| |
|
| Financial Aid &
Scholarships |
|
It is important to understand that most universities
offer financial assistance to international students
based primarily on merit and rarely on need. The amount,
and type of assistance offered varies, based on the
university, department and level of study.
|
Assistance of funds is more likely in Graduate studies
and less in Undergraduate courses. Also funds are
more likely to be available in fields like Engineering,
Physical Sciences and Biological sciences, rather
than in courses like Humanities, Social Sciences and
Management.
|
|
|
| University
Funding |
Top |
University,
College Funding - Scholarships & Assistantships |
|
It is important to understand that most universities
offer financial assistance to international
students based primarily on merit and rarely
on need. The amount, and type of assistance
offered varies, based on the university, department
and level of study. Assistance of funds is more
likely in Graduate studies and less in Undergraduate
courses. Also funds are more likely to be available
in fields like Engineering, Physical Sciences
and Biological sciences, rather than in courses
like Humanities, Social Sciences and Management.
|
 |
Undergraduate
Aid (University Funding) |
You
must submit a financial aid application
if you intend to seek financial assistance
for your studies abroad. The policies regarding
financial aid vary considerably. The profile
of a college usually indicates the type
of financial aid it offers. For aid, Undergraduate
students have to submit the institution’s
own financial aid forms, as well as the
Foreign Student’s Financial Aid Form,
which is provided by the college and administered
by the College Scholarship Service of the
College Board. A bank statement will also
often be required. Some details, usually
asked in these forms are : |
 |
Your
total personal annual income |
|
Total
annual income of your Parents |
|
Your
average annual living expenses
|
|
Some
details of your and your parents'
assets |
|
Sources
of funding for your education other
than from the University
|
|
Note
: Even if no assistantship is available
at the time of admission, most Indian students
manage to get some kind of financial aid
from the university after one or two semesters.
|
|
|
Postgraduate
Aid (University Funding) |
Types
of Assistance |
Merit
based assistance is awarded in many forms,
from tuition waivers, various types of assistantships,
to fellowships. The most common are listed
here :
|
|
Tuition Waiver :
This means that the student does
not have to pay the tuition fees
at the university. However, general
fees (for the use of university
facilities like the library, computers,
and sports and health services)
usually have to be borne by the
student. A tuition waiver is frequently
awarded in conjunction with a scholarship
or teaching/research assistantship.
|
|
Scholarship / Fellowship
: This is usually an outright
grant based on the student’s
academic ability and performance.
Hence, Only a truly outstanding
student may be considered for this
type of award, before enrolling
at the university. A full scholarship
would pay for a student’s
entire living expenses at that university,
whereas a partial scholarship would
require additional funds from the
student.
|
|
Assistantship :
Most students who receive assistance
usually do so in the form of an
assistantship, i.e. a cash stipend
sufficient for their living expenses,
and/or tuition waiver. To get this,
they have to work for a maximum
of 20 hours per week. This work
normally consists of teaching and
research activities. These are usually
for graduate courses. Teaching assistantships
are more likely to be in universities,
which have large undergraduate classes
whereas research assistantships
tend to be more common in those
fields and universities in which
considerable research is in progress.
Information brochures of most universities
give this information. Often, teaching
and research abilities must be proved
before assistantship is granted.
Hence, many universities grant this
only after the first semester. You
may also be required to take TSE
(Test of Spoken English) to qualify
for a teaching assistantship.
|
|
Who
Should Apply ? |
Students
have a greater chance of getting financial
aid if they : |
|
Show evidence of
a high level of academic achievement |
|
Achieve
high Standardized Examination scores
(GRE, GMAT, TOEFL etc.) |
|
Demonstrate financial
need but have private funding to cover
some of the cost. Financial need is
not crucial for some awards. |
|
Enroll
in a field or have teaching experience
in a subject offered at the undergraduate
level (to increase opportunities for
a teaching assistantship) |
|
Specialize in a field
or have a research interest which
parallels that of the department and
faculty or private funding source
(which increases opportunities for
research assistantships and grants) |
|
Have
outstanding letter(s) of recommendation
and an impressive statement of purpose. |
|
Send a sample of
professional writing, published or
otherwise. |
|
|
|
Note
: Even if no assistantship is available
at the time of admission, Most Indian students
manage to get some kind of financial aid
from the university after one or two semesters.
