This article attempts to highlight a few financial aid packages that are awarded to the international Indian students studying at the US Universities. The financial aids awarded are generally in the form of scholarships or assistantships. In a few cases educational loans and grants are also awarded to Indians by the US Universities.
What is financial aid offered by the US Universities to international students?
Since the cost of education in US is very high, the tuition fees, living and other expenses are also very high. It becomes extremely difficult for students, especially international students to live in USA and pursue higher education. To reduce the financial burden of the students, US Universities provide financial aid to aspiring students. Universities in USA provide financial aid to Indian students in many forms – scholarships, assistantships, educational loan, internships, co-operative programs, grants and work studies.
Scholarships awarded to International students and Indian students studying in US Universities
There are many scholarships made available by the US Government, US Universities, Indian government, public and private organizations to Indians studying in USA. Fulbright-Nehru Fellowship, Rotary fellowship, RSM Fellowship, World Bank scholarship and Ford Foundation scholarships are just to name a few. For complete details regarding all types of scholarships given to Indians studying in US, visit the following article:
Assistantships for Indian students at US Universities
The US Universities teachers and professors are in constant need of assistants for research as well as coursework. The students pursuing higher education are given assistantships by means of which the students can provide service to the professors in the Universities and in return they will receive portion of fee waiver. There are broadly two major types of assistantships awarded to Indians – Research Assistantships (RA) and Teaching Assistantships (TA). The RA awarded to graduate students is also called as GA (Graduate Assistantship). For more details on the assistantships and how to apply for these, read this article:
Internships and co-operative programs by Universities
When the international student completes 2 semesters of coursework in US, he becomes eligible to apply for internships which help the student earn some money to support his education. Similar to the internships, some Universities in US have the co-operative program wherein the University has a tie up with industries and the student can participate in practical experience based learning. The compensation received for his work helps fund his education. A co-operative education program is similar to internships, but it is more of a mutual program by the US University as well as the industries in the nearby areas.
Educational loans available to students studying in USA
A number of education loans are available to Indians who are pursuing higher education in USA.
- Federal Student Loan directly to students: The US government provides a student loan to aspiring young students who require funds to support education. The interest rates of the federal loans are very minimal. The student need not pay the loan as long as he/she gets an internship or job.
- Private Student Loans: These are the loans given by non-Government institutions like banks. Compared to the Federal loans, these loans can be of higher amount, but the interest rates are also high. Similar to Federal loans, the Private loans also need not be repaid until the student secures an internship or job.
- University loans: Many Universities provide loans to students who wish to pursue higher education. But these loans are provided to those students who need it and show merit.