Navigating Student Loans and Scholarships: A Comprehensive Guide For International Students

This guide simplifies securing student loans and scholarships for studying abroad, offering key insights, eligibility criteria, and tips to help students fund their international education journey.

By Daljeet Sandhu 

Going for higher studies abroad is a dream moment for students, however, one of the biggest things a student needs to consider is the cost. With tuition fees, living expenses, travel and other costs, studying abroad can be a significant financial burden and this is why concepts like student loans and scholarships exist. So, to help make students’ international education journey easy, here is a comprehensive guide to how students can steer through student loans and scholarships, exploring their options, eligibility criteria and practical tips to make informed decisions.

Student Loans for International Students

For international students, securing a student loan is often a key component of their financial plan. Unlike domestic students, the process for obtaining student loans can be more complex due to residency requirements, lack of credit history, or limited access to federal loans in certain countries. Here are some of the types of student loans:

1. Private Student Loans: Private banks and financial institutions offer student loans to international students. These loans often require a co-signer, typically a relative or friend residing in the host country with a strong credit score. Interest rates for private loans may vary and they usually come with a repayment period that begins shortly after graduation.

2. Non-Cosigner Loans: Some financial institutions offer loans without the need for a cosigner, although they might have stricter eligibility criteria. These loans tend to have higher interest rates, but they provide a viable option for students who need local guarantors.

3. Prodigy Finance and MPOWER Financing: These companies offer loans to international students without requiring a cosigner or collateral. They assess students based on their potential future earnings, school and degree programs, providing a more accessible option for international students.

Eligibility and Requirements

• Proof of admission to an accredited university


• Valid student visa


• Strong academic record and future potential


• Financial information, including tuition fees and living expenses


• A co-signer (for many private loans)

Advantages of Student Loan:

• Accessible for many students with admission to reputable universities


• Allows students to manage the cost of tuition and living expenses


• Helps build a credit history in the host country

Disadvantages of Student Loan:

• Repayment typically begins shortly after graduation, putting pressure on students to find employment


• Loans accrue interest over time, leading to substantial repayment amounts


• It may be harder to qualify without a co-signer or credit history

Scholarships for Students and Their Types

Scholarships offer a more appealing alternative to student loans, as they do not require repayment. Many institutions, governments and private organisations offer scholarships to international students based on merit, financial need, or a combination of both.

Merit-Based Scholarships: Awarded to students based on their academic achievements, extracurricular activities, leadership potential, or other talents. Many universities offer merit-based scholarships to attract high-calibre international students.

Need-Based Scholarships: These scholarships are provided to students who demonstrate financial need. They are typically offered by educational institutions, governments and NGOs to ensure that talented students from underprivileged backgrounds have access to education.

Country-Specific Scholarships: Many countries offer scholarships to international students based on their nationality or the diplomatic ties between countries. For example, the Fulbright Program in the U.S. offers scholarships to students from over 160 countries, while the Chevening Scholarship in the UK targets future leaders from developing countries.

Program-Specific Scholarships: Certain scholarships are available for students pursuing specific degree programs or fields of study, such as STEM (Science, Technology, Engineering and Mathematics), humanities, or business. These scholarships often aim to promote expertise in high-demand areas.

University Scholarships: Most universities offer financial aid packages, which include scholarships and grants to international students. These scholarships may be part of the application process or require separate applications.

Best Ways to Find Scholarships

• University Websites: Check the financial aid or international office page for scholarships specifically for international students.


• Government Websites: Many governments maintain databases of scholarships available to foreign students.


• Scholarship Search Engines: Websites like Scholarship.com, DAAD, or FastWeb aggregate thousands of scholarships worldwide and allow students to search based on eligibility criteria.


• Professional Networks: Alumni networks, professional organisations and social media platforms like LinkedIn often list scholarship opportunities.


• Daltin Edu Group: You can explore scholarship opportunities and educational resources through platforms like Daltin Edu Group, which connects students with universities globally.

Application Process

• Research Thoroughly: Start a scholarship search at least a year before the intended study period. Some scholarships have early deadlines and the application process can be competitive.


• Prepare Application Materials: This may include transcripts, recommendation letters, essays and proof of financial need (for need-based scholarships).


• Tailor Applications: Customise the application to the specific requirements of each scholarship. A student must showcase their academic achievements, leadership roles and unique attributes.


• Meet Deadlines: Ensure all materials are submitted on time, as late submissions are typically not considered.

Financing international education may seem daunting, but with proper research and planning, it is possible to secure the necessary funds. Additionally, with AI-driven platforms and algorithms, now students can save time and effort by receiving personalised recommendations based on their profile, academic history, financial needs and career goals. In this new era of AI-assisted resources, securing funding for education is more efficient than ever.

Remember, the key to success lies in thorough preparation. Therefore, start early and explore all available options. With these strategies in mind, students can move forward well on their way to funding their international academic journey.

(The Author is the CEO of the Daltin AI Portal)

[Disclaimer: The opinions, beliefs, and views expressed by the various authors and forum participants on this website are personal and do not reflect the opinions, beliefs, and views of ABP News Network Pvt Ltd.]

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