Most of the students who aspire to overseas education rely on study abroad scholarships as they help in making overseas education affordable and help students access the best institutions across the globe.
Derek Bok, the former president of Harvard University once observed ‘If you think investing in education is expensive, try ignorance’. The true meaning of his statement was that the actual long term cost of ignorance exceeded that of the cost of education. The words of Derek Bok clearly showcase the need for holistic and long term approach towards investment in education. However, aspiring students will find it difficult to attain quality education in today’s highly competitive market.
As a consequence of this, Universities, Corporations and Governments have identified a section of that population that is most deserved of the access to quality higher education and the opportunity to compete on level terms with more affluent sections of the society. They have also invested significantly to provide better educational opportunities to the less affluent through scholarships and other financial support.
The 5 types overseas study scholarships are:
- Merit-Based: The origin of merit based scholarship was from the stiff competition between top tier universities for attracting highly talented students. Merit based scholarships embody the notion of Troy Miller, who once said, ‘Instead of students competing to get into the best colleges, have the colleges competing to get the best students’. So merit based scholarships are usually awarded based on academic, athletic, artistic or other extracurricular performance of students.
- Need-Based: The basic eligibility criteria for winning a need-based scholarship is the need for financial assistance. This type of scholarships helps students coming from less fortunate backgrounds in accessing overseas education. The financial status of the student’s family is the prime concern while awarding need-based scholarships, though the academic profile is also reviewed in the decision making process. These study abroad scholarships can offer full or partial fulfilment of tuition fees, living costs and other associated costs.
- Career-Specific: Financial aid is given to students studying some specific areas due to skill shortage in certain roles in the industry which stem from these study areas. It is the agenda of universities to develop a talented pool of students from which employers can recruit employees. So universities adopt a long term outlook and promote these study areas by providing scholarships to students pursuing these study areas.
- College-Specific: Educational institutions have certain core competencies that are integral to the reputation of the institution. So institutions provide overseas education scholarships that are aimed at enhancing the reputation of the institution and its ideologies and knowledge systems by attracting the best talents available among the prospective student group. These scholarships are very competitive and are given based on performance in academic and extra-curricular activities and personal profile and achievements of students. These scholarships often give reduction in tuition fees.
How GLOBAL STUDY LINK Overseas Consultants can help
GLOBAL STUDY LINK matches with the right university based on your merit. Our extensive collaboration with leading institutions across the world enables us in matching your talent with right overseas education scholarships. Get in touch with GLOBAL STUDY LINK right away and get the right scholarship that matches your academic merits. For more information,please contact us.