How to optimize your chances for scholarship when applying for graduate degree abroad

The decision to pursue graduate studies can be very daunting and emancipating at the same time. While at one hand it captures all the new opportunities which awaits new students, it also brings anxiety for many students. One of the foremost reason for this anxiety is financial liability it accrues on young students. Not a lot of students are financially covered and rely on scholarships to ease the burden. Many a times, scores of bright students are forced to let go of golden opportunity because of lack of guidance. We at CareerCarta understand this dilemma as we ourselves have been in similar situation. This article covers some basic points to remember to enhance your chances to ace that scholarship. But before that it is important to understand different kinds of scholarships available:

• Merit based scholarships (fellowships):These scholarships are awarded based on a number of criteria including academics, achievements, hobbies, talents, affiliations with various groups or career aspirations. These scholarships can be offered by the federal and state government, large corporations, local businesses, professional organisations or universities. Each scholarship will have its own criteria which must be met.
• Specific scholarships:Most of the specific scholarships are given to students with a certain ethnic background or family affiliations. These type of scholarships are designed to benefit gender or ethnic minorities. For this reason, you will find a number of scholarships specifically dedicated to African-Americans, Asian-Americans or Hispanics.
• Need based scholarships (grants): Grants are often called “gift aid” because they are money-free; basically, they are a type of financial aid that doesn’t have to be repaid. Compared to scholarships which are usually merit-based, grants (which in some countries are called bursaries) are mostly need-based. Grants or bursaries are usually based on financial circumstances but may also consider other factors.
• Student loans:Student loans for studying abroad are funds that you have to pay back. They basically function like any other loan, with a few differences. You can get a student loan from the government or a private bank; it can be a bank from your home country or a foreign bank, in the country you wish to pursue your studies. Co-signing (along with parents or legal tutor) is very common for private student loans since most teenagers don’t have the credit history to get a loan of such a size. However, student loans that you can get from the government tend to be more favourable, as the rates are usually lower. Some loans are based on financial need, while others are much like any other loan and are based on your credit score.
• Student prizes: The student prizes are exactly what you think: the prize is represented by a certain amount of money, which will not technically support your studies, but it can be considered as a form of financial aid. Student prizes are one-time awards and they can vary. Student prizes can be offered as follows:
  • for academic achievements
  • to reward performance in undergraduate examinations
  • awarded based on the results of coursework and public examinations
  • for the best paper in a wide range of subject areas
  • rewarding outstanding work submitted for a dissertation, examination or thesis, as well as for overall performance

You can also win a prize and be elected to a scholarship for the following year (or given the title of scholar, if you are about to graduate).

 

One of the important aspect of financial aid is Teaching Assistant / Research Assistant. This kind of financial aid is mostly available once you begin college. Typically, this offers a monthly stipend and offers certain credit for fee or converts your out of state tuition to in state tuition which in most cases is half of your original fee.

 

One of the most important aspect for getting any form of financial aid is to start and plan early. A comprehensive planning and early start to application significantly improves your chances of getting scholarship.

Here is a brief guideline for you to help in the process:

 

We are a platform that connects aspiring candidates with experts who have aced the admission process at the top universities of the world. We offer highly personalized programs at the most affordable market beating prices.  You can fill the form below for any help or guidance with your application in general or scholarships in particular. Alternatively you write to us at connect@careercarta.com or call whatsapp on +91-7838146326/+91-8287291076