Different Types of Financial Aid to Study Abroad

Posted by Shyamoli Shah on August 31st, 2016

Overseas education is known for two things in India; higher quality standards and even higher fees. Are you overwhelmed by the opportunities and cost of education? So, gathered your wits. Start preparing a requisite strategy for financial aid for overseas education. This article will allow you to explore different types of financial aids available to Indian students.

Education Loans:

Overseas education is very expensive. A student loan can allow you to avail this opportunity without requisite funds at your disposal. Since you can avail a loan for the amount you see fit, you can include all necessary expenses into the principal amount. For example, accommodation, transport, curriculum and support material, research and surplus expenses, etc. However, most educational loans have specific eligibility criteria.

Parent, sibling, spouse or parent-in-law as a co-applicant

Application approval from respective university or college

Collateral

Guarantor

Scholarship Programmes:

Scholarship for studying abroad is the best form of financial aid. Most students need the collateral or a co-applicant to avail an education loan. Sponsorship programs are even more competitive. But, scholarships for Indian students to study abroad loan are limited to residents of India meeting the eligibility criteria. So, students have a much better chance of availing it than international sponsorship. Here are the most significant advantages of scholarships for Indian students to study abroad.

You do not need to worry about repayments immediately. Thus, students can afford to have a worry-free focus on studying itself.

Since scholarships for studying abroad are based on certain eligibility criteria, unlike educational grants. These grants are restricted to economically weak sections on a community. So, anyone can qualify for these scholarships to study abroad and have a great opportunity to define their careers.

Overseas education involves several expenses. This scholarship can be the best way to tackle all expenses.

Sponsorship Programmes:

Several international universities and colleges have sponsorship programmes for international students. This is a great way to promote diversity and encourage international student applications. However, these are extremely competitive. They are mostly valued because they represent a significant achievement in and by itself. So, it should be a top priority. But, it cannot be the only option.

Educational Grants:

A 100% financial support is extended to sections of society to encourage their participation. Therefore, most educational grants are targeted towards a specific section of society. Thus, only qualifying students can apply and receive a due financial aid. For example:

S.C., S.T., O.B.C., E.W.S.

Women

Religious monitories

Merit-based grants

They involve great financial support. Because, this are the most coveted form of financial aid for select communities. However, this is a form of scholarships for studying abroad, which is mostly available to minorities only.

So, do you wonder how to find scholarships to study abroad? Do you know the best lenders for student loans? Contact a financial aid counselor. Research on search engines, social media and other databases. You will find the best way to avail international education.

Source: http://www.sooperarticles.com/education-articles/different-types-financial-aid-study-abroad-1424661.html