How Do I Apply For Financial Aid To Study Abroad?

Financial Aid To Study AbroadEven though almost all students are aware of the benefits of education abroad, most of them are sceptic about the venture due to the expenses involved. The cost involves tuition fees, travel expenses, living expenses and more

Scholarships and student loans are the most popular options.

Applying for Student Loans:

As scholarships are extremely competitive, you must consider other financial aids too when applying to study abroad. There are numerous banks that offer student loans under certain terms and conditions. The loan may be sanctioned to a student who received a letter of admission from a top university without the requirement of a co-signer in the host country. However, if the university is not one of the best, most financial institutions require you to have a co-signer residing in the country where you wish to study. The bank will go through your past academic records and would sanction a loan only if they find it satisfactory.

According to the Comprehensive Educational Loan Scheme formed by The Government of India in consultation with Reserve Bank of India (RBI) and Indian Banker’s Association (IBA), students are eligible for an amount of up to 15 lacs for studying abroad. As this is not stringent rule, you may even avail a higher amount, if the bank considers you as an eligible applicant.

Applying for Scholarships:

Universities, trusts and organizations offer financial assistance to students with exceptionally outstanding grades. However, there is tough competition for scholarships, especially at the undergraduate level due to limited options available. The amount offered to you will differ as per the scholarship that you gained, as well as your academic profile.

Once you have decided your destination, go through a few websites. These are destination-specific scholarships awarded by a country to students who wish to pursue a course there. The government-sponsored travel websites of your host nation will be able to provide you more information on these scholarships.

If you are searching for merit-based scholarships, filter your search by study level and by subject area to make things easy. Never wait till the last minute to search for scholarships. Go through the eligibility criteria and make sure that you are an ideal candidate for it. Almost all scholarship applications are available online.

To avail this financial aid, you must be:
• An Indian national
• A student who have secured admission to a professional or technical course in an acclaimed education institution abroad

The security and collateral requirements will depend on the bank’s rules. Smaller amounts are usually sanctioned without a collateral security, but you may need to provide security in the form of satisfactory third party guarantee, collateral security of value or both to get higher amounts.

You can approach the bank in-person with the documents including proof of admission to the course, schedule of expenses, copies of foreign exchange permit, and statement of assets and liabilities of borrower/co-borrower, to apply for financial aids.

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