Scholarships to Complete Your Overseas Education Dream

Studying abroad, away from your mother and motherland, has never been easy. Besides qualifying for the stern education requirements of some other country and making all the cultural adjustments, students at all times have to think about the money and find out ways to pay for their course. Given the disparaging currency exchange rate, which is getting worse day by day, an ambitious Indian student needs a minimum of INR 30 lakhs for a 2 year post graduate degree course in U.S., U.K, Australia, Canada, etc., countries that are known for their best education system.

This makes it even more important to have a proper and consistent funding arrangements for one’s dream of attaining overseas education. As a matter of fact, during visa interview, one of the most important questions that the aspiring student has to answer is, “How do you plan to fund your course?”. This shows how important it is to have this funding problem solved before you even think of studying abroad. Now that we have discussed the issue in detail, let’s discuss the solution as well. So, what should be an Indian student’s approach in terms of making money arrangements for funding his education:

·   Study Abroad Scholarships – Regardless of their scarceness, most big and reputed universities make available scholarships for genuinely worthy students. As a rule, if your academic record has remained good, your current GRE/GMAT scores also stand at highest percentile and your application submitted shows that you are a top-quality, well-deserved candidate, you can be lucky enough to be selected for a full or partial scholarship for admission to your selected university. It is important for a student to know that these scholarships usually come with predefined conditions, which are generally academic performance specific and these conditions are subject to review after every semester.

·   In house funding – For most Indian children, their biggest support and fund-raisers are their parents. Make sure that if you are planning to state your parent’s money as the source of funding your education, you will be needing detailed information and legitimate statement of their income and assets. All these details are to be submitted at the time of visa interview and there are chances that you need to mention these details as part of your college application as well. Then, there are situations wherein you are receiving the required funding from relative, a citizen of the country you are applying at, their financial records should also be made available to the visa authorities.

·   Education loans – Many private and government sector banks offer education loans to students who wish to study overseas, this probably is the most common form of funding arrangement made by Indian students. The banks make sure that they offer these loans at affordable interest rates. State Bank of India offer education loan of up to 1 crore, of course lending such a huge amount, bank take a guarantor, also known as the co-borrower (typically a parent), this co-borrower should have a strong financial standing and tangible security, which include: Fixed deposits, Gold, NSC, etc. The bank as per the loan amount take these things as security.

· Grants  - We have already read about the available Scholarships to Study Overseas, apart from these, there are many foreign universities and charitable foundations that offer grants for the overseas education to the deserving students from economically weaker sections of the society. However, these organizations have very strict requirements and evaluation process.
Some very common grants include:

1.     The Fulbright-Nehru scholarship

2.    Manmohan Singh scholarship

3.    Rhodes scholarship for Oxford University

4.    Commonwealth Scholarship

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Created on Feb 18th 2019 05:52. Viewed 468 times.

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