The option of taking a loan to finance higher education overseas is a possibility one could consider, but it has a lengthy obligation to pay back which many students want to avoid. It is possible of avoiding the whole process or reduce the burden to a significant extent particularly if one would like to go to an Ivy League college in the US. These colleges are known for offering one of the top aid, scholarships, and career aid programs that could make your education completely free. We will explain what it takes to get there by presenting an example of the assistance offered at the Harvard Business School. Harvard Business School
Why is financial assistance required?
Many students dream of studying at the Ivy League College in the US But there are only a few who get there. The student might have succeeded in the most difficult of tasks and have a great time, generally, there is no end to the battle for students from India. Indian students because these institutions are also known as among the most expensive schools around the globe. For example, the cost of a year’s tuition at Harvard University could breach Rs 1 crore, which can be impossible even for the majority of Indian students. If no substantial financial aid is offered, a lot of Indian students will be unable to get the money they want.
Grants/Aids and Scholarships are two distinct things in the sense of
“Grant is usually need-based financing available to students based on criteria such as family income. The grantmaker is usually a government department, corporation foundation, or trust. Thus, it is not available for all,” states Rajesh Kachave, Chief Business Officer of Education Loans, Avanse Financial Services.
The majority of them are conditional or merit-based and receiving a scholarship might require some effort from the candidate. “In the case of scholarship, getting it might not be very easy. Be it meeting the set criteria for a certain scholarship or choosing the right category, getting a scholarship from an institution is a strenuous and meticulous process,” Kachave says. Kachave.
Some numerous establishments and consultants assist deserving students. “Grants and scholarships are a great way for students to fund their education. In 2022, Prodigy Finance is giving out scholarships worth $50,000 which are being offered to the students via our select few partners. Besides that, there are various grants and scholarships supported by universities and governments. Other than these various private institutions also offer grants in a select niche,” Mayank Sharma, Country Head, Prodigy Finance.
Accessible financial assistance
The majority of developed nations offer basic assistance that is accessible to the majority of worthy students. “Most applicants A minimum 25-30% (of total cost) scholarship should be considered when planning for education abroad. The amount granted depends on the colleges or universities and the course. Many international universities offer merit-based scholarships in a tie-up with the local government to help international students to get quality education at affordable rates,” states Eela Dubey co-founder and CEO of EduFund.
If you are willing to put in a bit of effort, you could receive additional financial assistance. “Partial funding is offered by numerous organizations, public and private alike. However, the amount in most cases covers only 5% to 8% of the total cost of education,” Says Ankit Mehra, CEO & Co-founder of GyanDhan.
Hurdle in gaining more financial backing
As the number of financial assistance increases, its availability decreases. Because a lot of Indian students are seeking admission to international universities, it is extremely difficult to obtain the financial aid needed. “As millions of academic aspirants are applying for higher education every year, it becomes difficult to receive the desired scholarship or grant for the study abroad course. It is not only tough to get but also, they are limited in number. Thus, the competition is also high,” Kachave adds. Kachave.
Does anyone know of a full-time option to study in another country?
The availability of fully-funded courses isn’t as plentiful some deserving students do have the opportunity to complete their studies abroad without having to spend any savings.
“Many countries offer fully-funded scholarships and financial aid to international students. Consider Germany; it offers free tuition to international students. We also have the US- American universities grant several scholarships based on merit and extracurricular. These scholarships act as relief against the high tuition fees and living costs that international students have to bear in the USA while savings and incomes are stored in their local currencies. In comparison, you have Canada, which is relatively more affordable, and thus the volume of scholarships is lesser,” Dubey says. Dubey.
However, obtaining an education that is fully funded isn’t easy. “Competition is stiff, and the number of fully-funded scholarships is a handful. An equally limited number of organizations and universities abroad cover the entire cost of education. For instance, Commonwealth scholarships are a popular source of funding for Indian students who wish to study in the UK. The scholarship is awarded to nearly 800 students pursuing undergraduate, postgraduate, and doctoral courses, whereas the number of Indian students studying in the UK exceeded ninety thousand in 2021,” says Mehra.
How to maximize your aid and scholarships
“An ideal way to boost your chances of winning a prize is to apply for multiple grants and scholarships. Students usually seek out scholarships upon acceptance, due to which they are unable to avail numerous funding opportunities,” adds Mehra.
