They say education is the key to success and there is little doubt about it. Through education, many people have achieved their life goals. In fact, each and every day we learn something new in our lives. The role of good education is immense in a person’s growth. That said, getting a quality education does come at a price. There have been instances when students have got the confirmation of admission but financial factors have hindered their way. This is exactly the reason why funding your education becomes an important cnosideration.
Funding comes in many forms, it can come from
- Your parents/a relative, if you are young
- Self, if you are working
- Organizations
- Scholarships
Sometimes, funding at the primary or basic school level is not difficult but it becomes a problem when you are entering into high school or college to undertake an undergraduate, masters or Ph.D. program. This is why many banks or financial institutions have an educational plan for parents who want their children to climb up the academic ladder. It is a good idea to put those plans into action, especially for those who have more than one children.
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Also, if you have twins, it is obvious that you will pay a double fee every time as compared to if you have only one child. Therefore it is prudent that you start putting those plans in work.
If you are going to finance your education by yourself, then you need to put some money aside. Many organizations also offer financial support for their employees to upgrade their academic qualifications.
Apart from these, there are over millions of scholarships available every single year for you to take benefit of. These scholarships come as either full scholarship, partial scholarship, tuition fee waiver, renewable and non-renewable scholarship.
Full Scholarship
A scholarship is sometimes considered as a full scholarship when it covers all tuition fee and includes monthly stipends, trips or field work, air trip from the applicant’s home country to the school and return air ticket. Sometimes, it also includes health insurance, visa application fee, warm clothing allowance, excess luggage allowance, arrival allowance, thesis allowance etc.
Partial Scholarship
As the name implies, partial scholarship covers only part of the total expenses in attending the course. Partial scholarship can cover only the tuition fee but not monthly stipends. Sometimes, it can cover 100%, 50% or 25% of the tuition fee and/or monthly stipends but not air ticket, visa application cost etc.
Renewable Scholarship
Some scholarship comes as a lump sum amount which does not specify whether it should be used for tuition fees or for other study related cost. It is up to the scholarship holder to decide what to use the scholarship amount for. This lump sum scholarship can be renewed or it can be a non-renewable one. Renewable scholarship means that the amount will be received every year until the scholarship holder finishes the course.
Non-renewable scholarship
Non-renewable scholarship is received once. This is usually at the beginning of the course or the program and you will not receive it again. Sometimes non-renewable scholarship covers all your expenses until you complete the program.
Tuition Free Universities
Aside scholarships, there are many countries that offer tuition free for international students. Countries like Germany, Norway, Sweden etc. There are many sites to look for these scholarships.
Check out, Top 5 myths every student has heard about scholarships.
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