Financial Aid Scholarships

Home > USA > Financial Aid Scholarships

It is important to understand that most universities offer financial assistance to international students based primarily on merit and rarely on need. The amount, and type of assistance offered varies, based on the university, department and level of study. Assistance of funds is more likely in Graduate studies and less in Undergraduate courses. Also funds are more likely to be available in fields like Engineering, Physical Sciences and Biological sciences, rather than in courses like Humanities, Social Sciences and Management.

 
·         University Funding/Scholarships
·         Loans from U.S. Banks
·         Aid from Other Sources
·         Loans and Support from your Home Country
 
University, College Funding - Scholarships & Assistantships
 
Undergraduate Aid       Postgraduate Aid         Who Should Apply?                     
It is important to understand that most universities offer financial assistance to international students based primarily on merit and rarely on need. The amount, and type of assistance offered varies, based on the university, department and level of study. Assistance of funds is more likely in Graduate studies and less in Undergraduate courses. Also funds are more likely to be available in fields like Engineering, Physical Sciences and Biological sciences, rather than in courses like Humanities, Social Sciences and Management.
 
Undergraduate Aid (University Funding)
       
You must submit a financial aid application if you intend to seek financial assistance for your studies abroad. The policies regarding financial aid vary considerably. The profile of a college usually indicates the type of financial aid it offers. For aid, Undergraduate students have to submit the institution’s own financial aid forms, as well as the Foreign Student’s Financial Aid Form, which is provided by the college and administered by the College Scholarship Service of the College Board. A bank statement will also often be required. Some details, usually asked in these forms are :  
  • Your total personal annual income
  • Total annual income of your Parents
  • Your average annual living expenses
  • Some details of you and your parents' assets
  • Sources of funding for your education other than from the University
Note : Even if no assistantship is available at the time of admission, most Indian students manage to get some kind of financial aid from the university after one or two semesters. So it makes sense to go to the US for education if you can manage one year’s expenses on your own.
 
Postgraduate Aid      
Postgraduate students have to indicate their requirement for financial aid at the time of filling in the application form. The different types of financial help available:
 
Types of Assistance-Merit based assistance is awarded in many forms, from tuition waivers, various types of assistantships, to fellowships. The most common are listed here :
 
  1. Tuition Waiver: This means that the student does not have to pay the tuition fees at the university. However, general fees (for the use of university facilities like the library, computers, and sports and health services) usually have to be borne by the student. A tuition waiver is frequently awarded in conjunction with a scholarship or teaching/research assistantship.
  2. Scholarship / Fellowship: This is usually an outright grant based on the student’s academic ability and performance. Hence, Only a truly outstanding student may be considered for this type of award, before enrolling at the university. A full scholarship would pay for a student’s entire living expenses at that university, whereas a partial scholarship would require additional funds from the student.
  3. Assistantship: Most students who receive assistance usually do so in the form of an assistantship, i.e. a cash stipend sufficient for their living expenses, and/or tuition waiver. To get this, they have to work for a maximum of 20 hours per week. This work normally consists of teaching and research activities. These are usually for graduate courses. Teaching assistantships are more likely to be in universities, which have large undergraduate classes whereas research assistantships tend to be more common in those fields and universities in which considerable research is in progress. Information brochures of most universities give this information. Often, teaching and research abilities must be proved before assistantship is granted. Hence, many universities grant this only after the first semester. You may also be required to take TSE (Test of Spoken English) to qualify for a teaching assistantship.
Who Should Apply?
Students have a greater chance of getting financial aid if they :
  1. Show evidence of a high level of academic achievement
  2. Achieve high Standardized Examination scores (GRE, GMAT, TOEFL etc.)
  3. Demonstrate financial need but have private funding to cover some of the cost. Financial need is not crucial for some awards.
  4. Enroll in a field or have teaching experience in a subject offered at the undergraduate level (to increase opportunities for a teaching assistantship)
  5. Specialize in a field or have a research interest which parallels that of the department and faculty or private funding source (which increases opportunities for research assistantships and grants)
  6. Have outstanding letter(s) of recommendation and an impressive statement of purpose.
  7. Send a sample of professional writing, published or otherwise.
 
Note : Even if no assistantship is available at the time of admission, Most Indian students manage to get some kind of financial aid from the university after one or two semesters. So it makes sense to go to the US for education if you can manage to cover one year’s expenses on your own.
 
 
Financial Aid - Other Resources
 
There are many other sources of funding especially for graduate students applying to the universities in US. These need some spadework. If you try hard, you may find the kind of funding that suits your needs. A few good websites that offer information for international students are :
 
Financial Aid for International Students (www.finaid.org)·   NAFSA Association of International Educators (http://www.nafsa.org) 
 
Financial Aid & Scholarships
Financial aid is an important factor to consider for students applying abroad. Careful planning is both necessary and wise. Foreign nationals are required to show proof of sufficient funds to cover at least the first year of their college education to apply for a student visa. The burden of securing necessary funding can be challenging, and sometimes frustrating. Your savings (or your family's) may be the only reliable source of funding you have as you begin your program of studies abroad.
 
Important : University funding is easier to get in the United States than in U.K., Canada, Australia or New Zealand. Most students who go to Australia and U.K. are self funded students.
 