It is important to determine if you are eligible for the grant. “Students should seek out complete information on the scholarships/grants which are available to them and then prepare to apply for these before the deadline. A well-constructed profile is essential to be eligible for these grants. Additionally, excellent results on entrance exams like GRE, GMAT, and SAT can also boost the likelihood of students being awarded scholarships. Thorough research and guidance from those who previously received such funds can help students find the correct category, and may be successful in obtaining it if the student fulfills all requirements,” says Kachave.
The reason you must consider your application seriously
The application deadline plays a significant role in increasing your chances of receiving help. If you do not meet any deadlines, you might not be able to get another chance. “The application process for many scholarships starts alongside the admission cycle, something that students should keep in mind and apply for scholarships accordingly,” says Mehra.
Making sure you don’t miss any deadlines for the application for financial aid should be the primary goal when applying for admission. “While applying for grants students need to be mindful of the timelines while keeping themselves updated with the eligibility criteria. While applying for grants applying carefully becomes critical as the guidelines are strictly taken into consideration in selection criteria for allotment of the grants and scholarships,” states Sharma.
The chance that your application will be accepted depends on the quality of your argument. “To maximize the chances of scholarship a student must submit an application which is complete in all aspects and gives details of academic achievements, leadership achievements, voluntary work, sports achievements, and membership of organizations like MUN and Aiesec,” says Sanjay Laul, Founder & CEO of M Square Media.
What is the process of financial aid at the Harvard Business School?
The total cost for attendance or the estimated total annual cost for a single MBA pupil in Harvard Business School (HBS) is $1,12764 for FY 2022-23. Deserving students receive financial aid to pay the entire cost which comprises Need-Based Aid, Complimentary Fellowship, and financial assistance from the Career Support & Exploration Fund.
Most support is provided by the need-based assistance
HBS offers scholarships based on the need for international and domestic students. HBS Awards are gifts to students that don’t have to be repaid. The total amount available for scholarships in FY20 is $43 million. In HBS approximately 800-900 students or usually about 50 percent of HBS students are awarded need-based scholarships. The average award is $40,000 annually or $80,000 overall.
HBS gathers information about your income tax from the last three years, as well as other data about your assets as well as your social background. The need-based HBS Scholarship formula is the same for all students. If you are an international student when you’ve been accepted to HBS, you may apply for financial aid based on need.
Certain HBS students are also eligible for additional funds via HBS Complementary Fellowships, which is an additional financial aid in addition to scholarships based on need. Below is the list of the financial aid that the Indian student could apply for.
- Forward FellowshipAwards $15,000 annually to students from low-income backgrounds who can financially support their parents and siblings.
- Goldsmith Fellowship – grants $10,000 in the first year to students who demonstrate the qualities of leadership in a non-profit organization.
- Senior Achievement Fellowship is a grant of $10,000 per year to students who have the Junior Achievement experiences
- Kaplan Fellowship– grants $10,000/year to students who demonstrate dedication to the sciences of life
- summer venture in Management (SVMP) Fellowship is a one-time award of $10,000 to SVMP alumni
- George Leadership Fellowship offers $10,000 to students who are in the third calendar year in the Harvard Kennedy School joint degree program.
- “RISE” FellowshipAwards $10,000 per year to students who demonstrate dedication to serving African/Black Americans Hispanic/Latinx, as well as other marginalized communities in the US
The final mile gets help with Career Support & Exploration funds
In the context of shared investments, HBS students pay for the remainder of the costs of their MBA by using their savings or external financing. If you do have to borrow money, you have the option to receive assistance with the repayment of loans after graduation. Additionally, HBS has several Career Support & Exploration funds that students can apply for after graduation from their MBA program. These funds comprise loan forgiveness programs and fellowships which will help you earn an income after graduation.
Only $ 250 of the annual fee of 483,463 at Harvard College
Professional courses can provide good financial aid, non-professional classes can be a bit easier on your wallet. For example when you are enrolled in an undergraduate course of liberal arts at Harvard If you’re an Asian student from an extended family of four with only one child at college, and your parents’ annual income exceeds $25,000. (Rs 19.5 lakhs; $1 equals 78) and their assets are $ 10,000 (Rs 7.8 lakh) and you are students, if your overall assets are $5,000, from the total annual expenses of $83,463, the total cost you pay for a year of study at Harvard College will be around $3750. From this, you’ll have to pay just $250 out of your pocket. The remaining funds will be paid via students’ terms of time employment. Use the calculator to figure out the amount of financial aid you could receive.
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