A master’s degree can significantly enhance career prospects, skill sets, and earning potential. According to Indeed, in the US, the annual income for those with a master’s degree is $86,372. Typically, master’s degree holders earn over twice as much as high school diploma holders and 16 percent more than those with bachelor’s degrees. However, in February 2024, the Education Data Initiative reported that the average cost of a master’s in the US is $48,690 in a public school and $64,440 in a private school. In the UK, the average cost for international students of a master’s programme at a leading university like the London School of Economics is approximately £33,738 per year. Add living costs to the fees, and a master’s programme becomes expensive. Therefore, scholarships are crucial. If you’re hoping to pursue a master’s degree abroad, this guide is a keepsake.
Types of scholarships for master’s programmes:
1) Merit-based scholarships
Merit-based scholarships are awarded to students based on their academic achievements, extracurricular accomplishments, or exceptional talents, making them highly competitive. For example, each year, the University of Oxford offers the fully-funded Clarendon Scholarship to 200 graduate students. The Gates Cambridge Scholarship is another prestigious, full-cost scholarship awarded to outstanding applicants from countries outside the UK who want to pursue a full-time postgraduate degree in any subject available at the University of Cambridge. In the US, Stanford University offers The Knight-Hennessy Scholars, a fully-funded programme to attract the world’s best students pursuing a graduate degree in any discipline. The Massachusetts Institute of Technology offers a similar scholarship called the MIT Presidential Graduate Fellowship to exceptional graduate students across various disciplines. In Europe, ETH Zurich offers the Excellence Scholarship & Opportunity Programme (ESOP) to master’s students based on academic excellence, while Bocconi University offers the Bocconi Graduate Merit Award.
2) Need-based scholarships
Need-based scholarships are for students based on their financial requirements to make education accessible. Applicants must provide documentation to demonstrate economic hardships. For instance, in the US, The Griffin Financial Aid Office at Harvard College offers need-based financial aid for graduate students across its various schools, including Harvard Kennedy School and Harvard Law School. In the UK, the London School of Economics Graduate Support Scheme financially aids students who cannot fund their education. It is offered for specific modular or executive programmes such as the MSc Finance (Part-time), the MSc Health Economics, Policy and Management and the MSc International Strategy and Diplomacy. Similarly, HEC Paris’ Equal Opportunity Scholarship provides students from all socioeconomic backgrounds access to their unique master’s programme portfolio. Non-French nationality candidates can apply for it by selecting ‘apply to a need-based scholarship’, which will open the Need-Based Scholarship Form in their Applicant Space.
3) Diversity and inclusion scholarships
These scholarships support students from underrepresented groups or backgrounds. They promote diversity within educational institutions by providing financial assistance to students based on factors such as ethnicity, gender, socioeconomic status, nationality, or other characteristics that contribute to a diverse academic environment. The Posse Foundation offers students from underrepresented communities full-tuition leadership scholarships from its partner universities in the US. In the UK, the Stonewall Foundation awards scholarships to students from the LGBTQ+ community. Europe also offers diversity and inclusion scholarships. For instance, the Palantir Women in Technology Scholarship awards women pursuing STEM undergraduate and master’s programmes in an accredited European university.
4) Country-specific scholarships for Indians
Country-specific scholarships are awarded to students from specific countries to strengthen educational ties and promote cultural exchange. Commonwealth Shared Scholarship in the UK covers tuition fees, airfare, and a living stipend for students from Commonwealth countries. Oxford and Cambridge Society of India (OCSI) offers scholarships to Indian students who have secured admission to the University of Oxford or the University of Cambridge for a master’s programme. The Indian Trust Fellowship at Illinois Institute of Technology provides partial tuition scholarships to Indian students admitted to graduate programmes, including engineering, science, and technology. The Charles Wallace India Trust annually funds one Visiting Research Fellowship at the University of Edinburgh. It is a short-term, post-doctorate scholarship, exclusively for Indian citizens and residents or Indian nationals pursuing academic careers in the subcontinent.
