Financial Aid & Loans
Since education and living costs overseas can turn your life and pockets upside down; Financial aid is provided by various sources to minimize the financial burden on parents and students.
Financial Aid is a term used to describe a number of sources and programs that assist students fund their education. There are three main types of financial aid, they are:
- Scholarships /Grants /Fellowships /Assistantships / Need based aid - do not have to be paid back to the institution that provides it. They are given to students on a merit basis. Students applying for the MS degree, if you have a good academic record, can expect to fund your education abroad almost free of cost! Money is available from the universities in the form of a TA (teaching assistant) or a RA (research assistant) which enables the students to support themselves completely
- Loans – have to be paid back. Loans can be borrowed from financial institutions or banks. Therefore if for any reason you are not eligible for a scholarship/fellowship/grant then this is an avenue to explore to fund your education
- Student Employment programs – Money earned does not have to be paid back. Student employment programs are designed for students to work and earn. These enable you to work and pay off for your education costs simultaneously
Sources of funding:
There are two main sources of aid – one in your home country and the other abroadThe amount of financial aid needed is assessed by the amount parents can contribute minus the total cost of education. The difference of this will be the amount of Financial Assistance required by the student.