By INIFD Kothrud on Feb 17, 2020 5:07:23 PM
There are multiple students across the country who are interested in pursuing higher education but do not know how to secure financial help for education.
Fret not. There are multiple ways to secure financial aid for college or financial aid for higher education.
In this blog, we shall discuss the various methods of financial help for higher education students. Each method is unique to multiple aspects of the student’s qualifications and their financial means.
Characteristics That May Define Your Eligibility For Financial Aid
Here is a list of a few defining characteristics of the student that generally have an important role to play when vetting a student for financial aid by organizations or colleges:
- GPA/ Percentage
- Course Opted For
- Annual Familial Income
- Time Of Application
Now that we are clear about the characteristics that can make you eligible for financial aid, let us get familiar with the various kinds of financial aid modes that are available in today’s day and age.
A scholarship is a monetary award which is provided to an individual as a form of financial aid for furthering his/her education.
Scholarships and grants are types of gift aid that do not have to be repaid. They may take the form of University scholarships, government or state grants, or outside scholarships.
There can be 3 types of scholarships:
- Financial Need-Based
- Combination of both
The Indian education system also follows this method by providing scholarships to the students through schemes launched by the government of India or personal trusts such as the JRD Tata Trust. There is a special provision of providing scholarships to scheduled castes, scheduled tribes and other backward classes.
An example, of a scholarship, would be the scholarship for early bird admissions by INIFD Kothrud Pune, where all early applicants receive an assured scholarship. You can know more about the same on the link below:
2. Grants or Fellowship
A government grant is a financial award given by the central, state or local government authority for a beneficial, academic venture. In the end, it is a gift. It does not include technical assistance or other financial assistance, such as a loan. The person receiving the grant is not expected to repay the money.
The only catch with grants is that the end result of the academic pursuit is to benefit the institution giving the grant in some way.
For example, the Indian government provides a fellowship program for students who are studying settlements across India and research about what can be done to make them more sustainable. The results of this study will prove to be beneficial for the government and save them time and money that would have to be spent on R&D instead.
If one is selected in the program then housing, studying, and work commute costs are undertaken by the government. You can know more about the same here: https://www.urbanstudiesonline.com/mediacentre/news-2/urban-fellows-programme-2019-20/
3. Educational Loans
Loans are sums of money that help students pay their college expenses and must be repaid.
There are multiple banks in the country that provide educational loan facilities to the students gearing towards higher education in India and abroad. The financial aid provided by the banks follows the guidelines put in place by the Reserve Bank of India.
The eligibility to qualify for a student loan, the repayment period and interest rates depend on the bank the loan is secured from and the loan amount.
For example, various reliable banks like HDFC and ICICI offer student loans if one wishes to pursue higher studies. You can know more about HDFC’s student loan scheme here: http://www.hdfccredila.com/education-loan.html?gclid=EAIaIQobChMIlurXltn15gIVFSUrCh0Opgx2EAAYAiAAEgKUc_D_BwE
4. Student Employment
Many-a-times students pick up part-time jobs within the universities they study at and then the money can go towards covering tuition fees for the course or daily expenses.
An alternative could be where the student can work for the university or institute in exchange for a scholarship or financial aid.
Employment services vary depending on the university you attend and the program you go to. Most universities can be discreet about such opportunities so make sure you ask your admissions counsellor about the same.
And that’s it. These are the multiple ways you can finance your education in the case that you cannot self-fund it. Make sure to do thorough research and speak to your guidance or career counsellor who will be able to help you pick out the best option based on your financial needs.
And lastly, even if you are doubtful about the opportunity, it does not hurt to ask! Always ask your faculty, counsellors, and university boards about the possible methods of financial aid. Not all information may be listed on the website so it is best to shoot a mail or get in touch through call.\
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