Studying abroad is a dream for thousands of Indian students, but the financial aspect often becomes a significant hurdle. With rising tuition fees, living expenses, and currency fluctuations, it's crucial to have a clear funding strategy before beginning your journey. This guide breaks down the most effective and proven funding options available for Indian students, whether you're headed to the USA, UK, Canada, Australia, Ireland, or New Zealand.
1. Understand the Total Cost of Studying Abroad
Before exploring funding options, calculate the complete cost of education:
Tuition Fees: Varies by country and course type.
Living Expenses: Rent, food, transport, utilities.
Miscellaneous Costs: Travel, health insurance, visa application fees, books, etc.
| Country | Avg. Tuition Fees (per year) | Avg. Living Cost (per year) |
|---|---|---|
| USA | USD 35,000 - 85,000 | USD 12,000 - 18,000 |
| Canada | CAD 21,000 - 36,000 | CAD 15,000 |
| Australia | AUD 20,000 - 50,000 | AUD 18,000 - 22,000 |
| UK | GBP 15,000 - 38,000 | GBP 12,000 - 15,000 |
| Ireland | EUR 12,000 - 25,000 | EUR 10,000 - 14,000 |
| New Zealand | NZD 20,000 - 40,000 | NZD 15,000 - 20,000 |
2. Apply for Government Scholarships
Several prestigious, fully-funded scholarships are available to Indian students:
Chevening Scholarships (UK) – Fully funded master’s degree by the UK government.
Commonwealth Shared Scholarships (UK) – For students from developing countries.
Fulbright-Nehru Fellowships (USA) – Funded master’s programmes with living expenses.
DAAD Scholarships (Germany) – Supports PG courses with stipends and tuition.
Pro Tip: Apply at least 12 months in advance. These scholarships are competitive and require a strong academic record and statement of purpose.
3. Tap into Indian Government and Philanthropic Funds
National Overseas Scholarship (NOS) – For SC/ST/OBC and other marginalized groups; covers tuition and living.
JN Tata Endowment – Offers low-interest loan scholarships ranging from INR 1 to 10 lakhs.
Inlaks Shivdasani Foundation – Provides up to USD 100,000 for select universities and courses.
National Overseas Scholarship (NOS) – For SC/ST/OBC and other marginalized groups; covers tuition and living.
JN Tata Endowment – Offers low-interest loan scholarships ranging from INR 1 to 10 lakhs.
Inlaks Shivdasani Foundation – Provides up to USD 100,000 for select universities and courses.
These are often underutilized but highly beneficial for students with limited means.
4. Explore University Scholarships and Fee Waivers
Most universities abroad offer merit-based or need-based scholarships to Indian students. Top universities in Australia, UK, Ireland, and Canada often have:
Automatic fee waivers for early applicants.
Merit-based entrance awards.
Country-specific bursaries.
Ask your counsellor or check university websites for updated listings.
5. Take Advantage of Education Loans
Banks and NBFCs in India offer various education loans tailored for international study:
SBI Global Ed-Vantage Loan – Up to INR 1.5 crore, attractive interest rates, long tenure.
HDFC Credila – Customised loans, no upper limit, flexible EMI.
Axis Bank, ICICI, Avanse – Competitive loans with minimal collateral for top universities.
Pro Tip: Always compare interest rates, processing fees, moratorium periods, and repayment terms before choosing a lender.
6. Earn While You Study
Many countries allow international students to work part-time during studies:
Australia – 48 hours per fortnight.
UK – 20 hours per week during term.
Canada – 20 hours per week off-campus.
New Zealand – 20 hours per week; unlimited during vacations.
You can earn enough to cover living expenses through internships, campus jobs, and freelance gigs.
7. Consider Alternative Funding Avenues
When traditional routes fall short, alternative options can bridge the gap:
Crowdfunding Platforms: Sites like Ketto or Milaap help raise funds online.
Employer Sponsorships: Some Indian companies offer paid study leave or funding for skill-enhancement degrees.
Forex Planning: Use multi-currency cards, fixed exchange rates, and money transfer tools to save on currency conversion.
Final Thoughts: Start Early, Plan Smart
Funding your international education is not just about scholarships and loans—it’s about creating a strategic mix that works for your financial background and academic aspirations. At GradGuide, we help Indian students:
Build custom budget plans
Identify scholarship & loan options suited to their profile
Navigate university-specific fee waivers
Speak to a GradGuide counsellor today to build your funding plan and unlock your global future!
