Financing your Studies

By Aakriti Jain

• About us• Quick Facts• Indian Student Trends for Higher Education Academic Documents• Global Picture• Cost Calculations• Financing Options:

Personal Funding First Year Funding, Second Year Onwards

Internal Funding Merit Based Aid, Need Based Aid ,Scholarship & Grants

External Funding Grants, Loans, Work-Study, Teaching and research assistantships, Charities and

Trusts, Employer contributions, National research councils, Part Time Work Opportunity

• Scholarships from India• Scholarships from Around the World

Contents

About us Meetuniv.com is an leading college search and information website for students

looking at to pursue higher education abroad. The website offers one of the largest course information listing of undergraduate

(UG) and postgraduate (PG) courses from USA, UK, Australia, New Zealand, Singapore & many more

The portal is backed by one of the largest media groups in the country Times Internet & is incubated out of their innovation center (Tlabs) in Noida. The portal is also backed by PeeshVC, an USA based Ed-Tech Fund.

Users can get information of 3,000 colleges & search for over 40,000 courses Users can opt for personalized counseling sessions by IVY league experts, who

help at the important stages of a higher education college shortlisting & application.

MeetUniv.com have counseled more than 106452 Study abroad aspirants and holds 13484 university connects

Quick Facts Student visas are non-immigrant visas that do not require the holder to obtain

citizenship. Any prospective student seeking higher education in another country must obtain a student visa for that country. Visas typically include limits on the duration of the noncitizen's stay, territory within the country they may enter, the dates they may enter, or the number of permitted visits

Do you know every year 2,70,000 (Approx) Indian students successfully enrol for Overseas Education and the number is ever increasing.

India is the second largest source country for International Students. Top Ten study Destination for Indian Students are: USA, UK, Australia, Canada, New

Zealand, Germany, China, Germany, Singapore and Italy Top courses opted by Indian students studying abroad: IT (Computer Science),

Engineering (Electrical/ Mechanical/ Communication), Management, Hotel Management, Life Sciences, Law, Education, Nursing, Entrepreneurship, Interdisciplinary and so on..

You can apply for any destination through VFS; VFS Global is the world's largest outsourcing and technology services specialist for governments and diplomatic missions worldwide

You need to apply for a Full Time program in order to obtain a student Visa

Indian Student Trends for Higher Education

Global Picture

Cost CalculationCost Calculation depends on various factors as below: Location - Where is your university located?- Is it urban, rural or semi urban? Program/ duration- What is the duration of your course?- How many credit the course is for? Variable to consider- Every institution/ program is different- Get the whole picture: tuition, fees, room, health insurance, books, personal expenses, transportation, telephone.- Know the cost of living On campus & off – campus Draw a cost of estimate worksheets

Financing OptionsPersonal Funding:Using one’s own personal resources to fund education + financing with family's financial strengthWho can sponsor?• Parents, grandparents• Brother, sister or relatives

How can they sponsor?

First Year Expenses: 80% (Min) of First Year Expenses (Tuition Fees + Living Expenses) should be shown as Liquid Assets:

Document Type Presentation MethodSavings / Fixed Bank Accounts Bank Balance Certificates (On the bank letter head, signed and

stamped by the manager) with (Matching) Bank Statement (or Attested Passbook Copy)-Last 6 Months

Provident Funds (EPF/PPF) Current Withdrwable Amount Standing StatementInsurance Policies Surrender Value Certificates

Financing OptionsDocument Type Presentation MethodIncome Proof Income Tax Returns/ Form 16- Last 3 Years + Income Proofs:

If Salaried - Salary slips for last 3 months, ITR ( last 3 years)If Business – Business proof ( Registration certificate, Company current A/c statement, P&L account statement, ITR If Agriculture Income – Income certificate from Tehsildar, J.Forms, Agriculture property papers with English translation, property evaluation report.If Rental Income – Rent agreement, rent slips, Property ownership papers, ITR last 3 years.If Company Sponsorship- Partnership deed, Proof of Registration / Partnership Deed / MOA, ITRs, Balance Sheet of last 2 years, Company current A/c statement of last 1 year, Bond signed between applicant and the company.

