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Money maker: Strategies to fund your studies
Knowing how to support yourself as a postgraduate student will allow you to focus better on your time studying. JAMES DONALD looks at various sources of funding for students studying at home or abroad
Funding postgraduate study opportunities vary from country to country, and the opportunities for funding also vary depending on which country you are coming from. The tuition fee is obviously one of the biggest costs, but other things to be taken into account are travel expenses, accommodation costs, cost of living and compensating for time away from employment.
"Waiting until an admissions decision is received may leave too little time to identify outside sources of funding.”
Many variables
Jessica Daniels, Associate Director of Admissions and Financial Aid at the Fletcher School of Law in the US, says research is key to helping you track down funding: “While applying, spend time searching for fellowships and scholarships. As the sources of funding vary considerably from country to country, there is no centralized process to apply for outside scholarships, and many of these awards can only be obtained while the student is in their home country. Waiting until an admissions decision is received may leave too little time to identify outside sources of funding.”
Postgraduate students at Fletcher are typical in the way they are funded according to Daniels: “Most of our students, both US and international, finance their education through a combination of savings, family contributions, Fletcher scholarships, external fellowships or scholarships, and loans. Some international students have received Fulbright awards. Others are sponsored by their home governments.”
Savings/Family contributions
Postgraduate studies often taken after a few years in employment, so use that time to save up some money. If you are very lucky you may manage to persuade your employer to actually pay for your studies. Otherwise your family may help. Now is the time to call up any favours. According to the Institute of International Education’s last study of how international students finance themselves in the US – over 60 per cent finance themselves through savings and family contributions.
Institution scholarships and bursaries
All institutions offer them, so make sure you explore all their opportunities by contacting the relevant department. At Fletcher: “International students are considered equally with US students for Fletcher scholarships. Fletcher scholarship aid is distributed on the basis of both need and merit, and all applicants who complete the Fletcher Scholarship Application are eligible for scholarship consideration.” For studying in the US, a good place to start is the website <//a> www.fundingusstudy.orgwhich contains an extensive database of scholarships, fellowships and grants organized and maintained by the Institute of International Education (IIE).
Assistantships
Teaching assistantships or research assistantships are available in many institutions. Universities in the US earn more than $45 billion from research, so each is going to have many opportunities for research, especially for postgraduate students, who can work for up to 20 hours during term time. There are also opportunities for teaching – although payment may be in the form of fee waiver, for instance in Malaysia.
External Scholarships
The Fulbright Commission is one of the best known organisations for giving awards for UK students to study in the US, and US students to study in the UK. For example the Fulbright Postgraduate Award is offered for Masters or PhD study in any discipline at any accredited US university. The award covers up to $40,000 for the first year of study only, health insurance and university application and test fees. There are also awards for students in journalism, film and science and technology. The US-UK Fulbright Awards scheme was set up in 1948 to enhance mutual understanding between the two countries and the Educational Advisory Service at Fulbright also helps applicants in identifying institutions that offer courses in their field.
Each country has its own rules on postgrad jobs: in Singapore, for example, international students should work no more than 16 hours during term.
