Did you know there are over 15.6 billion euros available in financial aid every year to help students like you fund their education abroad?
Choosing the right scholarship can be a challenge, as they vary significantly in scope and criteria. Once you commit to studying abroad, it is essential to research all available funding options to find the best match for your academic goals and financial needs.
Even if you qualify for tuition-free programs or external funding, you will still need to plan for essential living costs, including rent, food, and daily expenses.
While scholarships are the most popular form of financial assistance, many other funding avenues exist. Let's explore these opportunities and how you can leverage them for your studies.
1. Merit-based scholarships (fellowships)
Merit-based scholarships are awarded based on a wide range of factors, including academic performance, extracurricular achievements, personal talents, or career goals. These are typically provided by government bodies, major corporations, professional associations, or the universities themselves.
Each scholarship program comes with specific eligibility requirements that you must meet to qualify.
Scholarships offered by universities
Universities typically base their scholarship awards on academic excellence and age restrictions (e.g., being under 35). You will also find that funding opportunities are often tailored to specific degree levels.
For instance, you may find more extensive funding options for PhD researchers compared to those pursuing a Bachelor's or Master's degree.
At many international universities, comprehensive scholarships may also include coverage for accommodation costs and essential health insurance.
Depending on the provider, scholarships can cover everything from tuition fees and living expenses to travel grants and insurance premiums.
Some programs provide a monthly stipend to cover living costs, travel, and cultural activities, even if they do not cover tuition fees due to their already low cost.
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Below are examples of European universities that are known for offering a significant number of scholarships to international students:
- , the UK
- the UK
- , the Netherlands
- , Italy
- , Sweden
Scholarships offered by the government
In most cases, scholarship recipients are fully exempt from paying tuition fees, with funding durations typically ranging from three to nine months.
To successfully apply for these scholarships, you must satisfy several mandatory criteria.
- educational qualification required by the chosen institution
- knowledge of a certain language (the language of instruction used in the programme that you applied for)
Many programs also require applicants to be under a certain age limit to qualify for funding.
In many cases, government-funded scholarships provide coverage for the following expenses:
- tuition fees
- monthly living allowance
- economy class return airfare to and from the UK
- additional grants and allowances to cover essential expenses
Read more about popular scholarships in Britain available to international students.
Sports scholarships
If you are an active athlete, you may qualify for sports scholarships offered by universities. The best part is that you don't always need to be a top-tier athlete to be eligible for these awards.
Local organizations and community groups often provide sports-related funding, frequently prioritizing criteria like commitment and community service.
Consider exploring these American universities, which are known for their generous scholarship programs for international students:
2. Specific scholarships
Many niche scholarships are awarded to students based on specific ethnic backgrounds or family affiliations. These initiatives are designed to support diversity, with numerous scholarships specifically dedicated to African-American, Asian-American, and Hispanic students.
Governments in countries like Belgium, France, and the U.S. often provide targeted scholarships to students from specific nations, such as programs supporting students from developing regions in Africa, South America, and Asia.
These programs are instrumental in helping minority students access higher education in fields where their demographic is historically under-represented.
Various organizations also offer dedicated funding for students living with physical, learning, or chronic health disabilities.
3. Need-based scholarships (grants)
Often referred to as "gift aid," grants provide non-repayable financial support. Unlike merit-based scholarships, grants (sometimes called bursaries) are typically need-based, accounting for your financial situation and sometimes other factors like disability status.
This type of aid does not require repayment, with award values typically ranging between 500 and 2,500 USD.
In many regions, the Department of Education provides essential federal grants for students attending universities, community colleges, and career training institutions.
Various merit-based grants are also available, with each institution setting its own award amounts. For example, the University of Hamburg offers merit grants between 720 and 1,000 EUR per month for one year, provided you do not qualify for other federal student loan schemes.
Learn more about scholarship opportunities in Germany.
You should also check the Online Result Scholarship to see if it can help fund your international studies.
4. Student loans
Student loans for studying abroad are funds that must be repaid over time. Whether provided by your home country’s government or an international bank, they offer a way to manage large educational costs.
Because most students lack an established credit history, co-signing a loan with a parent or legal guardian is a standard practice for private financing.
Some providers, like our partner MPOWER Financing, offer options for international students that do not require a co-signer or collateral. You can check your eligibility online to help cover tuition and living expenses.
Generally, government-backed student loans offer more favorable conditions, including lower interest rates.
While some loans are based on financial need, others function more like traditional loans, where your credit score plays a significant role in approval.
Types of student loans
While it is impossible to list every available loan, the following examples provide a good starting point for your research.
In Europe, the Erasmus+ Masters loans scheme provides EU-backed financing, offering up to 12,000 EUR for one-year Master's programs or 18,000 EUR for two-year degrees.
In the U.S., federal loans offer flexible repayment terms and low interest rates, though eligibility is typically restricted to U.S. citizens or permanent residents.
Repayment of the student loan
Repayment typically begins after a "grace period," which is usually six months after graduation. Depending on the loan size, repayment plans can last anywhere from 5 to 15 years.
Many student loans incorporate a "repayment threshold," meaning you only start paying back the loan once you earn a specific income level. For example, in the UK, repayment only begins once your annual salary exceeds 21,000 GBP.
5. Student prizes
Student prizes serve as one-time financial awards that reward excellence. While they may not fully fund your degree, these prizes—ranging from a few hundred to several thousand euros—provide a helpful financial boost.
Student prizes are often awarded for the following achievements:
- for academic achievements
- to reward performance in undergraduate examinations
- awarded based on the results of coursework and public examinations
- for the best paper in a wide range of subject areas
- rewarding outstanding work submitted for a dissertation, examination or thesis, as well as for overall performance
In addition to monetary awards, you may receive prestigious titles or even subsequent scholarship funding for your continued studies.
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