What are the different student finance options available for higher studies?

What are the different student finance options available for higher studies abroad?

One of the most common questions among aspiring students is how to fund their higher studies abroad. Though you get a good salary, exposure, and access to an international network, all of this comes at a very high cost. For the majority of the students, it is a luxury to study at a dream school abroad.

To make it a tad bit less stressful for you, here is a list of student finance options that may be suitable for you:

 1. Ministry of Education: The ministry of education has various funding opportunities available for students who want to pursue higher education abroad. Usually, there are certain restrictions in the host country for international students and therefore it is viable that you check if there are scholarships, grants or sponsorship provided by your origin country. The eligibility requirements differ from scheme to scheme and so check the eligibility criteria before applying for government-aided funding.

 2. University Scholarships: Even the universities and educational institutions, you are applying for, give scholarships, grants, fellowships, etc. on merit and need basis. It is very important to know that to get university scholarships, you need to apply in the 1st round of applications for most colleges. A good essay stating your reason for the scholarship may help you get full or at least partial payment for the tuition fee.

 3. Graduate Assistantship: Graduate Assistantship involves helping the professors, the lecturers or the university by assisting in checking examination papers, arranging home assignments, coordinating admin departments work, etc. Graduate assistantship may help you in gaining hands-on teaching experience, acquiring knowledge of a professional's work, and simultaneously getting a full or partial waiver of your tuition fees.

 4. Employer-Sponsored: A good number of people study in these prestigious institutions for free, because their current company sponsored the whole course for them. It is quite obvious that you will have to serve the company for a few years after completion of the course but simultaneously you have earned a degree for free, which may help you get even higher roles in the future.

 5. Trusts, Charities, Special Interest Groups: Trusts, charities, and special interest groups set aside a part of their budget for funding higher education abroad. They usually give funding to a niche demographic group but many also give funding based on income level and academic performance of the applicant. Try to portray how you are distinctive from the rest of the applicants and also your drive towards achieving higher education. If possible, brief the organization about how your goals are aligned with the organization's goals.

 6. State Grants: Just like there are government-aided finances, there are also some state grants available for higher studies. For these grants, you need to have a domicile certificate to prove that you are residing in that particular state for a considerable period of time. Once you prove that you are eligible, you can get the grants on need basis or on an academic performance basis.

 7. Ordinary education loan from Banks: Another method to finance your studies is taking an education loan from your bank. Banks, however, decide the maximum amount they can loan you by seeing your credit score, income level, age, and other factors. There is one downside though if the loan amount is big. It is that you need to have a property or any other asset to be used as collateral for the bank loan above a specified limit.

 8. NBFCs: There is also an option to take a loan from non-banking finance companies instead of approaching banks. Few examples of NBFCs are Tata Capital, Avance, HDFC Credila. These companies also provide you with educational loans but keep in mind that they are very strict in terms of your credit score and income. If they see even a slight chance of you not being able to pay the loan amount back, they do not grant the loan. 

9. Internships and Part-Time Jobs: A very popular method used by thousands of students is to do internships and part-time jobs. This helps them in earning anything between $400 to $1600 per month, which can be used for food and lodging activities. This way you are also able to make better use of your valuable time.

10. Prodigy Funding: Prodigy Finance is a fintech company which is revolutionizing the way people are borrowing money for their higher education. It is an intermediary between those in need and private and institutional investors. The loan is granted based on your college and future earning potential. The process to apply is actually quite easy and the best part is that no collateral is required. You also don't have to pay steep interest rates like those charged by banks. The benefit that the investors get is both monetary and social. Currently, more than $700 million has been granted to students.

11. Freelancing: Freelancing, one of the most prominent alternatives for full-time jobs, has become a source of income for thousands of people. Freelancing may include any type of work from building a website for a startup, typing an essay for a student to doing complex coding for a business. There is practically no fixed amount that you may be earning. You can earn as high as $10,000 per month depending on your skill set.

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