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Today, we are shining a spotlight on an issue that plagues almost every single study abroad aspirant at some point or the other: the question of money and financing your dream degree. After all, isn’t it really off-putting when you’re forced to compromise on your aspirations just because of how expensive it is? Are you facing the same issues, let us know in the comments section below. Well, today we are giving you the complete picture on how to secure financing for your dream postgraduate degree so nothing comes in between you and a world-class education.
Right from application fee to visa interview costs, there’s no doubt that the costs of studying abroad can add up in no time, making it seem like an exorbitant proposition, out of reach for a vast number of Indian students. Now, thankfully there are a number of ways to bring down the cost of your MS significantly: whether these be scholarships, graduate and teaching assistantships, or simply just applying as an early bird!
Scholarships: Right off the bat, we have the most sought-after funding method: the scholarship. Scholarships are usually few in number and highly coveted, so an excellent academic performance in college coupled with some research experience is paramount for bagging scholarships. Scholarships can also be need-based, but more often than not, they are given on a merit basis. So, what are some of the criteria that universities have for handing out scholarships? For one, of course, it helps to have a high GPA: in other words, a strong academic record. Of course, it is quite possible to land some prestigious scholarships despite a modest GPA and backlogs (as we shall soon see), given the rest of your application profile is up to scratch.
There’s also the other, equally important factors like relevant internship experiences, research work undertaken, work experience in a relevant area, and papers published, if any. It also certainly helps to have stellar Letters of Recommendations and a crisp, well-written SOP that demonstrates your passion for your chosen field.
Next Up is Assistantships. Graduate teaching and research assistantships are a great way to both bring down the cost of your tuition, and gain some invaluable experience while you’re doing it. Although TA/RA programs can get quite competitive, it’s all about keeping your eyes open for TA openings that are circulated through university email and college noticeboards; for a TA-ship, fluency in English important. While it’s quite difficult to get a TA offer along with your offer letter, it’s a good idea to indicate your interest in TA/RA-ing in your SOP itself, or in the application form.
For TA-ships that are available after your first semester, there are often career workshops that are conducted to match interested students with professors in need of an assistant, so attending those can be a great place to start. For Ra ships, you could log on to your uni website, see if there’s any prof whose research interests coincide with yours, and set up an appointment with them to discuss opportunities. Do remember that while RA opportunities are more readily available than scholarships, a strong academic performance is important here too! If you’re lucky, your RAship could land you free tuition! Otherwise, you can expect a stipend of around $2.7k a month, while as a TA, you’ll earn an average stipend of around $1000 a month.
Tuition fee waivers: Next, there is also the option of a tuition fee waiver, where the university may choose to reduce your overall tuition fee, usually based on your financial background (need-based) or your overall performance. To apply for waivers, there are usually forms or declarations that you submit along with your application, so be sure to check out your university website for full details. And hey, if you need more details about University deadlines, Application Process and Funding in general, just get in touch with our Admission’s expert, check out the link in the description below to get a call back from our experts!
Part-time opportunities: And at last, For most MS programs, you’ll only be required to spend a specific number of hours in class or lab, leaving you with ample time after class. Many students choose to spend this time working part-time jobs to help with their tuition fees and their other, day-to-day expenses. For these jobs, you could get paid anywhere between $8 an hour (minimum wage) to $15 an hour, depending on the type of job. Given that you can work up to 20 hours a week, you can easily earn anywhere between $800 to $1200 a month, or more!
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