Understanding Scholarships, Grants and Loans for International Students

Gaining admission to study abroad is a daunting task and every scholar’s dream. The problem is that most people cannot afford the cost of studying in developed countries especially if you are from a developing country. The first time I heard about the tuition fee of some universities in Europe, I almost had a heart attack. For most people, if you don’t have a scholarship supporting you, then studying abroad is just a dream that desperately needs a miracle to come to fulfilment.

China and India are known to top the chart of countries with the highest number of undergraduates studying outside their home countries. Nigeria has succeeded in meeting the top 10 charts. Vietnam has almost doubled its number in the last 5 years from 54,000 to 95,000.

Now the good news is that Institutions, companies, associations, non-governmental organizations, universities, and colleges offer discount opportunities for students so as to encourage them to study in their country. These said discounts could be scholarships (fully or partly funded), grants, student loans, awards etc.

Fully funded scholarships usually cover living expenses, tuition fees and most times travel costs for your study abroad program.

Here I will give you everything you need to study abroad via a scholarship.

SCHOLARSHIP, GRANT AND LOANS

A scholarship is an amount of money given by a school, college, university, or other organization to pay for the studies of a person. A grant is a need-based financial aid given to students who can’t afford the cost. Meanwhile, a loan is a financial assistance given to students who cannot afford the fees but intends to pay back.

You can apply for a scholarship, grant or loan if and only if you meet the requirement and deadline. These requirements are usually stated in the memo.

 if you’re an international student applying for study abroad scholarships, follow these steps listed below:

1. Register for the scholarship, usually by completing an online application form.
2. Check your inbox to make sure you’ve received the confirmation email.
3. Write a personal statement or essay. There are enough models on the internet but remember to be original and impress through your unique experiences and ideas.
4. Get official proof of your academic, athletic, or artistic achievements. Translate the documents if necessary — it usually is.
5. Or get official proof of your low income or nationality (for region-based scholarships). Again, a translation might be necessary.
6. Proofread all documents for errors and send them to the scholarship provider.
7. Submit the acceptance letter from the university (or an official document from the university proving you’ve been accepted). You won’t receive the scholarship without confirming that you will actually begin your studies.
8. Wait for the results. If selected, congratulations, you’re a winner! Go ahead and throw a party but don’t spend all your scholarship money on it. Just kidding; the university or college usually receives the money directly to cover your tuition (or a part of it)

In conclusion, scholarships are financial aids that you only pay back by being the best of yourself while and after school. They are similar to grants but completely different from loans. As far as you neet the requirement, you have a high chance of gaining that desired admission.

You can always check here to find these opportunities.