Four Ways to Finance Your Master’s Degree Abroad
Students doing a master’s degree from abroad apart from getting subjective knowledge, also get to learn about different languages, cultures and traditions. They also get to experience diversity of thoughts, which can enrich a person’s perspective towards life. Students opting to do a master’s degree from abroad often face a situation of financial crunch.
There is a slight amount of risk involved in spending huge sum of money to go to a foreign country for higher education. But, the fact that a degree from abroad can be a great learning curve for an individual makes the decision making process a bit easier. There are several ways in which a student can finance his higher studies overseas:-.
Each fellowship has a certain criteria for eligibility that must be met. If an applicant is eligible, he can apply for the scholarship. The scholarship is finally awarded to candidates on the basis of merit. The achievements that can be taken into account for awarding scholarships can be related to various fields like academics, sports, arts etc. Several universities in countries like Germany, USA, France etc. take into consideration the score in exams like GMAT and GRE to award fellowships to students.
There are some special scholarships that can also be rewarded to students based on their caste, ethnicity, linguistic group or religion. Some countries in Europe like Belgium offer scholarship to Students from African countries. The aim of these scholarships is to give equal opportunities to students belonging to minority communities or sections of society that have been under-represented in the past.
Grants are offered to students who come from an economically weak background. Financial aid is provided to both needy and meritorious students so that they can finish their studies. Any student with family income below a certain amount can apply for these scholarships. Some organisations provide financial aid to students with physical and mental disabilities as well. In the U.S., the Department of Education offers numerous federal grants to students who attend four-year colleges or universities, community colleges, and career schools.
Student loans are popular among students all over the world. A student can avail the facility of a student loan from the government or private banks. Student loan is usually co-signed by parents because of its large amount. Students often opt for student loans from the government, as the interest rates at which the loan is offered by the government tend to be much lower in comparison to those offered by the private banks. A student is generally requested to repay the loan in 5 to 10 years. The loan repayment starts within the grace period, which is the time of 6 months after completion of degree.