Pan Card Copy Notary Attested of all Financial Sponsors

Affidavit of Support Official Affidavit of Support on Rs 10/- stamp papers declaring sponsorship

Financing Options

Second year and Onwards: Projected Funds (shown via Fixed Assets )Document Type Presentation Method

Property Property Valuation Certificate

Mutual Funds Mutual Funds Current Value statement

Share holding Share holding certificate

CA Statement (Consolidated for all sponsors)

Consolidated Statement listing all liquid and fixed assets owned along with their current documented value-On the CA Letter Head, Signed by the CA

Some Tips:All documents should be in English Only, Non English documents should be translated in English by Notary and needs to be presented with the Original Document• Hand written bank statements are not accepted• The amount in CA statement should correspond to the exact amount in

documentary proof• The financial documents cannot be more than 2-3 weeks older than the Visa Application date

Financing OptionsInternal FundingMany universities and other HEIs offer some sort of financial aid for international students, be it fellowships, scholarships, grants, awards or bursaries, distributed on the basis of need, academic merit or both. Funding information is usually available online – check the scholarship or international section of the university website.• Merit-Based Aid: Merit-based financial aid is what many people refer to as scholarships, awarded to a

student by either an individual college or outside organization, without regard for financial need. Students typically receive meritbased scholarships for academic achievements, though some can be awarded for special talents, leadership skills or other personal characteristics; athletic scholarships also fall under this category. At many colleges, every admitted student is automatically considered for the merit scholarships at that school. At other colleges, students must complete a separate application.

• Need-Based Aid: Need-based financial aid is awarded to a student on the basis of financial need. At private institutions, a supplemental application may be necessary.

Scholarships and Grants Scholarships and grants are called "free money" because these funds do not need to be paid back, making them the most attractive method of funding study abroad. Scholarship deadlines often fall between October and March of the year before the funds will be needed. The search for scholarships, therefore, should begin at least one year before the money will be needed

Please Note: Many websites, such as FastWeb's "Find Scholarships" option (www.fastweb.com) and Scholarships.com's "Search Scholarships" option (www.scholarships.com), can help you locate the types of scholarships you qualify for.

Financing Options

External FundingWhile scholarships are awarded on the basis of merit, loans, grants and work-study are typically awarded on the basis of financial need. Here's what these types of aid are all about:• Grants: Grants are awarded on the basis of financial need and do not require repayment.

• Loans: Loans are financial-aid awards that require repayment. They offer the opportunity to defer the cost of your educational expenses by borrowing now and repaying later (after you graduate). Some loan programs are based on financial need, like federal loans, which offer low-interest rates -- your best option. Other loan programs are available to all students regardless of income, like private loans, which usually have higher interest rates. Many students use federal loans to cover tuition costs, and private loans to cover other expenses, like food, housing and books.

• Work-Study: Based on financial need, the Federal Work-Study program provides part-time employment to students to help with college expenses. Non-federal Work-study, on the other hand, is not based on financial need. So, if you don't qualify for Federal Work-Study, you should inquire about non-federal student employment opportunities at your school.

• Teaching and research assistantships: Assistantships provide funding for postgraduate students in exchange for time spent working in a teaching or research role. They may be funded by the university department or your supervisor’s research budget, or by an external funding body with vested interests in a particular field of development.

Financing Options

• Charities and Trusts: Charities, trusts, learned societies and special interest groups often dedicate a portion of their budget to fund graduate studies.

• Employer contributionsIf you’re starting your postgraduate studies after a period of work, you may be able to persuade your employer to sponsor your education. Most companies are supportive of staff training and development, and may even have a budget set aside for the personal and professional development (PPD) of their employees. Professionals requiring further education to become fully qualified include accountants, architects, engineers, social workers, lawyers etc

• National research councilsNational research councils (RCs) are often the main public-sector distributors of investment in research, including that conducted by postgraduate students.

• Part Time Work OpportunityMost Universities offer many opportunities for part-time work, including working in a shop or café, in the student union, as an organizer or helper at university events, in an administrative role, or as a student tutor or advisor. You could also consider freelance work as a tutor, capitalizing on skills in fields such as languages, sports, arts or music.

