To have a successful study program abroad, you need all the financial support you can get. Funding can come from family members, friends, the school and even the government. There are lots of Student funding options and most of them don’t need to be paid back.
Here are some examples and the differences between them:
- Student Loans
A student loan is a type of money borrowed from the federal government or private lender designed to help students pay for their tuition, books and supplies, and living expenses. This type of loan differs from other kinds of loans in terms of interest rate, it is usually lower and students are given considerable time to repay. Federal student loans have lower interest rates and more flexible repayment options than private loans. Student loan criteria differ in many countries.
- Student Grants
A student grant is a money awarded to somebody to fund their studying at a university or college. This money is used to cover college expenses such as; rent, food, buying textbooks or paying tuition fees. Unlike loans which require to be paid back, Grant is not required to be paid back, it is money given to you to finish your education with no interest attached! This Grant, are available to students who meet the criteria of the country they reside in. Grants along with scholarships are often called ‘gift aid’.
- Student Scholarships
Student scholarships are financial aid awarded to an academically deserving student to help pay for an undergraduate degree, it consists of conditions and criteria the candidate must meet. It can also be defined as a grant or payment made to support a student’s education, awarded based on academic or another achievement. Some scholarships are one-time based while others are renewable. The scholarship provides financial support for students to pay college fees and to obtain the education they may not have had access to. The good thing about the scholarship is that the student does not have to pay any of the money back.
- Student Bursaries
A bursary is an academic sponsorship that covers the student full costs of study, study materials, accommodation, pocket money for living expenses, and tuition. This type of funding is given based on good academic results or financial needs. The difference with this funding is that the student is expected to pay back by giving their service to the company or entity that sponsored the candidate. They have to work for the same amount of years they sponsored them or paid their fees.
Benefits of Student Funding
Student funding has proven to have huge benefits to the student and University, for example:
- There is a lower chance of dropout because of financial difficulties.
- Many students tend to work on many jobs just to meet the financial demand to fund their school expenses, but student funding can help students concentrate on their studies instead of jobs.
- Graduates who make use of the student funding, develop a stronger bond with their alma mater.
- Students will have to work less to complete their studies on time.
- Loans can be repaid with lower interest rates after you graduate and reach a certain level of income.
Here are five ways to fund your studies
- Crowdfunding for students
- Student loan
- External bursaries
- University financial aid
- The National Student Financial Aid Scheme
International Organizations that offer Financial Aid to Students
Organizations such as The United Nations, Fulbright Commission, and the World Health Organization grant aid to students all over the world. Most of these organizations require you to be in your home country when you apply, so working hard and planning for it is surely a competitive ride. If you are realistic about your financial needs, you will be able to enjoy the exciting academic and cultural experience of your study program as an international student.
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