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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
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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
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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
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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
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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:
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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
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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
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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 [email protected]
or fax at (886) 2-2715-7013 (attn: AT&T Leadership Award)
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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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