We list here the various options for financing your education abroad: 
 
Sources In India
  • Bank Loans
  • Trust Loans
  • Fellowships U.S.A.
  • University Funding/Scholarships
  • Loans from U.S. Banks
  • Aid from Other Sources
  • Loans and Support from your Home Country
 
Bank Loans
         
State Bank of India, Bank of India, Andhara Bank, Syndicate Bank and Canara Bank and many other banks have educational loan schemes which extend from schooling to research. The amount differs according to the course. Banks give a loan for studying abroad which is as high as Rs. 20 lakhs. These loans are subject to many terms and conditions. Apart from being only a partial loan - at least 25% of the total course expenditure is to be paid by the parents of the student. The candidate has to provide security for the loan he gets. It can be in the form of a house mortgage, NSE shares or insurance policy. Security for a loan of up to Rs. 25,000 is nil but for a loan of over Rs. 25,000 to Rs. 3 lakhs, it is 100%. For a loan of Rs. 3 lakhs to Rs. 5 Lakhs, the security to be provided is 150 % and it is 200% for a loan of over Rs. 5 lakhs. However the banks do not give these loans to anyone who applies for them. The first condition is that admission should be confirmed. Secondly, loans are not given for correspondence courses. And thirdly, the past academic record of the loan seeker should also be satisfactory. Anyone who fulfills these conditions is eligible for an educational loan which covers course fees, hostel fees, cost of books, equipment, and one way fare to the place of study if the parents of the candidate do not live there.
Repayment has to start 6 months after the completion of the course or if the person gets a job immediately after completing the course, one-month after getting the job. The maximum time given for the repayment is 15 years counted from the date of the first disbursement.
 
Trust Loans
 
Loans from trusts have low rates of interest (2-4 percent), or are interest free. Some of the most well known trusts are listed below:
 
1.   J.N. Tata Endowment:          Low-Interest loans of Rs. 50,000 to Rs. 2 lakhs, and grant of Rs. 25,000 to Rs. 50,000, for several disciplines. Completed application forms must reach by 25th February of the year of award. For more details and application form, write to: The Director, J.N. Tata Endowment, Bombay House,24 Homi ModyStreet,Mumbai-400001
2.   K.C. Mahindra Education Trust:              Up to Rs. 65,000, for postgraduate studies in various disciplines. Forms must be requested before 28th February of the year of award and completed forms must reach by 31st March of the year of award. For more details and application form, write to: The Managing Trustee, K.C. Mahindra Education Trust, Cecil Court, Mahakavi Bhushan Marg,Mumbai-4000393.     
3.   Mariwala Trust:           Up to Rs. 50,000 interest free, for postgraduate studies in several disciplines. Application forms must be requested before 1st March of the year of award and completed forms must reach by 30th April of the year of award. For more details and application form, write to: The Managing Trustee, Mariwala CharityTrust,409 Shah and Nahar Industrial Estate, Dr. E. Moses Road, Worli Naka,Mumbai-400018Tel: (022) 4938307 Fax: (022) 49747044.
4.   R.D. Sethna Scholarship Fund:               An amount of Rs. 20,000 to Rs. 50,000 at 2 percent annual interest for undergraduate and postgraduate studies in science, technology, commerce and education. Completed application forms must reach by 31st May of the year of award. For more details and application form, write to:The Chief Executive, R.D. Sethna Scholarship Fund, Esplanade House,29 Hazarimal Somani Marg, Fort,Mumbai-400001
5.   Sahu Jain Trust:          The trust offers loan scholarships for higher studies in India as well as abroad. For more details, write to:The Secretary, Sahu Jain Trust,4th Floor, Times House 7,Bahadur Shah Zafar Marg, New Delhi -110002
 
Fellowships
Fellowships are very popular, and securing one is a very difficult because of the serious competition. A few important ones are listed here:
  1. Aga Khan Foundation:               This fellowship is available for development studies and courses not available in India. Forms are issued from January each year and completed forms must reach by 31st March of the year of award. For more details and application form, write to: Aga Khan Foundation, Sarojini House, 2nd floor,6 Bhagwan Dass Road, New Delhi -1100012.
  2. Inlaks Scholarships:         This fellowship is available for several disciplines. Applicants must be graduates, and 19-30 years old. Completed application forms must reach by 30th August for the following year. For more details and application form, send a self addressed envelope to: Inlaks Foundation, PO Box 2108,Delhi-1100073.  
  3. AT&T Leadership Awards (For U.S. only):          U.S. $ 5,000 awards for the students from the Asia-Pacific region going to the U.S. for study in any discipline. Six of the 36 awards went to Indians in 1998. Applications must reach the programme’s Malaysia office by 15th September. Decisions are announced by 31st December. For more details and application form, write to USEFI or email awards@attmail.com or fax at (886) 2-2715-7013 (attn: AT&T Leadership Award)
  4. Rotary Ambassadorial Scholarships: The scholarship amount goes up to U.S. $ 23,000 for studies in any subject and any country. For any information, contact any Rotary Club office or write to: The Scholarships Programme, Rotary Foundation, Rotary International, One Rotary Centre, 1560 Sherman Avenue, Evanston, Illinois, U.S.A.    Back to top