College is considered to be one of the most expensive purchases after purchasing a home. Not every college student is fortunate enough to afford to pay their college fees. This only means that you require the help of other resources to fund your education. It is not just college fees that you need to pay for. You also need to handle the cost of house rental/hostel, accommodation, project expenses, groceries, college meals, and other expenses that might double the cost of your plan. In such situations, you can apply for a short-term loan to help cover these additional costs and manage your financial burden effectively.
Scholarships
Scholarships are widely available and completely merit-based. You can win them to fund your education based on your academic record or other accomplishments. Everything from standardized scores to grade point averages and even volunteering hours can help you earn your scholarships. There are many scholarships that are purely based on athletic success, which can only be earned by playing a certain sport in college. Hunting for a scholarship is no less than hunting for a perfect part-time job. Thus, it is essential to explore all scholarship options.
What do Scholarships Generally Cover?
Here is a list of things scholarships tend to cover:
- Educational Supplies: Supplies like textbooks, practice tests, sample papers, guides, etc., often cost more than you expect and thus may disrupt your overall budget in the middle of the course. Scholarship can cover a large part of your educational supplies expenses and thus leave a big impact on the overall cost of your study.
- Tuition Fees: This includes most of the tuition fees that colleges tend to charge for various courses. A scholarship can help waive 100% of your tuition fees or cover just a certain part of them.
- Visa Charges and Travel Expenses: There are several scholarships that are designed to cover transportation expenses via train, aeroplane or bus. However, certain limitations will be on the maximum granted in this kind of scholarship.
- Housing Rent: The cost of housing will cover expenses for housing rent, groceries, food, transportation, and other necessary expenses that fall into this category.
Grants
Scholarships are awarded based on merit, while grants are offered based on financial need. Grants can be applied at all levels: local, federal and institutional. Grants can also be found based on gender, race, sexual orientation, where you stay and other factors. Organizations offering scholarships also offer grants to students on the basis of their needs. There are grants that renew every year or other that can be availed only once. If you ever feel confused regarding which grants you should choose, you can broaden your scope of searches by including other factors like race, socio-economic background, ethnicity and what your parents do. Also, do not hesitate to search for other types of grants so you may find as much free aid as possible.
Student Loans
Quick Student loans are also a good option since you have exhausted your free college funding options. You need to deal with two student loan types: federal student loans and private student loans.
Top Tips for Indian Students to Secure Scholarships
As an Indian student, if you want to maximize your chances of getting scholarships, you must focus on these key aspects:
Academic Excellence: The top requirement for scholarship eligibility is merit. Focus on academic accomplishments like high standardized test scores, distinguished grades and academic accolades as they play a crucial role in scholarship application. Having strong writing skills will be an additional perk that will help you compose compelling scholarship essays.
Extracurricular Activities: Applicants who are well-rounded are most likely to be receiving a scholarship. Extracurriculars show your diverse abilities and interests. It shows additional skills that you demonstrate besides your grades. Some of the extracurricular activities relevant to Indian students applying for scholarships are:
- Internships
- Creative activities
- Leadership activities
- Sports
- Hobbies
- Political activism
- Academic clubs
Networking and Mentorship: Mentorship and networking can open doors to several scholarship opportunities and even provide much-needed guidance that can help you navigate the application process. You can consider participating in networking events, reaching out to alumni and joining professional organizations. It will help you explore more scholarship options and broaden your connections. It is not always who you know but also what you know that makes all the difference.
Conclusion
With hard work, determination and the right financial support, you can make sure nothing comes between you and your bright future. Research all the best scholarships, grants, and education loans to maximize your chances of getting the best financial support. If you need further help, you can consult mPokket, the best online financial platform that can provide you with the best loan options and help you achieve your academic goals.