Students who choose to study abroad make the decision of a lifetime. But the unforgettable experience of studying abroad also comes with a big price tag.
Consider applying for the many study abroad scholarships and grants designed for international students to help make your study abroad experience more affordable.
Below, see a breakdown of common scholarship terminology and advice for avoiding scams and submitting applications. You’ll also discover the best scholarships and grants out there.
You have undoubtedly encountered the terms “grant,” “scholarship,” and “loan” in your search for finding financial aid for study abroad. This blog post focuses on grants and scholarships, but a complete understanding of each of these terms will help you understand the types of financial aid that are out there.
It will also help you understand why a grant or scholarship may be your best option when it comes to securing international student financial aid.
Grants are typically given out to students based on financial need. They do not require repayment. Student.Grants.org says the majority of student grants fall between $500 and $2000.
Most grants are awarded to recipients based on income, but they are sometimes given out based on academic achievement. Other types of grants are awarded based on interests and other needs.
Scholarships are often based on a merit system and awarded to students who perform well academically, compete well in sports, or show talent in an extracurricular activity.
Other scholarships are based on an applicant’s community involvement, abilities, ethnicity, race, or gender. Scholarships are financial awards, like grants, so they are NOT required to be paid back.
One of the biggest differences between grants, scholarships, and loans is that the money involved in a loan is considered “borrowed” and must be paid back by a future date.
Loans differ from one another in terms of interest and when repayment must begin. According to a 2017 report by New America, the average student loan interest rate is 5.8%.
Student loan borrowers must pay an additional fee known as interest on the money they borrow to pay for school. This fee is a percentage of the total amount borrowed set by the lender and must be paid in addition to the total amount of the loan.
Interest on loans begins to accrue as soon as the loan is disbursed. For some student loans distributed by the federal government – subsidized loans – the interest is paid by the Education Department while the borrower is enrolled in college at least half time.
There are two major types of loans: federally funded loans and private loans.
International students are usually not qualified for federal loans and must rely on loans provided by private banks and other lending institutions.
Qualifications for study abroad funding are varied. It may be helpful to know what types of international scholarships and grants are available as you enter the financial aid process.
Here are some of the various categories of scholarships and grants:
Be aware of any scholarship promotions that ask for credit card or bank account information from the beginning.
Additionally, pledges that claim you’ve been chosen by a “national foundation” or have become a finalist in a contest for which you never applied can be signs of a scam.
According to the Federal Trade Commission on Scholarship and Financial Aid Scams, you should be cautious of these common phrases often used by scammers:
Put an honest effort into the application process to help further your chance of receiving a grant or scholarship. Below are a few guidelines to follow during your application process.
Many scholarships and grants require you to submit supporting documents with your application. Ensure you have the following common supporting documents in order before applying.
Did you know you may need international student health insurance to meet the requirements of your school, program, or visa? Learn whether you need insurance for your study abroad adventure and discover your options.
There are four key places you can seek out scholarship and grant opportunities. These are great places to begin your search and help to bolster your list of options for financial aid.
Explore these scholarships and grants if you’re an international student preparing to study in the USA.
Save even more money by attending one of the most affordable U.S. colleges for international students.
Create a list of scholarships for which you meet the qualifications as soon as you are accepted into a study abroad program. Then start applying. Don’t dismiss the opportunity to study abroad just because of the price tag.
There are many foundations who understand the advantages of studying abroad and want to help students from all socioeconomic backgrounds experience the opportunity.