How to fund your education for studies abroad

Anuja Dalal did not apply for admissions to foreign universities because she thought she would not be able to fund her education. Anuja like thousands of Indian students does not know that there are many sources of funding for education abroad. For generations foreign universities have encouraged Indian students to study at their campuses by offering financial aid, scholarships and loans.

The wary may wonder why universities pay for international students. International students add cultural diversity to the campus and often increase the intellectual level of discussions in classrooms. Having a culturally diverse student body has added benefits for universities too. Many philanthropic Americans and Britons bequeath millions of dollars in funding to universities because the universities claim to have students from all over the world. Hence, one of the reasons foreign universities offer funding is to attract more international students.

Financial aid
There are two types of universities in the US -- public and private. Public universities are state-funded and hence do not offer financial aid to international students. However, their cost of tuition is not very high and average state school tuition costs are around $15,000 per year.

Private universities, on the other hand, are privately funded and hence can offer need-based financial aid to international students. However, the cost of tuition at private schools is higher than that of state schools and average private school tuition costs are around $25,000 per year.

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Keep in mind that financial aid is need-based, extremely limited and international students will need to file a Foreign Student Financial Aid Application (FSFAA) in order to qualify for funding.

Most of the Ivy League schools and liberal art schools in the US offer financial aid to international students. Most financial aid offered is for undergraduate students and very few graduate schools in the US offer financial aid to international graduate students. (Instead they offer graduate assistantships -- see below.)

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Courtesy: Rediff