How to Get Educational Loans in the USA
Do you know what 15.6 billion euros represent? Well, this is the approximate value of scholarships available to international students each year. And this is only in Europe.
But which scholarship is correct? You will discover that scholarships can be very different. After deciding to study abroad, you should check all available financing options and choose the one that matches your needs and objectives.
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Even if you benefit from low tuition fees or do not have to pay tuition, you need all the financial support you can get to pay your monthly living costs and other expenses.
Scholarships are the most common and well-known form of financial aid, but you can also request other types of financial aid. Let’s see what they are and how you can benefit from them.
- Scholarships based on merit (scholarships)
Merit-based scholarships are awarded based on a series of criteria that include academics, achievements, hobbies, talents, affiliations with various groups or professional aspirations. These scholarships can be offered by the federal and state government, large corporations, local businesses, professional organizations or universities.
Each scholarship has its own eligibility criteria that must be met.
Scholarships offered by universities
The criteria by which universities offer scholarships are generally: academic excellence, students must have a certain age limit (for example, less than 35 years). In addition, you will discover that there are special scholarship offers for each grade.
In Switzerland, for example, you can find more scholarships available for a doctorate and less for a bachelor’s or master’s degree.
In some international universities, accommodation and health insurance costs may be covered by the scholarship.
In Sweden, depending on the organization that offers them and their type, scholarships can cover tuition fees, living expenses, some travel allowances and insurance.
In France, some of the fellows receive a monthly allowance and the scholarship also covers other expenses such as return trip, medical insurance and cultural activities, but does not cover tuition fees, because they are already very low.
Here are some examples of European universities that award most scholarships:
Oxford University, Great Britain
University of Bristol, Great Britain
University of Utrecht, the Netherlands
University of Bologna, Italy
Uppsala University, Sweden
As a rule, scholarship holders are exempt from tuition fees. Most of these grants last three, six or nine months.
To receive this type of scholarship, the following criteria are mandatory:
Education qualification required by the chosen institution
Knowledge of a specific language (the language of instruction used in the program you requested)
Often the students have to be below a certain age limit.
In the UK, some of the government grants cover the following:
monthly housing benefit
Economy class return flights to and from Great Britain
additional grants and allowances to cover essential expenses
Read more about popular UK scholarships that international students apply for.
If you just want to do sports and want to be a member of the college or university team, you can qualify for a scholarship that in most cases is offered by your college / university. The good news is that you don’t necessarily have to be very good at the sport you practice.
Sometimes local groups or different organizations offer these sports scholarships and they usually consider criteria such as community service.
Check out these American universities that offer numerous scholarships to international students:
- Specific grants
Most specific grants are awarded to students with a specific ethnic background or family background. These grants are intended to benefit gender or ethnic minorities. For this reason, you will find a number of scholarships specifically for African Americans, Asian Americans or Hispanics.
In some countries (Belgium, France, USA, etc.), the local government grants scholarships to students from certain countries. For example, Belgium offers special grants for applicants from African, South American and Asian countries.
These programs are also intended to help minority students complete training in areas where they have historically been underrepresented.
Some organizations award scholarships to students with physical disabilities, learning disabilities and health problems.
- Needs-based grants
Scholarships are often referred to as “gift aid” because they are free of money. Basically, it is a kind of grant that does not have to be repaid. Compared to grants, which are usually performance-based, grants (called grants in some countries) are mostly needs-based. Grants or grants are usually based on financial circumstances, but can also take other factors into account (e.g. physical or mental disabilities).
This form of financial support does not have to be repaid, and its value usually varies between $ 500 and $ 2,500.
In the United States, the Department of Education offers numerous federal grants to students attending four-year colleges or universities, community colleges, and career schools.
Different types of performance-related grants are awarded in Germany. Each institution that awards the performance scholarship decides on the amount and duration. For example, the University of Hamburg offers a performance grant of 720 – 1,000 EUR / month for 2 semesters (12 months). However, you can only apply for this scholarship if you are not entitled to a federal scholarship.
Read more about scholarship opportunities in Germany.
- Student loans
Student loans for studying abroad are funds that you have to repay. They work 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 where you want to study. Joint signing (with parents or legal counsel) is common for private student loans, as most young people do not have the credit to get a loan of this size.
However, student loans that you can get from the government tend to be cheaper, as interest rates are usually lower.
Some loans are based on financial needs, while others are like all other loans and based on your credit rating.
Types of student loans