Today, education is the key to success and is possible by parent’s investments that are willing to run that extra mile to give their child the best education in the world. Study abroad is very expensive. Hence planning is very essential before going abroad to ensure that adequate funds you are needed there. You require showing evidence of sufficient funds to cover at least one year of education cost. Education has been globalized which has enhanced awareness of the best institutes all over the world or even the fact that undergrad education cab is done abroad.
In study abroad, you need the financial support to pay for your monthly living costs. Along with the various types of scholarship, here you can also find several other types of financial support.
1. Merit-based scholarship
This educational scholarship is awarded based on a number of criteria comprising academics, talents, achievements, hobbies or career aspiration. Federal and state government, local businesses, large corporations, universities or professional organizations offer these types of scholarships. Every scholarship has own eligibility criteria which must be met.
Scholarship offered by the government
Normally, the payment of the university tuition fees is exempt for the scholarship holders. Most of these scholarships last for six or nine months.
Some of the compulsory criteria by which you can receive this scholarship are:
1. Academic qualification mandatory for a chosen institution
2. Knowledge of a certain language
Some of the government covers the followings:
1. A monthly living allowances
2. Tuition fees
3. Additional grants and allowances to cover expenditure.
Scholarship offered by universities
Universities offer scholarships are usually like academic excellence, students have to be under an age limit. You will find out there are special scholarship offers for each level of degree. In many of the universities, health social care and cost of the accommodation can be covered by the scholarship.
Sports scholarships
If you are a member of the university or college sports team, you can qualify for a scholarship. The good thing is you do not necessarily have to very good in sports you practice. Many organizations and local groups may offer these sports scholarships.
2. Specific scholarships
Most of the specific scholarships are given to students with family or ethnic background affiliations. These type of scholarships are planned to benefit ethnic or gender minorities. These programs are also meant to help minority students to pursue an education in fields in which they have been historically underrepresented.
3. Student loans
Students loans are the functions like any other loan that you have to pay back. You can get a student loan from a private and government bank, it can be a bank from your country or a foreign country, you can get a student loan easily to pursue your studies. Some loans are based on financial need, while others are much like any other loans and are related on your credit scores.
4. student prizes
The prize is represented by a certain amount of money, which not technically support your studies but it can consider as a form of financial aid. Students prizes can be offered as follows:
1. for educational achievements
2. Awarded based on the results of coursework and public examinations
3. for the best paper in a wide range of subject areas
4. To reward performance in undergraduate examinations
So, before going to study abroad you need to manage your funds properly. It will help you to manage your all expenses regarding the study, accommodation and other things.
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