5 Ways To Help Fund Your Overseas Degree

Pursuing a recognized overseas degree can seem expensive, but there are many financial schemes and assistance options available to help manage the costs.

We believe that finances shouldn’t be a hindrance when it comes to chasing your dreams and aspirations.

Hence, we’ve got you covered! Here are 5 ways to fund your overseas degree:

1) Merit-Based Scholarships

Merit-based scholarships are probably the ones you’ve heard of the most. They are awarded by several institutions, from the University itself to the government, to even professional corporations.

White the mode of assessment and eligibility criteria vary from scholarship to scholarship, they typically assess a candidate based on grades and other non-academic achievements, including passion and participation in community work.

Scholarships awarded by Universities

Academic performance is usually the main consideration when it comes to scholarships awarded by Universities. They are looking out for the cream of the crop and you surely need to do exceedingly well in other non-academic aspects too to stand out against other candidates.

Aside from tuition fees, such scholarships may even cover accommodation and lodging fees, insurance and living expenses. However, scholars do have to keep up with academic expectations during their course of study. Failure to do so might result in their scholarships being revoked.

Here’s a list of Universities that give out the highest number of merit-based scholarships per school year:

• University of Bristol, UK

• Columbia University, US

• University of Birmingham, UK

• Cardiff University, UK

Scholarships awarded by Government

2) Student Grants

Also called need-based scholarships, these are awarded based on applicants’ social-economic statuses. They usually also take into consideration students' special needs such as physical/mental disabilities.

Student grants are available to remove financial roadblocks from students’ lives. They serve as a bedrock for helping financially underprivileged students to gain a new outlook in life, a foothold in a new stratum of society.

3) Student Loans

There are a few options for this. You can get a student loan from the government, a local bank from your home country or a foreign bank in the country you’re studying in.

The loan terms are generally similar across most banks, where at least one guarantor is required to be a family member with a reasonable salary.

Student loans from the government are usually more economical and can even come with 0% interest rates. However, you are only qualified for student loans from the government if you intend to pursue an education at an autonomous institution.

Choosing a bank loan with favourable interest rates will help with alleviating the financial pressure off you and grant you a more fulfilling time overseas.

4) Sports Scholarship

Sports scholarships are usually awarded to high performing athletes who take part in national or international competitions.

They are also awarded to students who display exceptional performance or talent at a specific sport and want to practice it at a respective education institution.

This is advantageous for the school institution as well since they will be accepting students of high sporting abilities who can contribute to the wider diversity of the school community.

The eligibility criteria for such scholarships are usually more holistic but that being said, scholars are still required to uphold certain standards and expectations that come with accepting such scholarships.

Here’s a list of US universities that are most generous with sports scholarships:

• Fresno State University

• University Of Illinois

• Ohio State University

• North Carolina State University

• Michigan State University

5) Company & Employer Scholarships

Another alternative to fund your college/university fees is through company scholarships.

Such scholarships are usually awarded when a company deems a certain individual to be potentially value-adding to the company, hence is willing to fund the individual’s university education.

However, that comes with the reciprocation of serving a mandatory bond with the respective company after the individual completes his/her course of study.

While a bond helps you to secure a job post-graduation, you have to consider whether it’s a bond you can truly commit to in the future. Breaking of bonds can result in extensive monetary penalties of hundreds of thousands of dollars.

Always remember to read the fine prints carefully and be sure of what exactly you’re signing up for, before fully accepting the scholarship!

Study Abroad With IDP Today

Still unsure of which scholarship to apply for?

Our education counsellors will be more than willing to get that sorted out for you!

Our professional counsellors will help you choose the right scholarships and understand the details of bonds and financial aid every step of the way.

Book an appointment with our IDP counsellors to see what’s installed for your future!