Scholarships from India

• Ministry of Higher Education- Government of Indiahttp://mhrd.gov.in/scholarships• Aga Khan Foundation International Scholarship Programhttp://www.akdn.org/akf_scholarships.asp• Chevening Scholarshipshttp://www.chevening.org/• Commonwealth Scholarship and Fellowship Planhttp://www.britishcouncil.in/study-uk/scholarships/commonwealth-scholarships• USIEF Scholarshipshttp://www.usief.org.in/Scholarships.aspx• SIR DORABJI TATA TRUSThttp://www.dorabjitatatrust.org/#• Inlaks Shivdasani Foundation Scholorshipshttp://inlaksfoundation.org/inlaks-scholarship.aspx#Inlaks%20Scholarship• British Council IELTS Scholarship Award for Indian Studentshttp://www.britishcouncil.in/exam/ielts/scholarships

• ..and many more: https://www.volunteerforever.com/article_post/200-volunteer-abroad-study-abroad-scholarships-grants

Scholarships from Around the World..

Unites States of America• The Institute of International Education (IIE) provides a database of scholarships• The Fulbright Commission offers Postgraduate Student Awards for postgraduate • studies at any accredited US university (for UK students only) and Scholar Awards for UK professionals

doing academic work in the US• Research grants from government agencies such as the National Science Foundation• The American Association of University Women (AAUW) provides international fellowships for women to

study in the US• PEO International offers scholarships for women to study in the US or Canada

Canada• Funding for graduate study in Canada• Government website provides a listing of international scholarships, including the Vanier Canada Graduate

Scholarships• Foreign Affairs, Trade and Development Canada (DFATD) offers scholarships for international students,

while the Association of Universities and Colleges of Canada (AUCC) offers scholarships for Canadian citizens

• Competitive graduate scholarships from Canada’s Research Councils (such as• NSERC, CIHR, SSHRC, CIFAR)

Scholarships from Around the World..

United Kingdom• Opportunities for funding from the seven government-funded Research Councils: • AHRC, BBSRC, EPSRC, ESRC, MRC, NERC, STFC• Funding via the British Council, including Erasmus grants and the UK 9/11 Scholarship Fund for surviving

victims of the 9/11 attacks• The Fulbright Commission offers Postgraduate Student Awards for postgraduate studies at any accredited

UK university (for US students only)• The Knowledge Transfer Partnership (KTP) scheme helps provide funding for professional qualifications• Other international schemes include the Chevening Scholarships, the

Commonwealth Shared Scholarship Scheme and Marshall Scholarship (for UK students only)]

Germany• The German Academic Exchange Service (DAAD) is the world’s largest funding organization for

international students and offers an online scholarships database• Funding organizations such as the Alexander von Humboldt Foundation for • PhD students and the Heinrich Böll Foundation• Katholischer Akademischer Ausländer-Dienst (KAAD) scholarships offered for • students from developing countries

Scholarships from Around the World..

Australia:• Search engine for postgraduate scholarships provided by the Joint Academic Scholarship Online Network

(JASON)• Australian government’s Endeavour Scholarships and Fellowships• Australia Awards, via the AusAID program for students from developing countries• Merit-based international scholarships from individual universities, such as the

Adelaide Graduate Research Scholarships (University of Adelaide) and International Postgraduate Research Scholarships (University of Western Australia)

International graduate funding• Council on International Educational Exchange (CIEE) funding includes the Global Access Initiative (GAIN)

and PING Scholarships• The Leverhulme Trust offers international postgraduate studentships• Scholarships from the Organization of American States (OAS), including the OAS Special Caribbean

Scholarships Program (SPECAF)• The EU’s Erasmus+ program includes a range of international funding opportunities• The European Commission (EC) offers Intra-European Fellowships, International Incoming

Fellowships and Initial Training Networks (ITN) for researchers in Europe• Commonwealth Scholarships and Fellowship Plan (CSFP) for Commonwealth countries

All the Best!