|
|
|
|
| US Loans |
Top |
Financial
Aid - US Bank Student Loans |
|
These are the best alternative for students
applying to the MBA program. One thing to keep
in mind when applying for loans is that, in
most cases, you need to have a co-signer who
is a U.S. citizen or permanent resident. The
co-signer is responsible for paying back the
loan if you should default on it.
|
There are some banks that waive the co-signer
requirement for specific schools. You should
check this information from the school web site.
|
|
|
|
As
an example, Citibank provides loans to international
students admitted to Harvard Business School without
a co-signer. Another example is Bank of America
providing loans without a co-signer to students
at Kenan-Flagler, University of North Carolina
(at the time of writing this, the CEO of Bank
of America is an alumnus of Kenan-Flagler School
of Management). |
The
terms of the loans usually require any interest
or principal payments after graduation. Read the
terms of any and all loans before you sign. Make
sure you understand those terms and what your
repayment schedule and fees entail. Ask for assistance
in interpreting the fine print if you are having
trouble understanding it.
|
We
have seen that a lot of students are very debt-averse.
If you have been accepted to a good program, your
chances of getting a good job are very good and
paying off the loan is not that big an ordeal
as it seems. So, if you do get admitted to a school
of your choice, we would recommend that you explore
this funding alternative |
|
|
| Other Resource |
Top |
Financial
Aid - Other Resources |
|
There are many other sources of funding especially
for graduate students applying to the universities
in US. These need some spadework. If you try
hard, you may find the kind of funding that
suits your needs.
|
|
|
|
A
few good web sites that offer information for
international students are : |
|
|
|
|
|
|
| Support From Home
Country |
Top |
Financial
Aid & Scholarships from Home Country |
|
Financial aid is an important factor to consider
for students applying abroad. Careful planning is
both necessary and wise. Foreign nationals are required
to show proof of sufficient funds to cover at least
the first year of their college education to apply
for a student visa. To compare the total cost of studying
in various countries, check out Cost of Education
|
The burden of securing necessary funding can be challenging,
and sometimes frustrating. Your savings (or your family's)
may be the only reliable source of funding you have
as you begin your program of studies abroad.
|
|
|
|
Important
: University funding is easier to get in the United
States than in U. K., Canada, Australia or New Zealand.
Most students who go to Australia and U. K. are self
funded students. |
We
list here the various options for financing your education
abroad |
|
| Sources
In India |
Bank
Loans |
State
Bank of India, Bank of India, Andhara Bank,
Syndicate Bank and Canara Bank and many
other banks have educational loan schemes
which extend from schooling to research.
The amount differs according to the course.
Banks give a loan for studying abroad which
is as high as Rs. 10 lakhs. |
These
loans are subject to many terms and conditions.
Apart from being only a partial loan - at
least 25% of the total course expenditure
is to be paid by the parents of the student.
The candidate has to provide security for
the loan he gets. It can be in the form
of a house mortgage, NSE shares or insurance
policy. Security for a loan of up to Rs.
25,000 is nil but for a loan of over Rs.
25,000 to Rs. 3 lakhs, it is 100%. For a
loan of Rs. 3 lakhs to Rs. 5 Lakhs, the
security to be provided is 150 % and it
is 200% for a loan of over Rs. 5 lakhs. |
However
the banks do not give these loans to anyone
who applies for them. The first condition
is that admission should be confirmed. Secondly,
loans are not given for correspondence courses.
And thirdly, the past academic record of
the loan seeker should also be satisfactory.
