Scholarships
Overview
Scholarship is “an amount of money given by a school, college, university, or other organisation to pay for the studies of a person with great ability but little money.” Some scholarships are more flexible, allowing all students to apply regardless of their academic abilities or finances.
Differences between scholarships and grants
Both scholarships and grants are types of gift aid, which means students do not need to pay the money back. But grants are usually need-based, and often go to young people who cannot afford the costs of their studies. In contrast, most scholarships are awarded based on academic, athletic, or artistic abilities.
Differences between scholarships and student loans
Unlike scholarships, student loans are a form of financial aid that needs to be paid back, sometimes with interest. Student loans can be both a blessing and a curse in disguise. In the US, for example, student loan debt has reached an eye-watering 1.5 trillion USD in 2020.
Scholarships can come from many sources and you’re usually eligible to receive more than one. Check the guidelines for all study abroad scholarships to see what you qualify for. There are several different sources, such as:
- Universities
- Governments
- Organizations
- Businesses
- Private donors
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Who can apply for scholarships?
Anyone who meets the application requirements can apply. Yes, it’s a ‘Captain Obvious’ answer, but different types of scholarships target different students. Always check if you can apply, if the scholarship application deadlines are up-to-date, and if the scholarship is open to national students, international students, or both. Speak to us if for futher guidance & counselling on the best suited scholarship opportunity for you.
University Scholarships
Universities will readily help their students find study abroad scholarships and international grants. Admissions offices may automatically offer scholarships and grants when you apply, or they may require that you apply for financial aid in advance.
Government Scholarships
When you’re looking for information on how to get a scholarship to study abroad, don’t overlook government scholarships! Federal or state governments are a great source of financial aid for international students.
Private and Individual Donor Scholarships
Many companies, foundations, community organizations, and clubs sponsor scholarships for studying abroad. Organizations offering these types of private scholarships can be institutions such as labor unions, religious centers, public organizations or clubs. These ‘external’ or ‘private scholarships’ are generally a one-time form of aid, and will vary in amount and usually have specific eligibility requirements set by the donor.
Merit-based Scholarships
Merit scholarships are typically the ones that come to mind when you think of a scholarship. In order to qualify for a merit scholarship, you must demonstrate academic excellence. The most obvious indicator of your academic achievement is your grades. However, merit scholarships aren’t just limited to your grades. Some universities will also take into consideration any special talents you may have, including athletic abilities or musical skills.
Need-based Scholarships
As the name suggests, need-based scholarships are awarded to students who have demonstrated that they have financial needs to pursue a study abroad experience. If the student is still supported by their parents, the scholarship provider will analyze the parents’ income and ability to pay for the tuition fees. They may also look at factors such as citizenship and residence status, the number of members in your household, tax statements, or employment. If the student supports themselves, their own income will be assessed.
Athletic Scholarships
Athletic scholarships are given to top-notch athletes by universities to recruit them for their athletic teams. Full-ride scholarships for athletes are common among many universities, especially in the United States. Athletes compete for these prized athletic scholarships, but they also come with a price.
Program or Field Specific Scholarships
Program-specific scholarships are most often related to a specific level of studies such as bachelor’s or master’s level, or to a specific program, such as an engineering or a nursing program. For example, a university may offer master’s degree scholarships for any of its master’s students or the engineering faculty may offer specific scholarships for master’s programs in engineering for its engineering students.
Minority Scholarships
If you belong to a minority group, take advantage of the scholarship options established specifically for you. Most universities want to ensure they are providing equal access to education. Therefore, they offer scholarships to members of marginalized groups that may not otherwise have access to the same opportunities as more privileged students.