How to Fund Your Masters Degree Abroad
The world is becoming a microcosm of civilization with workplaces and markets spread globally, and rapidly becoming so interconnected that they can be approached locally. This makes people with skills that enable them to work in varied cultural settings indispensable. International companies seek out employees who are a good fit and one of the most important markers for that is global education. It is no surprise, then, that international education has risen in appeal and relevance. With the best jobs demanding the most exposure, people who cannot easily afford an international education are also keen on pursuing one to enhance their prospects. An international Masters degree is so highly valued that an increasing number of students are looking for options to fund their education abroad. Read on to know some options for funding your education overseas.
One of the most popular methods of funding your Masters degree abroad is scholarships. It works by providing a sum of money to students based on merit or need. Depending on your occupation, academic major and other variables, you can be awarded a scholarship that could cover a part or the entirety of your course fee. Apart from covering tuition, some scholarships also cover living expenses but they may come with certain requirements such as maintaining an academic standing or a minimum grade to continue. You may even need to apply for one every year.
The following are some criteria on which scholarships can be awarded:
- Merit scholarship is awarded based on academic performance, athletic performance or creative ability.
- Financial needs of the student.
- STEM subjects and Masters in some topics.
- Personal attributes such as being a woman and belonging to a minority group.
Depending on these criteria, a student can avail of the following scholarships:
- Special category scholarships
- A partial scholarship
- Full-ride scholarship
Scholarships you can apply for:
International Graduate Scholarship
Student loans are a popular solution for making education abroad affordable. A good university and a good course assure good returns and taking a loan for the same makes sense. Many banks offer special interest rates and flexible repayment plans for student loans. Before you agree to a loan term, ensure that you are familiar with the origination fees, interest rates, payment terms, and pre-payment terms. Loans make overseas education a possibility for students from all economic backgrounds. When applying for a loan, it is imperative to keep in mind a realistic budget. Although most education loans require collateral to mitigate the risks of a loan, some banks provide loans without any collateral as well. Explore all your options before you decide on where to take a loan from. Loans may also require a third-party joint borrower, such as the student’s parents.
Assistantships are of different kinds:
Research Assistantship: It requires one to assist a professor and research personnel in ongoing research work. It involves recording and collecting data and analyzing it for preliminary reports. This could assure tuition waiver or monetary compensation in the form of a stipend.
Teaching Assistantship: It entails assisting a teacher in lectures, checking home assignments, helping students with their difficulties and taking lectures, if required. It helps you gain teaching experience, in addition to getting a fee waiver or a stipend.
Administrative Assistantship: You are required to assist the university administrative staff in their work. It requires you to collect, collate, and analyze information.
To work as a research or teaching assistant, you require good academic standing. As opportunities for an assistantship are limited, it is advisable to apply early. The difference as compared to scholarships is that instead of awarding grants or bursaries, assistantships offer fee waivers and stipends in exchange for work done.
Freelance & Part-time Jobs
For students who are capable of managing their time well, freelancing or part-time jobs can provide much-needed financial support for pursuing graduate studies. With a paid internship, students may benefit by receiving a pre-placement offer. Different countries have different rules concerning international students. Ensure that your visa permits you to work, or figure out how much time and where you are allowed to work. Students can find jobs on campus and freelance assignments on various websites. Finding one that works for you is the key to earning while sustaining your academics.
A bit of pre-planning is all you need to fund your overseas Masters degree. Visit www.aplicar.io to find out more about scholarships, visa regulations and opportunities in your chosen field of Masters.
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