Anyone who fulfills these conditions is
eligible for an educational loan which covers
course fees, hostel fees, cost of books,
equipment, and one way fare to the place
of study if the parents of the candidate
do not live there. |
Repayment
has to start 6 months after the completion
of the course or if the person gets a job
immediately after completing the course,
one-month after getting the job. The maximum
time given for the repayment is 15 years
counted from the date of the first disbursement. |
|
Trust
Loans |
Loans
from trusts have low rates of interest
(2-4 percent), or are interest free. Some
of the most well known trusts are listed
below: |
J.
N. Tata Endowment:
Low-Interest loans of Rs.
50,000 to Rs. 2 lakhs, and
grant of Rs. 25,000 to Rs.
50,000, for several disciplines.
Completed application forms
must reach by 25th February
of the year of award.
For more details and application
form, write to:
The Director,
J. N. Tata Endowment,
Bombay House,
24 Homi ModyStreet,
Mumbai-400001
|
K.
C. Mahindra Education Trust:
Up to Rs. 65,000, for postgraduate
studies in various disciplines.
Forms must be requested before
28th February of the year of
award and completed forms must
reach by 31st March of the year
of award.
For more details and application
form, write to:
The Managing Trustee,
K. C. Mahindra Education Trust,
Cecil Court,
Mahakavi Bhushan Marg,
Mumbai-400039 |
Mariwala
Trust:
Up to Rs. 50,000 interest
free, for postgraduate studies
in several disciplines. Application
forms must be requested before
1st March of the year of award
and completed forms must reach
by 30th April of the year
of award.
For more details and application
form, write to:
The Managing Trustee,
Mariwala CharityTrust,
409 Shah and Nahar Industrial
Estate,
Dr. E. Moses Road, Worli Naka,
Mumbai-400018
Tel: (022) 4938307 Fax: (022)
4974704
|
R.
D. Sethna Scholarship Fund:
An amount of Rs. 20,000 to Rs.
50,000 at 2 percent annual interest
for undergraduate and postgraduate
studies in science, technology,
commerce and education. Completed
application forms must reach
by 31st May of the year of award.
For more details and application
form, write to:
The Chief Executive
R.D. Sethna Scholarship Fund,
Esplanade House,
29 Hazarimal Somani Marg, Fort,
Mumbai-400001 |
Sahu
Jain Trust:
The trust offers loan scholarships
for higher studies in India
as well as abroad.
For more details, write to:
The Secretary
Sahu Jain Trust,
4th Floor, Times House 7,
Bahadur Shah Zafar Marg,
New Delhi -110002 |
|
|
|
|
Fellowships |
Fellowships
are very popular, and securing one is a
very difficult because of the serious competition.
A few important ones are listed here: |
Aga
Khan Foundation:
This fellowship is available
for development studies and
courses not available in India.
Forms are issued from January
each year and completed forms
must reach by 31st March of
the year of award.
For more details and application
form, write to:
Aga Khan Foundation,
Sarojini House, 2nd floor,
6 Bhagwan Dass Road,
New Delhi -110001 |
Inlaks
Scholarships:
U.S. $ 5,000 awards for the
students from the Asia-Pacific
region going to the U.S. for
study in any discipline. Six
of the 36 awards went to Indians
in 1998. Applications must reach
the program’s Malaysia
office by 15th September. Decisions
are announced by 31st December.
For more details and application
form, send a self addressed
envelope to:
Inlaks Foundation,
PO Box 2108,
Delhi-110007 |
AT&T Leadership Awards (For
U.S. only):
Upto Rs. 50,000 interest free,
for postgraduate studies in
several disciplines. Application
forms must be requested before
1st March of the year of award
and completed forms must reach
by 30th April of the year of
award.
For more details and application
form, write to USEFI
or Emai : awards@attmail.com
or fax at (886) 2-2715-7013
(attn: AT&T Leadership Award)
|
Rotary
Ambassadorial Scholarships:
The scholarship amount goes
upto U.S. $ 23,000 for studies
in any subject and any country.
