05 Sep 2024
Millions of Indians live and work in foreign countries to earn a living. They send money online to India to offer financial support back home. Of these, a significant majority comprises students studying abroad. Can you think of one benefit of studying in developed countries with several dimensions? High quality of education, global recognition of degrees, and prospective employment opportunities are all correct points. But you still need one crucial point. It is the financial aid you can get and the chance to study on fully funded scholarships.
Another significant advantage of studying abroad is that most universities in several developed countries will allow you to work part-time to earn a living. But do you know all there is to know about foreign scholarships and the financial aid you can get as an Indian student abroad? Continue reading to find the details.
It is not the financial aid that you usually understand in terms of getting loans from banks to fulfill specific necessities of life, which is mostly the case. Here, financial aid refers to the financial assistance you receive from the universities in foreign universities to further your studies. One advantage of this financial aid, which usually comes in cash, is that you can send money to India from UK if necessary. It does not just mean you receive this financial aid to aid your family further back home. It is simply not that.
Instead, it means that you can do so if you easily manage the money, whose chances are minimal as this financial aid is purpose-specific – to support your education.
This financial aid comes in several forms and has several different types.
A grant is a financial aid from the federal government of a country where you have studied or are studying. You get it as a gift and are not supposed to return it. You are also not required to work to earn a living to repay the amount you received as grants.
As the title of such financial aid suggests, you will get the required amount as loans from government bodies or the concerned authorities, but you will have to return the amount. The terms of returning the money, such as time duration and quantum, are mutually agreed upon in advance between the student and the competent authority.
These are the most common financial aid you can receive as an Indian student. These come as a gift in two primary forms, which are:
· Fully-funded scholarships
· Partially-funded scholarships
You can win either of those at any university in foreign countries and continue your higher studies. Remember that you are not required to repay scholarships. One of the advantages of studying on scholarships is that you can offer financial aid in your every money transfer to India from UK if you want to work part-time, as most universities allow you to work after your study hours. Let’s look at some of the scholarships for Indian students in the UK.
The quality of education in the UK is recognized all over the world. If you graduate from any of the UK's universities, regardless of their ranking, your chances of employability increase manifold. You can find a sustainable and prospective job not only in your native country upon your return but also in other countries. But there is a catch! You know that the scholarship title itself points to your academic excellence. Right?
Now, blend studying at a UK university with learning on a scholarship! This combination will guarantee you a job you want, where you want, on your terms and conditions! As an Indian student, can you ask for more? Let’s list some of the UK's best scholarships for Indian students. But before applying for the following scholarships, ensure you know how to move abroad from India.
These scholarships are awarded by the UK government's Global Scholarships Program. These scholarships are awarded to bright, academically shining students to help them pursue their higher studies. These scholarships are normally awarded for a one-year Master’s program and cover the entire tuition fee, an economy-class return ticket, living allowances, and other essential expenditures. Every year, about 1,500 Chevening Scholarships are offered to eligible students.
The Department for International Development (DFID) offers Commonwealth scholarships in the United Kingdom. These are meant for bright students from developing commonwealth countries to encourage them to pursue a Master's or Ph.D. in the UK. These scholarships offer you an economy class return ticket, thesis grant (if applicable), tuition fees, living allowance, and all other essential expenses.
These scholarship programs are offered to students from Commonwealth countries. However, the condition on which these scholarships are granted is how the student receiving them will serve their native country after graduating from the UK. This study program offers several financial benefits, including a return ticket, tuition fees, and living expenses.
A few other scholarships designed specifically for Indian students in the UK are listed below.
· The Dr Manmohan Singh Scholarships launched by St. John’s College
· The Global Study Awards launched by the British Council, Study Portals and ISIC
· Goa Education Trust Scholarships
· Charles Wallace India Trust Scholarships
· British Council Great Scholarships for Indian students offered by around 40 UK universities
· Inlaks Scholarships
· Felix Scholarships
· Erasmus Mundus
Take a look at some of the UK universities that regularly offer scholarships. These scholarships are university-specific.
· University of Westminster
· Coventry University
· Rhodes Scholarships offered by the University of Oxford
· Queen Mary University
· Gates Cambridge Scholarships
· University of Hertfordshire
· Edinburgh Global Research Scholarships
· University of Sussex Chancellor’s International Scholarships
· UAL Vice-Chancellor’s Postgraduate International Scholarships
· Bristol University International Office Scholarships
· Ambassador Scholarships offered by the University of West London International
· The University of Nottingham offers funded Developing Solutions Scholarships
By the way, don’t you wonder why the UK alone is the focus here? Well, apart from many other reasons, around 2 million Indians are living in the UK!
As a student, you are financially dependent on others and tend to save money to lower the level of dependence. Right? So, if you choose ACE Money Transfer to make an online money transfer to India, you will get to save a lot of money. After all, you are living abroad and may have to earn money and send it back home. So, the firm offers live and market-competitive currency exchange rates in your swift and secure financial transactions that compensate you for the little amount you can pay as a fee. But the fee only applies when your amount reaches a specific limit, not otherwise!
Financial aid for students is different from the aid you usually think of. This aid is meant to encourage and financially help bright students with excellent academic records to pursue their education in prestigious educational institutions worldwide.
Financial aid meant for students comes in different forms. The most common forms you can receive financial assistance as a student are grants, student loans, and scholarships. Of these, the most common and sought-after are the scholarships.
Regardless of the type of financial aid you get as a student, the aid will cover your tuition fee, living expenses, an economy class return ticket, and all other essential expenses you incur. But this is then based on whether your aid covers these expenses entirely or partially. Partial assistance will divide the costs covered by half.
Some of the most common scholarships in the UK for Indian students include the Chevening Scholarships, Commonwealth Masters Scholarships, and Commonwealth Fellowship Plans. In addition to these, several other scholarships listed above have been designed with a particular emphasis on Indian students.
No. Only some scholarships are fully funded. Several scholarships are also partially funded, so you have to bear part of the expenses during your study. But in most universities, you can work part-time to earn a living and bear your study expenses.
The primary difference is that in a fully funded scholarship, you will not have to pay even a single penny during your study as the institution bears all study-related expenses. In a partially funded scholarship, however, half of your expenses are borne by the institution and half by you.
This division in expenses can be in tuition fees, admission fees, living expenses, and so on.
Resource(s)
· Indians in the UK
