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Financial
Aid & Scholarships
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Financial
aid is an important factor to consider for students applying abroad. Careful planning is
both necessary and wise. Foreign nationals are required to show proof of sufficient funds
to cover at least the first year of their college education to apply for a student visa.
To compare the total cost of studying in various countries, check out
Cost of Education
The
burden of securing necessary funding can be challenging, and sometimes frustrating. Your
savings (or your family's) may be the only reliable source of funding you have as you
begin your program of studies abroad.
Important
: University funding is easier to get in the United States than in U.K., Canada,
Australia or New Zealand. Most students who go to Australia and U.K. are self funded
students.
We list here the
various options for financing your education abroad:
Sources In India
U.S.A.
Canada
New Zealand
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| State Bank of India,
Bank of India, Andhara Bank, Syndicate Bank and Canara Bank and many other banks have
educational loan schemes which extend from schooling to research. The amount differs
according to the course. Banks give a loan for studying abroad which is as high as Rs. 10
lakhs. These loans are
subject to many terms and conditions. Apart from being only a partial loan - at least 25%
of the total course expenditure is to be paid by the parents of the student. The candidate
has to provide security for the loan he gets. It can be in the form of a house mortgage,
NSE shares or insurance policy. Security for a loan of upto Rs. 25,000 is nil but for a
loan of over Rs. 25,000 to Rs. 3 lakhs, it is 100%. For a loan of Rs. 3 lakhs to Rs. 5
Lakhs, the security to be provided is 150 % and it is 200% for a loan of over Rs. 5 lakhs.
However the banks do not give these
loans to anyone who applies for them. The first condition is that admission should be
confirmed. Secondly, loans are not given for correspondence courses. And thirdly, the past
academic record of the loan seeker should also be satisfactory. Anyone who fulfills these
conditions is eligible for an educational loan which covers course fees, hostel fees, cost
of books, equipment, and one way fare to the place of study if the parents of the
candidate do not live there.
Repayment has to start 6 months
after the completion of the course or if the person gets a job immediately after
completing the course, one-month after getting the job. The maximum time given for the
repayment is 15 years counted from the date of the first disbursement. |
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Loans
from trusts have low rates of interest (2-4 percent), or are interest free. Some of the
most well known trusts are listed below:
- J.N. Tata Endowment:
Low-Interest loans of
Rs. 50,000 to Rs. 2 lakhs, and grant of Rs. 25,000 to Rs. 50,000, for several disciplines.
Completed application forms must reach by 25th February of the year of award.
For more details and application form, write to:
The Director,
J.N. Tata Endowment,
Bombay House,
24 Homi ModyStreet,
Mumbai-400001
K.C. Mahindra
Education Trust:
Upto Rs. 65,000,
for postgraduate studies in various disciplines. Forms must be requested before 28th
February of the year of award and completed forms must reach by 31st March of
the year of award.
For more details and application form, write to:
The Managing Trustee,
K.C. Mahindra Education Trust,
Cecil Court,
Mahakavi Bhushan Marg,
Mumbai-400039
Mariwala
Trust:
Upto Rs. 50,000
interest free, for postgraduate studies in several disciplines. Application forms must be
requested before 1st March of the year of award and completed forms must reach
by 30th April of the year of award.
For more details and application form, write to:
The Managing Trustee,
Mariwala CharityTrust,
409 Shah and Nahar Industrial Estate,
Dr. E. Moses Road, Worli Naka,
Mumbai-400018
Tel: (022) 4938307 Fax: (022) 4974704
R.D. Sethna
Scholarship Fund:
An amount of Rs.
20,000 to Rs. 50,000 at 2 percent annual interest for undergraduate and postgraduate
studies in science, technology, commerce and education. Completed application forms must
reach by 31st May of the year of award.
For more details and application form, write to:
The Chief Executive
R.D. Sethna Scholarship Fund,
Esplanade House,
29 Hazarimal Somani Marg, Fort,
Mumbai-400001
Sahu Jain
Trust:
The trust offers
loan scholarships for higher studies in India as well as abroad.
For more details, write to:
The Secretary
Sahu Jain Trust,
4th Floor, Times House 7,
Bahadur Shah Zafar Marg,
New Delhi -110002
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Fellowships
are very popular, and securing one is a very difficult because of the serious competition.
A few important ones are listed here:
Aga Khan
Foundation:
This fellowship is
available for development studies and courses not available in India. Forms are issued
from January each year and completed forms must reach by 31st March of the year
of award.
For more details and application form, write to:
Aga Khan Foundation,
Sarojini House, 2nd floor,
6 Bhagwan Dass Road,
New Delhi -110001
Inlaks
Scholarships:
This fellowship is
available for several disciplines.Applicants must be graduates, and 19-30 years old.
Completed application forms must reach by 30th August for the following year.
For more details and application form, send a self addressed envelope to:
Inlaks Foundation,
PO Box 2108,
Delhi-110007
AT&T
Leadership Awards (For U.S. only):
U.S. $ 5,000 awards
for the students from the Asia-Pacific region going to the U.S. for study in any
discipline. Six of the 36 awards went to Indians in 1998. Applications must reach the
programme’s Malaysia office by 15th September. Decisions are announced by
31st December.
For more details and application form, write to USEFI or email awards@attmail.com or fax at (886) 2-2715-7013 (attn:
AT&T Leadership Award)
Rotary
Ambassadorial Scholarships:
The scholarship
amount goes upto U.S. $ 23,000 for studies in any subject and any country.
For any information, contact any Rotary Club office or write to:
The Scholarships Programme,
Rotary Foundation,
Rotary International, One Rotary Centre,
1560 Sherman Avenue,
Evanston, Illinois, U.S.A.
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