With a high cost of tuition (depending of country of study) and living expenses, obtaining sufficient amount of funding to go through a postgraduate degree program is one of the most herculean tasks faced by international students intending to pursue their dreams at such level.
It is one thing to gain admission into an institution of higher learning for postgraduate studies and its another thing to fund those studies. The number of international students is on the rise daily but one question is always how to go about funding one's studies.
It is advisable to start looking for funding opportunities while applying for admission. Sometimes starting to source for funding even earlier will be the best option.
Nevertheless, there are a number of ways to provide funding for one's Masters or Doctoral degree education and that is what we will be looking at in this article.
Scholarships:
Scholarships are a major source of funding for students at postgraduate level, even for undergraduate level students. Scholarships are usually merit-based as they are awarded based on different criteria such as academics, achievements, hobbies, talents, financial situation, affiliations with various groups or career aspirations.
Each scholarship has its own eligibility criteria which must be met before one can be considered. One very important aspect of scholarships is that they are simply financial aid and do need to be repaid. It can be of two types; Full scholarship, where all expenses such as tuition, travel expenses, visa, monthly stipend and allowances are all taken care of by the issuing body and Partial scholarships where only an aspect of the total financial necessities are taken care of.
Scholarships can be offered by a number of bodies such as: The university itself, the federal government of both the host country and the home country of the student, state government, local businesses, professional bodies, large corporations.
Hundreds of these organizations, governments, and colleges give scholarships, each with its own requirements as well as financial worth of the scholarship. The general rule is that the more funds/resources a scholarship grants, the more competitive it is. As a result, if you want to try to fund all of your master's expenditures with scholarships, you'll have to fight tooth and nail to secure a position.
With regards to finding information about such scholarships, the financial aids department of the school will be of great help (for already enrolled students) else, the internet if your best bet. Sites like gograd.org, www.thescholarshiphub.org.uk, and scholarship-search.org.uk let students search for funding based on degree level and course.
Teaching/Research Assistantships (Studentships):
Assistantships are financing opportunities for postgraduate students in exchange for time spent teaching or conducting research at a university (also known as studentships in the US).
They could be supported by a university department or your supervisor's research budget, or by an external funding entity with a vested interest in a specific development field. Assistantships save money for the university and give students significant teaching and/or research experience.
Students who are awarded an assistantship are required to participate in specific teaching and/or research tasks as outlined in their contract. In exchange, you'll usually get a small stipend and/or a tuition cost waiver.
Some colleges may also offer financial assistance for field trips and conference attendance. When working in this capacity, keep in mind the limits imposed by your student visa, which may include job restrictions.
Take some time before applying to graduate school to look into the assistantship options at your top selections, and don't forget to look into those smaller, less well-known universities where the competition for slots may be less fierce, but the scholarship quality is just as distinguished.
Crowd Funding:
Crowdfunding entails soliciting small donations from a variety of people to help pay for your Master's degree. This could involve applying for all of the funding sources described in this article at the same time, or writing personalized letters to a variety of recipients.
This method takes a great deal of planning. You'll also need to give individuals a compelling reason to back you up. Students put up a fundraising package that includes a letter asking for assistance in paying for their education.
The letter describes who they are, what they want to study and why, what they will offer back (either to the person they are writing to or to society as a whole), and how to donate. If you can put together a solid campaign, postgraduate crowdfunding may be able to help you cover some (or even all) of your Masters tuition.
Student Jobs:
There is also the possibility of covering some of your expenses by augmenting the money you have saved for your studies so far through student jobs. Part-time employment opportunities are available to international students. If you plan to supplement your income with a student employment, keep in mind that each country has its own set of restrictions regarding whether, where, and how international students can work.
Restricted working hours during term time are common, as are limitations about whether you can work off-campus or must keep to jobs at the university. International students in Canada, for example, must get an Off-Campus Work Permit (OCWP).
Working at a shop or café, in the student union, as an organizer or helper at university events, in an administrative function, or as a student tutor or advisor are all options for part-time work on most campuses. You might also explore working as a freelance tutor, utilizing your expertise in areas such as languages, sports, the arts, or music.
Research Grants:
Grants are more intricate than scholarships and definitely require more effort, but they have the extra benefit of counting toward career development, which is especially useful if you plan to pursue a career in academia or research.
Many departments offer grants to graduate students to help them finish specialized training, travel for research, or buy needed materials or equipment. Inquire with your professors or advisers to see whether they have (or are applying for) funding and are looking for research assistants.
Large firms or government funding are the most common sources of research grants. Typically, a grantor wants research to address a problem or to compare outcomes and grants a research grant in exchange for this knowledge.
Government institutions such as the US Department of Energy, the National Institutes of Health, and the US Department of Health and Human Services, among others, award research grants.
This form of funding is sought by schools to help them advance or fund studies that they are already conducting. Science, health, technology, and energy are often the disciplines with the most funding. Many federal research grants are multi-year contracts with payments made as milestones are completed.
Unlike many grants, government research grants may be applied for and received by for-profit, small business, public and private institutes of higher learning, as well as states and municipal governments.
Private companies may also award research funds, and many of them follow a similar application process as the government.
Writing research funding applications necessitates a high level of technical knowledge as well as meticulous attention to detail. A refusal can stem from something as simple as a formatting fault in one paragraph of a 150-page application. It is extremely advised that you have specific training in writing these proposals.
Student Loans:
Student loans are cash that you must repay in order to study abroad. They work in the same way as any other loan, with a few exceptions. A student loan can be obtained from the government or a private bank; it can be a bank in your home country or a bank in the nation where you desire to further your education.
Because most minors don't have the credit history to qualify for a loan of this magnitude, co-signing (together with parents or a legal tutor) is fairly frequent for private student loans.
Student loans from the government, on the other hand, are normally more favorable because the interest rates are usually lower. Some loans are based on financial need, while others are based on your credit score, just like any other loan.
Depending on when your degree begins, the UK government may lend you between £10,609 and £11,222. Students enrolled in a PhD program are eligible to apply for funding, which begins at £25,000.
This covers the average cost of a bachelor's degree, plus a little extra for things like rent, books, and travel. You will only be charged interest once your first payment is received.
In academia, there are numerous opportunities to fund one's studies. The above mentioned are only but the major ways one can get postgraduate funding. Nevertheless, there are several other ways of getting funds for studies.
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