For any information, contact
any Rotary Club office or write
to:
The Scholarships program,
Rotary Foundation,
Rotary International, One Rotary
Centre,
1560 Sherman Avenue,
Evanston, Illinois, U.S.A. |
|
|
|
|
| |
| Scholarships
& Financial Aid in Canada |
Limited
financial assistance is available for international
students coming from abroad. However, some schools
may offer scholarships (based on academic merit)
specifically for foreign students. It is best
to ask the student advisor at your school to see
what is available. However, keep in mind that
many people apply for these awards, and scholarships
do not cover the entire cost of study.
|
Types
of Scholarships |
The
Commonwealth Scholarship and
Fellowship Plan
The Commonwealth Scholarship
and Fellowship Plan enables
Commonwealth students of high
intellectual promise to pursue
studies in Commonwealth countries.
Awards comprise of travel,
a living allowance, and all
compulsory tuition fees.
|
Shastri
Indo-Canadian Institute
Shastri Indo-Canadian Institute
offers a number of fellowships
at various levels from graduate
to post-doctorate and from research
and training fellowships to
lectureships.
|
Ontario
Graduate Scholarship program
Ontario Graduate Scholarship
program scholarships are available
to graduate students in a
wide variety of disciplines.
Students must have been accepted
to a Ontario university, and
obtained a valid student authorization.
Social Science and Humanities
Research Council is Canada's
funding agency for university
based research and graduate
training in social sciences
and humanities which embrace
a wide range of disciplines
and fields of knowledge.
|
NSERC
National Science and Engineering
Research Council is a national
instrument for making strategic
investments in Canada's capability
in science and technology. NSERC
supports both basic university
research through research grants
and project research via partnerships
of universities and industry.
|
National
Research Council of Canada
National Research Council
of Canada Research Associateships
are offered to masters degree
holders in engineering, and
Ph.D. holders in natural science
or engineering disciplines. |
Quebec
Provincial Government Scholarships
Quebec Provincial Government
Scholarships are available to
those studying in Quebec .Teaching/
Research Assistantships are
assessed in the general application
.Financial assistance is frequently
available to students studying
at the masters level and above,
the amount of funding is likely
to increase with the level of
study. Full funding, tuition
and expenses, is more common
at higher levels of studies,
however, each application is
assessed individually on the
basis of merit. |
|
|
|
| |
University
Funding |
 |
Graduate
Courses |
| |
Students
at the graduate level may qualify
for teaching and research assistantships
based on their academic abilities.
Applications for this type of assistance
are made through the university's
financial aid office. |
|
Types
of Assistance
|
| |
Merit
based assistance is awarded in many
forms, from tuition waivers, various
types of assistantships, to fellowships.
The most common are listed here
: |
| |
|
Tuition
Waiver : |
| |
This
means that the student does
not have to pay the tuition
fees at the university.
However, general fees (for
the use of university facilities
like the library, computers,
and sports and health services)
usually have to be borne
by the student. A tuition
waiver is frequently awarded
in conjunction with a scholarship
or teaching/research assistantship.
|
|
Scholarship
/ Fellowship : |
| |
This is usually an outright
grant based on the student’s
academic ability and performance.
Hence, Only a truly outstanding
student may be considered
for this type of award,
before enrolling at the
university. A full scholarship
would pay for a student’s
entire living expenses at
that university, whereas
a partial scholarship would
require additional funds
from the student. |
|
Assistantship
: |
| |
Most
students who receive assistance
do so in the form of an
assistantship, i.e. is usually
a cash stipend, sufficient
for their living expenses,
and/or tuition waiver, in
return for which they have
to work for a maximum of
20 hours per week which
normally consists of teaching
and research activities.
