Study abroad scholarships and other ways to fund your studies

What is covered in this article?

• Different ways to fund your studies
  • Study abroad scholarships
  • Grants
  • Student loans
• How can we help

There is an amusing quote about money, attributed to Hilary Hinton or Zig Ziglar, an American author and motivational speaker. He said, ‘Money isn’t the most important thing in life, but it’s reasonably close to oxygen on the “gotta have it” scale’. Students planning their studies abroad will irrefutably agree to this statement. One of the major concerns for students aspiring to study abroad from India is the money involved in it. Of course, that is not the only important factor in realizing your study-abroad dreams.  Getting the right score, having good Letters of Recommendation, coming up with a convincing Statement of Purpose, clearing the competitive exams etc are all equally important.

But the one requirement that might feel like a roadblock is the expenses involved. Some destinations like New Zealand demand that international students pay the entire tuition fee for their course before coming to the country. Let us remind you – getting funds for your studies abroad should not be a roadblock, simply because there are ways to overcome it. Study abroad scholarships for Indian students is just one of them.

Study abroad scholarships and other ways of funding

Scholarships, educational loans, grants and support from sponsors are some of the ways to fund your studies abroad. We’ll get you the details of these.

Study abroad scholarships for Indian students

Scholarships are one of the most popular and preferred methods of funding your studies abroad. The advantage is that you don’t have to worry about paying it back.

Scholarships are offered by educational institutions, private organisations, companies or businesses or the state or federal governments. They can be broadly classified as merit-based scholarships, need-based scholarships and student identity scholarships, depending on the core criteria for selecting candidates.

Are you specifically looking for information on scholarships at different destinations abroad? We’ve got you covered:

Scholarships to study in the USA

Some of the scholarships to study in the USA include the Fulbright Foreign Student Programme, the Fulbright Scholars Programme, the Humphrey Fellowship and the Humane Studies Fellowship. Check out our article on some of the funding opportunities for Indian students planning their studies in the USA.

Study abroad scholarships in the UK

Chevening Scholarships and Commonwealth Scholarships are the most popular scholarships to study in the UK. Apart from these, the institutions you apply to will have some or the other scholarship schemes you are automatically eligible for, or ones you can apply to. Get details about the different study abroad scholarships from our article on financial assistance for higher education in the UK.

Scholarships to study in Australia

Australia Awards, Australian Government Research Training Programme, and CSIRO Data61 scholarship programme are some of the Australian scholarships available for Indian students applying to Australian universities. Australian institutions are also popular for providing several scholarships in the form of reductions in tuition fees. The Maitri Scholarships Programme is the newly introduced merit-based scholarship for students in STEM or health-related courses.

Scholarships to study in Canada

Among the most popular scholarships in Canada is the Quebec Government Scholarships. Check out our article to get more details about the different scholarships in Canada.

Eligibility requirements for scholarships

Most merit-based scholarships come with a demand that the student should exhibit good academic performance throughout their studies or else they might lose their rights to the scholarship.

Though the eligibility requirements vary for each scholarship, some of the basic requirements include having a good academic score and clearing competitive exams like IELTS, and GRE/GMAT.

You might be aware that scholarships are competitive, but that doesn’t mean there is a shortage of scholarships you can apply to. Check out our website which lists more than 5000 different study-abroad scholarships offered by institutions in different countries abroad.

Grants for studying abroad for Indian students

Grants are also a form of financial aid and are similar to study abroad scholarships in that the student does not have to pay it back. Grants are mostly need-based and are offered to students who are not in a position to pay hefty tuition fees. Grants are also offered for research purposes and are called research grants. For example, Science Foundation Ireland is an organisation that offers research grants in Ireland. The words ‘grants’ and ‘scholarships’ are often used interchangeably.

Educational loans to fund your studies abroad

The thought of applying for education loans should have already crossed your mind. Here are some aspects of educational loans that you should keep in mind:

• Most educational loans for full-time studies require a co-applicant who can be your parents, sibling, spouse or other family members.
• Some banks also request collateral security for higher loan amounts.
• There will be a set minimum loan amount.
• The interest rates for educational loans can range from 8.6% - 13.7% or more.
• The repayment period can go up to 15 years.
• Most educational loans cover tuition fees, examination fees, library fees, accommodation fees, and travel expenses among other things.
• Some banks also ask for a processing fee per application. For example, SBI asks for a processing fee of 10,000.

Get details on some must-known facts about study abroad scholarships.

Some of the banks that offer educational loans to study abroad include the State Bank of India, HDFC Bank, Union Bank of India and ICICI Bank.

Check with the different banks offering educational loans, and go through the eligibility requirements, fees and other clauses before deciding on one.

How can we help?

Our advisors will help you explore all your funding options. They have first-hand information about the various study abroad scholarships offered by different institutions and faculties abroad and are well-equipped to suggest you the best scholarships to apply to.

Here are some ways you can get help from IDP counsellors in your study abroad journey.

• Using our in-house scholarship search tool, we can help you find scholarship schemes that you can apply for. 
• We’ll tell you how to apply for these scholarships.
• We’ll give tips on student loan applications and put you in touch with our banking partners.
• We will also take you through the various part-time job options available for you in your elected study destination. That extra cash should help you cover your living expenses abroad.

Once you’ve explored our tips and suggestions, you will know how to go about funding your studies abroad.

FAQs on funds and study abroad scholarships

How much money should I have to study abroad?

The money required to study abroad will vary based on the destination you choose the institution you get admission to and the courses you apply to. We can only give you tips to study abroad with less money. We would also suggest using our course matcher tool to get a list of institutions offering courses in your preferred subject within your budget.

How can I get a 100% study abroad scholarship?

You might get study abroad scholarships that over 100% of your tuition fee. Such scholarships are very limited and highly competitive. But one that covers every expense involved in studying abroad does not exist.

Which scholarship is best for Indian students to study abroad?

Scholarships for studying abroad are plenty. It would be best to look for a scholarship with conditions that fit your requirements. Look for scholarships offered by universities and faculties. You can use our scholarship search tool to find the one that is the best fit for you.

Can an Indian study abroad for free? How can I study abroad with no money?

Though there are organisations and institutions that might be ready to cover a major portion of the tuition fee, it is practically impossible to study abroad for free or with no money. The best way forward is to look for and work towards getting a scholarship. That way, you don’t have to worry about paying the money back. Once you are in your study destination, look for part-time jobs to ease your financial burden.

We hope you got a complete idea of the different ways to fund your studies abroad. If you require more guidance and are looking for some professional support to realise your study abroad dreams, just fill in the form on this page. Our experts will get in touch with you in no time and take it forward. All the best for your study abroad journey!