Financial Aid - These are the two words which catch the attention of every 'study abroad' aspirant. The following are some of the frequently asked questions about financial aid.

  QUESTION 1:
What are the types of Financial Aid available?
Financial Aid is available in the form of :

• Grants, Scholarships and Fellowships - These are awards where there is no repayment involved or work to be done in return. These can be Private or Public and research grants. This type of aid is usually in the form of money for any purpose.
• Course-related Internships - These can enable a student either to earn money or gain academic credits for the work done.
• Administrative internships - which are similar to Assistantships, where students are expected to work part-time under the university's Administrative officers.
• Assistantships - These can be either for Research or for Teaching. These are provided to students who have the requisite abilities in the respective areas of expertise. This type of aid is provided to Master's and Doctoral level students who are expected to teach undergraduate students or assist their professors in research.
• Other assistantships can also include Dormitory and Counseling assistantships.
• Tuition Waivers (part or full) is another form of aid, which is provided by the college/university in the form of Institutional Aid.

See this topic also: Study Abroad

  QUESTION 2:
Who are eligible to apply for Financial Aid?
     All applicants could be considered for Financial Aid. However, universities provide aid either for need or on merit. Depending upon the circumstances of the applicant, universities, at their discretion and availability of funding, grant aid in one form or the other.

  QUESTION 3:
At what level can one get Financial Aid?
     Students for Graduate studies at the Masters level and beyond have brighter chances of getting aid. It is rare for International students at the Bachelors level to get Financial Aid. The main reason is, competition from local students, who are very keen on studying on their own. Bachelor's level education is quite a costly proposition in most countries. So, unless the applicant is financially very sound, or have some sort of Aid, it is very difficult to pursue undergraduate education.

  QUESTION 4:
When can I apply for Financial Aid?
     You can start the process of looking for Financial Aid as soon as you initiate the admission process. In most universities, deadlines to apply for Financial Aid are much earlier than the regular admission deadlines. The latest time to apply for Aid is at least 9-12 months before the start of semester.

  QUESTION 5:
As an International Student, can I get Aid from Public universities?
     Yes, you can get Aid even from Public Universities, provided they are not State or Federal grants, which are paid from the taxes of the U.S citizens. There are several private sector grants and awards, which are available to International students.

  QUESTION 6:
Who provides Aid?
     The universities, Private sector companies, various Trusts, Religious bodies, Civic bodies, the State or the Federation - all of them provide one form of Aid or the other.

  QUESTION 7:
Can I apply for Aid from two different sources simultaneously?
     Technically, you can. But, depending upon your 'status' as an International student, the college or some Trust Boards usually provides Aid, alone.

  QUESTION 8:
What is the duration of Financial Aid?
      Duration can be for the whole duration of the course - two years at the Masters level and four years at the Bachelors level. This depends upon the policy of the sponsor/institution providing Aid. Normally, Aid is provided for one year after which additional aid would be granted based on academic performance or need.

  QUESTION 9:
What are the minimum scores required for Financial Aid?
     While there is no minimum or maximum scores, the higher the score the better the chances for Aid from second and/or subsequent semesters. Usually, a score of below 270 for TOEFL and 2000 in GRE will not improve chances for aid. Here, an excellent and effective Statement of Purpose that is professionally prepared would improve chances for Aid.

  QUESTION 10:
Are there any awards for sports persons?
     Yes, there are! Some universities do provide Financial Aid in the form of Award or one-time grant for out-standing sports persons who contribute to the institution with their skills in a sport. You will have to contact the universities or check their websites for information on this.

  QUESTION 11:
Which universities offer more Financial Aid?
     There is no standard list of universities that offer Aid.There are some that offer more Aid in particular fields while others are not that specific. There are some more which favour students from certain countries. You would need to research universities based on your own profile and identify universities where you have chances of getting Aid are high. It is important to note that grant of any form of Aid is the prerogative of the university.

  QUESTION 12:
Where can I get information about Financial Aid?
     Usually, the best place to get specific information is from the college where you plan to apply. Almost all the colleges have staff, that are specialized in providing guidance and information on Financial Aid. You will be provided all the necessary information if you interact with them from a very early stage, well before the deadlines.

  QUESTION 12:
What are the opportunities for Aid in other countries?
     Opportunities for Aid in countries like Australia, New Zealand and U.K are very rare and difficult. Whatever Aid is available in these countries have very tough competition from domestic applicants. Canadian universities do provide Aid in some form, in addition to various other sources as in the U.S.A.

  QUESTION 13:
Are there any private scholarships or loans?
     Yes, there are lots of non-profit organizations which offer financial aid to many deserving students who wish to study abroad. The prerequisite is an admission in hand. Few of such scholarships are Commonwealth Scholarships, TATA Foundation Loans, The Paul Foundation Scholarships (www.thepaulfoundation.org), etc. Keep looking leading newspapers continuously for announcements.

Courtesy: www.infozee.com. Corrections and improvements are welcome.