Every year, millions of students across the globe travel beyond their country’s borders for a better education. India is among the countries with the highest number of students travelling abroad for higher studies. However, they face several barriers due to the lack of viable finance. Here is what they can do:
Education loans: These can be obtained from both banks and non-bank financial institutions (NBFCs). Almost all financial institutions offer education loans with a long-term repayment plan. These are generally not credited to the students’ bank account to prevent misuse. The fee is directly deposited into the bank account of the institution while the amount for purchasing required items like laptops, for instance, is paid directly to the vendor.
Scholarships: The second option to finance foreign studies is to apply for scholarships. However, since this is usually merit based, it means that the student should have a good academic record to meet the criteria of that particular institute. Apart from academic merit-based scholarships, there are also sports scholarships and specialised ones for research and training.
Grants for economically-weaker sections: In cases where students are not rich enough to self-finance their studies, unable to qualify for any scholarships, and don’t have enough credits for education loan, they can apply for grants. However, they need to have an impeccable academic record and proof of weak economic status.
Grants and scholarships from research portals: There are specialised web portals like The Thesis Portal that offer scholarships to deserving students. Students can earn incentives from the scholarship that can be used to pay the cost of tuition and partly cover living expenses.
Government fellowships and assistance: Like scholarships, fellowships are also based on merit and offered for special purpose education. Students receiving fellowships might have to cover their tuition, or lodging cost, or both.
Self-finance: Those who opt for this see it as an investment into their own future. However, this option should be the last, as it comes with some risks. One such risk could be the sudden stoppage of finance in case any other immediate or more important financial liability comes across.
The writer is Co-founder and CBO, Financepeer.
