Prospective students often cite financial concerns as a primary reason for potentially not pursuing overseas study. While it is true that studying abroad will require a significant investment, there is financial support available. Student financial aid can seem complicated, but once you understand the different terms, types and options you’ll be in a better place to make a decision. We guide you through what financial aid is available, from scholarships to student loans, and explain what it takes to apply for and receive this financial support.

What is an academic scholarship?

To receive an academic scholarship you need to have achieved well in your previous studies. Academic scholarships are awarded for academic excellence and potential. This type of financial aid is awarded for a portion of or the full duration of a student’s study. If you maintain a good academic record and fulfil the terms and conditions of the scholarship, you will not need to pay this back when you complete the programme. 

The criteria for the award of an academic scholarship will vary. While academic achievement is the primary requirement, there may be additional elements needed. This can depend on the purpose of the scholarship and the values of the donor/organisation/university providing the funding. For example, some scholarships may be specifically for international students, particular subjects or for a designated period.

Academic scholarships are not identical in terms of what costs they will cover. Some are full scholarships that include tuition fees, living costs and accommodation. Other awards may be specifically for tuition fees or course material costs. It’s always important to read the terms and conditions of scholarships to understand what is on offer. This will also ensure that your application is accurately completed. You wouldn’t want your application to be prejudiced because of incorrect documentation or that you forgot to include a letter of motivation.

What is an athletic scholarship?

An athletic scholarship is also known as a sports scholarship. These scholarships are aimed at students with potential, ability and skill in a specific sporting discipline. An athletic scholarship can be for a specific sporting code or is broader, allowing applications from students from different sports.

Although athletic scholarships are awarded based on sporting ability, academic achievement is also important. If you don’t achieve the expected grades, this can mean the scholarship is revoked. Institutions in the USA offer many athletic scholarships, as the country has a sophisticated student athletic programme. One of the more well-known examples is athletic scholarships for basketball and American football. You will also find athletic scholarships offered in other destinations, including the UK, Canada and Australia. 

With athletic scholarships, the criteria for application will require a demonstration of sporting ability. This may take the form of recommendations from coaches and evidence of results. The criteria for application and qualification for athletic scholarships are often very detailed and precise requiring attention to detail. It’s important to contact an institution before applying to discover exactly what you need to do.

Read more about how to cope with the pressure of being a scholarship student. 

What is a bursary?

Bursaries are financial awards given to students to cover some or all of the costs of studying. They can be awarded by institutions, organisations, charities, and companies. The term bursary is not used in the same way in all destinations. For example, in the UK, it is used interchangeably with the term ‘scholarship’, while in other destinations a bursary is used to describe financial aid that is repaid. 

Sometimes, you will pay back the money from a bursary once you have gained employment or a certain amount of time has elapsed after graduation. It’s essential to check the details of an award so that you’re informed of your responsibilities. This may include a particular standard of academic achievement or a pre-determined work placement after graduation.

Bursaries are generally awarded based on the requirements or needs of an applicant, as opposed to purely performance-based. Those evaluating bursaries will likely consider the background and financial status of an applicant’s family alongside their potential as a student. Bursaries are not identically structured and thus may cover different costs, only for a specific period or particular degree courses.

Discover the differences between student loans and scholarships. 

What is a fellowship?

A fellowship is a form of financial aid given to students to support the pursuit of study, research and development of knowledge in a particular field. This study is usually conducted within a group or academy of other individuals working towards similar goals. Fellowships are awarded at a postgraduate study level, usually for a PhD. There is a certain level of prestige associated with a fellowship and it represents a significant academic achievement. 

The amount of financial aid awarded varies widely, but a key criterion for all fellowships is the prerequisite for high academic achievement. It can be a rigorous application process requiring thesis proposals and evidence of viable research. Further, evidence of the potential research impact may be required to qualify for the award.  

Discover how to talk to your parents about finances and studying abroad. 

What is a student grant?

A grant is a specific type of scholarship or bursary. Grants are usually awarded by companies, corporations and trusts. Grants are often for specific courses of study and research. Grants may or may not require repayment when you graduate, so ensure you check. 

Each grant will have a set of terms and conditions that it’s important to familiarise yourself with. For example, if you are awarded a subsidised grant, they will not have to repay the money. For an unsubsidised grant, you will pay a portion of the full amount back when you graduate.

With grants given by corporations, the award is given with the intention of the student joining and working for the company once they’ve finished studying. Receiving a grant can therefore be a good opportunity to start your journey in the professional world.

What is a student loan?

A student loan is money awarded to students based on the relative probability that they or their guarantor will be able to pay back the amount. A critical factor to remember is that a loan has to be paid back in full and with added interest.

The money you pay back will be more than you were loaned, depending on the interest rate that is charged. Loans may be provided by governments, but mostly the loan will be taken from a bank.

Banks may have different policies, interest rates and criteria, so it’s important to check all of these factors before applying. Paying back the loan usually commences once you have secured full-time employment or after a given period following the completion of your studies.

Deciding which option you’ll choose depends on what your priorities are as well as your circumstances. However, there are several possible ways to fund your studies. Don’t forget to read all of the details and information associated with each financial aid option you may be considering, especially the terms and conditions. While a financial aid application does take time and effort, it is worth it in the end. You can get started by exploring some of the scholarships on offer to international students.