Do you need a scholarship to study abroad?

Scholarships are a popular form of financial aid for students aspiring to study abroad. The coverage provided by a scholarship program largely depends on whether it is fully funded or partially funded. It also depends on the type of scholarship, such as merit-based or need-based, and the scholarship provider - government, university, private organisation, etc.

• Fully funded scholarships: As the name suggests, a fully funded scholarship program provides complete (100%) coverage of all costs incurred by the student in studying and living abroad. These include tuition fees, cost of books and school supplies, and living expenses. Some programs also cover airfare to the host country.

• Partial scholarships: They partly cover the total costs of studying/living abroad. A portion of the costs is covered by the scholarship program, with the students need to pay the rest. They are, however, still effective in lowering the overall costs abroad.

• Merit-based scholarships: These scholarships are awarded to students with exceptional academic records, artistic brilliance, or strong athletic performance. They are designed to reward student merit by covering all costs.

• Need-based scholarships: These types of scholarship programs can significantly help students with a genuine financial hardship access top-quality education at international universities. They cover tuition fees, cost of living, and other expenses, making international education affordable for students from lower-income backgrounds.

If you’ve been thinking, “Can I study abroad without a scholarship?”, the answer is: yes. You can rely on popular alternative sources of funding for your higher education overseas. However, note that while other funding options are available, scholarships remain the most hassle-free option to fund higher education abroad. They do away with the need to accumulate money upfront or pay it back after your studies.  
 
That said, here are some popular options to fund your study abroad goals if you choose not to avail a scholarship:

• Self-funding: You can depend on the savings that you have accumulated by working for a few years before pursuing higher education abroad.

• Low-cost countries: You may choose to study at a country that offers relatively lower tuition fees and other education costs. For instance, Canada, when compared to the USA or the UK.

In addition to the options highlighted above, there are plenty of study abroad funding options in place of scholarships:

• Student loans: Education loans are a popular means of alternative funding for higher studies overseas. International students can access study loans from public or private banks and financial institutions, as well as from certain government bodies. The terms of loan repayment are often flexible, making them an attractive option.

• Bursaries are an ideal funding option for students with genuine, proven financial need. You will need to submit certain documents, such as proof of income or tax statements, to be considered eligible for Bursaries. If available, they can significantly help reduce and manage tuition fees and other living costs abroad.

• Assistantships: A reliable source of funding for students pursuing postgraduate programs abroad, such as a Master’s or PhD program. Pursuing a Research Assistantship (RA) or Teaching Assistantship (TA) helps students earn a stipend and receive tuition waivers in exchange for work.

• Family sponsorship: Receiving financial support from family is yet another way to finance your studies overseas.

Managing the cost of studying abroad can seem overwhelming, but it can be effectively managed to make it more affordable for students. Make sure to choose your study-abroad destination wisely, create a well-planned budget, and manage your living expenses effectively.

• Create a realistic budget: Craft a practical monthly budget plan carefully considering all your expenses - tuition fee, housing, food, transport, and medical insurance. Always keep an extra 10-15% buffer for unexpected expenses, such as leisure or entertainment.

• Carefully choose a study abroad destination: When opting for which country to pursue your higher education, look for countries that fits your budget and offer more affordable tuition and living options. Some countries offer relatively lower tuition rates or student exchange programs.

• Manage your living costs effectively: Make choices that keep your overall cost of living to a bare minimum. Choose on-campus accommodation or shared housing over rented single apartments, cook more often than dining out, opt for public transport over taxis or private cars, and use student ID cards to avail yourself of discounts on shopping.

It is advisable to start researching and applying for scholarships as early as possible. This is because some programs are highly competitive, and the slots may fill out sooner.

• Adhere to the timelines: Application timelines and deadlines may vary by scholarship program. It is best recommended to begin the research and application process early (at least 12 months before you require funding to apply for a course abroad). Also, check the deadlines for each program and ensure you follow them diligently.

• Gather the required documents: When applying for a specific scholarship program, review the complete list of documents to be submitted. This generally includes official academic transcripts (merit-based), proof of financial support (need-based), proof of identity, and more.

• Check eligibility criteria: Different scholarships for international students have different eligibility requirements. Check each of them carefully before applying.

There are some common misconceptions about scholarship programs, some of which are tabulated below along with their corresponding facts, to help you understand better:

Which scholarship program should you opt for to finance your study program abroad? The experts can help. IDP Education’s study abroad consultants offer comprehensive guidance and personalised support to identify and apply for the best scholarship programs overseas. Here are the several ways we can help:

• Find a Scholarship tool: It is available on the IDP Education website and allows you to easily research multiple options that align with your course and study destination abroad.

• Personalised counsellor advice: Our consultants are happy to help you with free personalised counselling on shortlisting the best scholarship and checking whether you meet the eligibility criteria.

• FastLane Service: Our FastLane tool can help you receive a provisional offer in principle in minutes, without even applying formally! This helps speed up the scholarship application process.

To conclude, getting a scholarship first to study abroad is not really necessary. While there are several alternate ways of funding your dreams abroad, scholarships do make your study abroad journey a little more easier and much more affordable.