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How to study abroad without breaking the bank?

planning finances and checking out scholarships abroad for masters

Higher Ed is about 3 things, courage, confidence, and the right calculations. Today, we are talking about a few realistic calculations and the key to financing one’s education and getting scholarships for studying abroad.

Is there a way to manage a budget for your university expenses and still aspire to study abroad? There are many ways to obtain financial aid and acquiring scholarships for studying abroad is one of the best options to go about it. Here, we give you a list of the various ways you can support your education all by yourself.

The US education system is always eager to help bright young minds and hence offer merit-based scholarships. In this article, we offer you some of the best advice about how to get a scholarship to study in the USA and lessen the strain on your bank account.

Breaking myths around scholarships for studying abroad

International students can get full scholarships for studying abroad
Don’t fall prey to the myths around scholarships

Scholarships are merit-based financial incentives that are judiciously allocated to encourage students to continue their education further. Many students lose out on these scholarships for studying abroad due to a misconception that only the most brilliant of all students qualify for them, and that it is futile to try otherwise. While you need to prove your mettle to obtain these scholarships, it is not impossible. Here are a few scholarships that are given by Indian Foundations that you may qualify for-

    1.  S.N. Bose Scholars Program
    2. Nehru Full-bright scholarship
    3. Tata Scholarship for Cornell University
    4. Inlaks Shivdasani Foundation Scholarships
    5. Stanford Reliance Dhirubhai Fellowship

Apart from these consider requesting for a scholarship to the University your applying for. Most Universities have resources allocated to aid students in need. If you’re looking for that, read into the next section below.

Financial aid from universities 

Tuition fees for non-resident students is a lot higher than those for the local residents. Having said that, various Universities offer financial aid and full scholarships for studying abroad to hundreds of foreign students. Schools such as Massachusetts Institute of Technology (Scholarships worth $39,339), Johns Hopkins University (Scholarships worth $35,195), Northwestern University (Scholarships worth $34,882), and many more offer the aforementioned aid. To know about each school’s profile or about other Institutions head over to our website.

Employment

Teaching assistant is one of the financial aids provided by the university
Working is a quintessential part of your Master’s Abroad

Did you know, as a full-time student, you can apply for the position of a Graduate assistant or a Teaching Assistant and receive wages or stipend for it? Another lesser-known alternative is Co-operative education. This program allows you to integrate your education with supervised work. There are also various Internships and Apprenticeships that are run part-time during the semester in the US.  These may be a bit low paying, but they allow you to obtain valuable hands-on experience in your field of choice and help you shave off some amount from your total list of expenses.

Choose your University wisely!

Shortlist universities that match both your scores and your budget

Let’s face it, Higher education in the USA even with all the grants and scholarships you acquire is going to be expensive. Therefore, choosing a well-ranked university with slightly lower tuition fees will definitely help your bank account in the grand scheme of things. Schools such as the University of Pennsylvania($20,144), Iowa State University($20,856), Florida State University($21,673) and many others have lesser tuition fees than other universities whose tuition’s can go as high as $53,000. We are not saying aim low but aim with strong foresight. After all, studying is a massive investment that should balance out the returns once you finish your program.

Student loans

Students can get Study abroad loans
Loans can be paid a year after course completion and have tax benefits

Even if you are unable to find grants or scholarships that will help you with your higher education funding, worry not! Student loans are a widespread option that is definitely worth considering. Both government-based institutes and private financial institutions offer monetary funding for studying abroad.

Look for a loan basis parameters such as – Interest rate, waiting period after the course has been completed to initiate pay off and the like. Not to mention, an indirect benefit of higher education is the tax benefits.

We hope this article helped you believe in the possibility of striking a balance between your finances and studying abroad.

For more tips and information on scholarships for studying abroad, you can also check out our blog about the different types of scholarships for studying abroad, 5 simple and easy ways to fund your dreams of studying abroad

Please leave your comments and questions below or feel free to reach out to us. We at iSchoolConnect are always glad to help with any higher ed-related queries.

Visit the Students Home Page for help with applying to schools and avail benefits like on the spot university and course recommendations, application waivers and more!

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About the author

A writer by day and a reader by night, Rashmi is a quirky cog, in the wheel that is iSchoolConnect. She spends her days writing intriguing and informative articles about all things Higher-Ed.

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