When you apply to colleges abroad for an undergraduate degree, which usually takes up 3-4 years for completion, you prepare yourself mentally for years of debt for you and your parents. Well, there are multiple ways by which you can decrease the burden by financing your education abroad in the following ways-
1. Scholarships-
Whether it is you taking a student loan or your parents financing your education, you need to make sure that the total sum is substantially lower than the original fee. To do this, firstly, you need to apply early to colleges for the scholarships that get availed via your application. Other scholarships offered by colleges require you to apply differentially to each of them. These scholarships are-
- Merit based- These scholarships can be Academic scholarships, for those who perform really well in their academics (including SAT/ACT); Average Academic Performance Scholarships, for those who perform well overall in extracurricular activities and community services; Sports scholarships for students with high achievements in sports activities.
- Need based- These are offered to students who are financially unsound. Only some universities make these available to international students.
- Student specific- Student specific scholarships are given to applicants who qualify based on their gender, race, religion, family backgrounds, and medical history.
- Program specific- These scholarships are biased to some particular major in general. The students enrolled in that major would get this scholarship who meet some minimum requirements.
- Country based- Some universities provide scholarships to citizens of a particular country or nation.
- Privately funded- These scholarships are privately funded by individuals or organizations to students meeting some minimum eligibility requirements. These include scholarships for women, scholarships for minorities, for a developing country, etc.
- External/Government funded- You can search about external scholarships from websites such as International Student , Scholarship Owl and Cappex and yconic (for Canada). Raise Me is a start-up that helps students earn ‘micro-scholarships’ from colleges for each achievement. Students can start earning through the website from as early as 9th grade, according to the website. It is a great opportunity for students to get to know about colleges.
2. Grants-
Grants are provided by universities to qualified undergraduate students with financial needs; there is no need to repay these. You will be required to visit each university’s websites to look into the types and number of grants they offer.
3. Student Jobs-
Students can work on and off campus to earn side by side. Universities offer Teaching Assistantships (TAs) and Research Assistantships (RAs) as on campus jobs, to help students pay their fees, offering stipends to each student based on the hours of work. Most universities also assist students in finding off campus jobs. The beauty of working part-time along with studying makes your experience of pursuing a degree abroad worth your time. It teaches students various things; students learn both on and off campus.
4. Student Loans-
Education Loan involves secured and unsecured loans. These loans can be borrowed from banks, non-banking financial companies (NBFC), crowd-funded companies, friends, family members, and lenders. The type of loan vendor and the type of loan determines your loan interest. Yocket provides Loan Assistance services as well. Once you apply Yocket assistant is assigned to you, who helps you throughout the loan procedure. The Yocket loan assistant reviews your profile and requirements and connects you to the most appropriate loan provider accordingly. This service is available for Postgraduate as well as Undergraduate students. Students need to understand the Loan Application Process before applying for loans. Universities provide student loans in the form of Federal Student loans, Federal Parent loans, and Private Student loans.
If you work hard and perform well academically, you will be able to bag numerous scholarships and grants. Even after entering the freshman year, there are a lot of opportunities, like student jobs, where you can excel and attract financial aids. Do not lose hope.
Good luck!
