform. Don’t leave your funding to chance—get started with FundRight today and ensure you have the financial support you need to succeed in your studies abroad.
