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Financial Aid

Financial Aid is the money to help you pay for your education. Financial aid comes in several forms: scholarships or grants, loans, and work assistance. The major providers of financial aid for graduate business students are the federal government, state governments, universities, private loan providers, employers, and private foundations. In other words Financial Aid is the funding provided either by a private agency or the university to cover either a part or the whole of tuition fee or living expenses incurred by a student. Financial aid decisions are generally made once a year. The deadlines for financial aid and applications are usually in January, February and March. Early applications are looked upon favorably.

Remember that missing deadlines and incomplete applications are the main reasons for rejection. Therefore, one requires being on time and ensuring that the application is complete. It sometimes takes several months for Universities to make a decision on the admissibility of applicants. Some institutions review all applications together and notify students on a given date. Others review applications individually as soon as they are complete, and notify the students right away.
Myths on Financial Aid

The amount of aid you can receive for studying abroad is going to depend largely on
  • The amount of aid that you would regularly qualify for at your college or university.
  • The cost of your study abroad program.
  • How involved your college is in promoting study abroad opportunities to its students,
  • Your enrollment status, i.e. if you are taking at least a half-time course load.
  • If studying abroad is going to further advance the progress towards your degree.
  • If I apply for Aid, it will affect whether or not I am admitted to the program.
  • Loans are not financial aid.
  • Financial Aid is just for minority students.
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Financial Aid Resources

Recently the United States Educational Foundation in India (USEFI) has announced the competition for Fulbright Fellowships for Indian academics, schoolteachers and professionals for graduate study, research, teaching and professional development in the US for the year 2006-2007.

From this year USEFI has also introduced the Fulbright Master’s Fellowships for Leadership Development designed for outstanding Indians who are in the age group of 25-30 years, to pursue a Master’s degree program in select US colleges and universities in the areas of Public Administration, Economics, Communication studies and Environment.

For more details visit http://fulbrightindia.org

It is important for students to understand that financial assistance for international students is often based on merit and rarely on need.

Scholarships/Grants/fellowships

Scholarships/Grants/fellowships are generally based on the student’s academic ability and his performance through the years. Hence, only an academically outstanding student may be considered for this type of an award. 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.

A Scholarship can be of two kinds:

  • Full – The Scholarship would pay for the student’s entire tuition fee; living expenses his books, etc.
  • Partial – Scholarship would pay only for tuition fee. The student will have to provide for partial funding through other sources

Tuition Waivers

A tuition waiver is a form of aid where the student need not pay the tuition fee. Again, the tuition fee may be fully waived or partially waived, depending from university to university.

If the tuition fee is waived, the student has to still pay for use of other facilities like, library, computer Lab, Lab services, etc.

Tuition waivers are generally awarded along with Scholarships/Grants/fellowships. Tuition waiver is provided by the college/university in the form of Institutional Aid.

Assistantships

Assistantship is a financial aid given by the college/university. It is usually in the form of a cash stipend, sufficient for the student’s living expenses and/or tuition waiver, in return for which the student will have to work (generally not more than 20 hours per week).

There are two types of Assistantships:

  • Research Assistantship – it is usually granted by the respective departments in the university. The student will be assigned to a professor who will give him/her tasks related to a research project he/she is working on field
  • Teaching Assistantship – a student is asked to assist a professor in teaching. For this type of assistantship, the student should have good command over spoken English. Hence, his/her score in the Spoken section of the TOEFL is a very important criterion

It can be understood that these aids 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.

Administrative Internships

Which are similar to Assistantships, where students are expected to work part-time under the university’s Administrative officers.

Program-related Internships

These can enable a student either to earn money or gain academic credits for the work done.

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