Where to Find the Financing for Study at College Abroad

The dream of studying abroad is absolutely real. A few years ago, everyone who was dreaming about foreign education had to ask their parents for material support. Today, any student has a possibility to study for free. And in most cases, everything they need to do is just discover the market and find the possibilities provided by the organizations and sponsors.

It is hard to believe, but European universities have almost 16 billion euros for international scholarships. Can you imagine how many places for studying they have? In fact, you just need to pick a proper college or university and apply for a scholarship. In most cases, the requirements are so low that every third applicant has a chance to be financed. Of course, the applying itself can be time and effort-consuming but it totally deserves what you get.

There are 5 types of scholarships for international students, each of them suitable for different situations: fellowships, specific scholarships (for ethnic minorities), grants, student loans, and student prizes. Each of the listed scholarship types has its advantages and peculiarities.

Fellowship

These scholarships are given to students with taking into consideration their previous academic achievements, hobbies, sports career, affiliations, or talents. Fellowships are sponsored by various organizations including universities and governments. To apply for a scholarship, you need to write an application letter or a personal statement.

Writing a good personal statement is perhaps the most important and the most responsible part of the application process. In this statement, you need to present yourself as a person who deserves to get the financing and join the list of students. You need to impress the board with your words. You need to understand how to use your achievements, your personal qualities, and your intentions. Students, who do not work carefully on their personal statements, frequently lose the chance to change their lives. So, take your time to write an effective letter.

Specific scholarship

This type of scholarship is not for everyone. In fact, only limited groups of students may expect to get it. As a rule, this scholarship is available only to ethnic minorities. Local governments finance the education of students from some foreign countries.

Grants

If we compare grants and fellowships, we will notice an important detail that actually makes these two types of scholarships different. The matter is that a fellowship is merit-based, which means that you need to achieve something to get it, and a grant is need-based, which means that you need to lack something (for example, money) to get it. A grant is considered to be a form of non-refundable financial support which makes it even more attractive for students.

Loans

Sometimes, the desire to study in a foreign university is so huge that a student is ready for everything to make it true. They take a student loan – a type of refundable financing which seems rather attractive until you start to analyze its drawbacks. However, sometimes student loans have quite affordable conditions that are worth your attention. You just need to make sure that you check all possible issues with this type of financing.

Prizes

This is perhaps the most desired and the fairest way of getting financing to study abroad. Student prize is exactly what the words stand for – the prize for a student granted for certain achievements. The sum of the prize can be different. It depends on the competition where you participate. This is a one-time reward and you can use it to get a scholarship for the next year.

Where to find a sponsor for your financing

If you are interested in finding help for studying abroad, you need to learn about the sponsors who may support your intentions. There are 4 types of them, and each provides various grants, loans, and scholarships of any type.

Federal Student Aid: it is extremely important to learn about all peculiarities of this organization in order to fill application properly and get the chance to receive finance aid.

Institutional Grants and Scholarships: if you know where you want to study, you may just check the website of the university or college looking for the grants and scholarships that they provide.

Federal Loans for Parents: your parents may help you with studying even though they do not have money. They may borrow it from a certain organization. These loans have more affordable rates than banking loans.

Private Scholarships: frequently, universities provide scholarship options in other countries. To apply for this problem, you need to be a student of this university and attend special programs.

Studying abroad is no longer a choice for rich students. If you are talented, hard-working, and dedicated to your goals, you can find a scholarship that will suit your demands and will help you with making your dream come true.

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