5) External Scholarships:
External scholarships are financial awards provided by entities outside the educational institution where a student is enrolled. Governments, non-profit organisations, corporations, and international bodies often fund these scholarships. They are typically granted to students based on academic excellence, leadership qualities, professional experience, or country of origin. The Fullbright Foreign Students Program in the US aims to foster mutual understanding between nations through educational exchange. Indian students can opt for Fulbright-Nehru Scholarships. The American Association of University Women (AAUW) offers International Fellowships for women who are not US citizens. Joint Japan/World Bank Graduate Scholarship is for students pursuing master’s degrees in development-related fields at various universities worldwide, including several in the US. Chevening Scholarships are funded by the UK government and awarded to outstanding students from Chevening-eligible countries to pursue a one-year master’s degree in any subject at any UK university. The Inlaks Shivdasani Foundation offers scholarships to Indian nationals for master’s degree programs at top institutions in the UK, Europe, and the US.
Options beyond master’s scholarships:
1) Student loans
Student loans are a common way for students to finance their education and usually levy an interest, typically repaid after graduation. Many banks and financial institutions offer loans to international students, and some countries have government-backed loan programmes. They usually accrue interest, and the interest rates can vary depending on the lender and type of loan. For example, HDFC Credila provides education loans to Indian students with interest rates typically around 11-13 percent. On the other hand, SBI’s Global Ed-Vantage Scheme is for students pursuing education abroad, offering up to INR 1.5 crore with interest rates generally around 10.55 percent per annum. Before committing to a loan, comparing options and understanding the repayment terms is crucial.
2) Work-study programmes
Several countries allow international students to work part-time while studying. Work-study programmes can help cover living expenses and provide valuable work experience. However, restrictions on hours and types of employment may apply. In the US, many universities offer the Curricular Practical Training (CPT) programme that gives students the unique opportunity to work from the moment they arrive on campus. In the UK, most international students on a Student Route visa pursuing a full-time postgraduate degree (for over six months) can work part-time during their studies for not more than 20 hours per week, except during vacations or in the case of an agreed work placement or internship.
3) Assistantships
Graduate students, particularly those in research-based programmes, can apply for teaching or research assistantships. These positions often provide a stipend and may include tuition remission in exchange for duties. Assistantships are available at US universities like the University of California, Los Angeles and the University of California, Berkeley. In the UK, graduate students can pursue assistantships at UK institutions like the University of Oxford and Imperial College London. Many European universities, like the Technical University of Munich and the University of Helsinki, also offer assistantships.
Tips for successfully applying for master’s scholarships:
1) Conduct research
It is crucial to find a scholarship that aligns with your master’s programme. Therefore, you must thoroughly research the options available. Understanding the specific criteria, including eligibility requirements, deadlines, and application processes, will help you select the right one.
2) Start your application early
Preparing for a scholarship application involves gathering all necessary documents, such as academic transcripts, test scores, letters of recommendation, and proof of extracurricular activities. By beginning the process early, you can avoid last-minute rushes and have ample time to refine your application materials.
3) Showcase your strengths
Highlighting your positive contributions to previous roles or communities can significantly boost your application. You must demonstrate leadership qualities and have a solid academic record with relevant coursework and notable achievements, mainly if you apply for merit-based scholarships.
4) Craft an impactful personal statement
Your statement or essay for a scholarship must align with the specific goals and criteria of the scholarship provider. Explain how receiving the scholarship will help you achieve your academic and professional objectives.
5) Choose your recommenders carefully
Always choose individuals who are familiar with your work and character. They can be professors, professional supervisors, or community leaders. Their letters should emphasise your leadership skills, creativity, community involvement, and overall performance. Providing your recommenders with your resume, personal statement, and details about the scholarship can help them write more tailored and impactful recommendations.
6) Demonstrate financial need
It’s important to outline your financial situation and provide supporting documentation for scholarships that consider financial need. Demonstrating genuine financial need can be a key factor in the decision-making process for need-based scholarships.
7) Prepare for interviews
Practice your responses to typical interview questions and ensure you are well-informed about every aspect of the scholarship and your application. Doing so will allow you to discuss your qualifications confidently during the interview.
8) Network and seek advice
Connecting with alumni and current students who have received scholarships can provide valuable insights and guidance. Additionally, seeking advice from educational consultants or mentors can help you navigate the application process and enhance your chances of success.
Investing in a master’s degree can feel overwhelming due to the costs. However, scholarships and the right funding strategy can turn a seemingly unreachable goal into an achievable milestone. For any guidance on your master’s and PhD applications, please contact us. Our postgraduate counsellors look forward to assisting you. Meanwhile, read our latest blogs, The Passion and Precision of Postgraduate Admission Counsellors and The Ultimate Checklist to Craft a Stellar Master’s Application Five Months Before the Deadline.
