There is always a way to ease financial burden while studying abroad, says Rohit Sethi
Pursuing education abroad can be a costly affair for many. It is not just the tuition fees but also the living expenses that need to be taken care of. With the fall in the value of rupee every year, it is only adding up to the burden.
Managing funds in a foreign country can be relatively challenging. If unable to manage expenses of their three-year graduate programme, students are compelled to seek part-time employment, which is good but sometimes end up becoming a priority.
Relying on scholarships and grants for funding options: Expenses vary in every country considering the currency exchange value, the university and the course. Students can look out for managing their tuition fees and scholarships and grants are the best possible financial aid in this case. There are merit-based scholarships offered by the Federal and State Government, large corporations, local businesses, professional organisations or universities. Students can also opt for programme-based scholarships and specific allowances provided on the basis of factors like gender, race, religion, disabilities, or sexual orientation. For instance, scholarships programs like Benjamin A Gilman Scholarship or Diversity Abroad Scholarships can be beneficial for diverse students searching for financial aid. Finally, there are grants, mostly need-based that doesn't require to be repaid. They are mostly given on the basis of financial circumstances but may also consider other factors like physical or mental disabilities. The Department of Education in the US offers several federal grants to students who attend four-year colleges or universities and community colleges. Germany, too, awards numerous merit-based grants. For example: The University of Hamburg offers a merit grant of 720 – 1,000 EUR/month for two semesters (12 months).
Some external agencies and trusts also provide scholarships. However, bagging a scholarship is not an easy process as thousands of students target for the same. Students are required to go through a number of exams to determine their eligibility.
The writer is Director, ESS Global