The most dreaded part of studying abroad is the cost that it bears. But this is because the students don't know about scholarships and financial aids provided by most of the universities abroad. In many European countries, public universities have no or fewer tuition fees and provide many student financial aids. A study abroad scholarship is a monetary grant for students to use toward the expenses such as travel, course, credits, books and residence. Students must apply for scholarships. Some can be very competitive, while others are under-utilised. There are different types of study abroad scholarships.
- Merit-based: Merit-based scholarships, as the name suggests, are based on a student's academic, artistic, athletic or other skills, and often consider the applicant's extracurricular activities and community service record. The qualifications will differ according to each scholarship.
- Student-specific: The student-specific scholarships are for the candidates who qualify based on gender, race, religion, family and medical history etc. Minority scholarships are the most common grants in this division, but requirements will be different.
- Destination-specific: These scholarships, awarded for students who come to study abroad from a particular country. The destination-specific scholarship is granted as an encouragement to study in that country.
- Program-specific: Offered by a specific study abroad programs or the colleges and universities. These scholarships are given based on academic and personal achievement, but qualifications will differ based on the particular scholarship.
- Subject-specific: Subject-specific scholarships are awarded by study abroad programs or institutions to students based on the course they choose to study. These are subject-specific ones and need to have accepted degree admission in the specified field of study to be eligible for the scholarship