These are usually for graduate
courses. Teaching assistantships
are more likely to be in
universities, which have
large undergraduate classes
whereas research assistantships
tend to be more common in
those fields and universities
in which considerable research
is going on. Information
brochures of most universities
give this information. Often,
teaching and research abilities
must be proved before assistantship
is granted. Hence, many
universities grant this
only after the first semester.
You may also be required
to take TSE (Test of Spoken
English) to qualify for
a teaching assistantship.
|
|
|
Who
Should Apply? |
| |
Students
will have a greater chance of getting
financial aid if they : |
| |
|
Show evidence
of a high level of academic
achievement |
|
Achieve
high Standardized Examination
scores (GRE, GMAT, TOEFL etc.) |
|
Demonstrate
financial need but have private
funding to cover some of the
cost. Financial need is not
crucial for some awards. |
|
Enroll
in a field or have teaching
experience in a subject offered
at the undergraduate level
(to increase opportunities
for a teaching assistantship) |
|
Specialize
in a field or have a research
interest which parallels that
of the department and faculty
or private funding source
(which increases opportunities
for research assistantships
and grants) |
|
Have
outstanding letter(s) of recommendation
and an impressive statement
of purpose. |
|
Send a sample
of professional writing, published
or otherwise. |
|
|
|
|
THE
IMPORTANCE OF NETWORKING IN FINANCIAL
AID
|
| |
Many
graduate departments at universities
offer teaching assistantships or
research assistantships to their
graduate students (students pursuing
a master's or doctoral degree particularly
in engineering). Assistantships
usually involve a tuition award
and some sort of salary in return
for teaching or research duties.
Every school has a limited number
of openings for assistantships based
on the amount of funding allocated.
As a result, such scholarships are
merit-based, meaning they are competitive,
based on your academic performance
to date.
|
| |
Individual
departments at the university generally
control funds. It always helps to
write directly to the department
to inquire about available funding.
Students who are research oriented
or have published papers in a particular
field should contact professors
interested in that field. By contacting
professors in advance and building
a relationship, you can greatly
enhance your chance of getting aid.
|
| |
Unfortunately,
there are many deserving students
who do not get aid along with the
admission. If you are one of them
and plan on joining anyway, we strongly
recommend you arrive a few days
prior to the registration time.
This will give you an opportunity
to personally talk with the professors
and sell your skills. Professors
usually have funding available for
various projects and you may be
able to find something that matches
your skill set. We also strongly
recommend that you don’t restrict
yourself to your particular department.
There are several opportunities
in other departments particularly
for students with strong computer
skills. You have to be aggressive
and persistent in your approach.
Although there is no guarantee that
you will get financial aid, it is
well worth the try. Always remember,
if you don’t ask, you don’t
get. |
|
|
|
| |
| Sources
In New Zealand |
There are scholarships available for International
students from various New Zealand universities.
The most important ones are listed below:
|
University
of Auckland International Doctoral Scholarship
|
The
University of Auckland established these
Scholarships in 2000 in order to attract
and assist International students to pursue
doctoral research at the University.
|
The
Scholarships will be available annually
to students enrolling at the University
of Auckland for the Degree of Doctor of
Philosophy. Applicants are expected to have
an excellent academic record. The Scholarships
are only tenable by students who are neither
citizens nor permanent residents of New
Zealand or Australia.
|
Applications
for the University of Auckland International
Doctoral Scholarships must be made on the
application form available from the International
Office or by downloading it from the link
below. The completed application form is
to be submitted to the International Office
no later than August 1 in the year preceding
the award. Late applications will not be
considered. The University of Auckland International
Doctoral Scholarship has a value of $18,000
per annum plus up to $15,000 per annum as
a contribution towards PhD (tuition) fees.
|
Download
the International Doctoral Scholarship &
International Doctoral Fees Scholarship
Application Form, print it out, and fill
it in. This form, together with supporting
documentation should be sent to:
|
International
Office
The University of Auckland
Private Bag 92019
Auckland
New Zealand. |
|
|
|
|
