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A guide to financial aid scholarships for international students

The before opportunity to study in the U.S. or Canada is a thrilling prospect for students around the world. However, the cost can be a significant hurdle. That’s where financial aid scholarships come into play. Unlike student loans, scholarships are funds that don’t need to be paid back. They can cover college tuition, living expenses, textbooks and more, making the dream of studying abroad more accessible.

For international students, traditional financing options might be limited. Financial aid for international students levels the playing field, ensuring that financial barriers don’t stand in the way of educational goals.

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What financial aid types are available?

Whether it’s recognizing academic excellence, supporting specific talents or assisting those with financial needs, scholarships play a vital role in making higher education accessible to international students. If you’re wondering how to get a scholarship, start here.

Types of financial aid

  • Merit-based scholarships: These scholarships are for students who excel in their studies. If you have great grades and achievements, you could be rewarded with a merit scholarship. It’s a way to recognize hard work and talent.
  • Need-based scholarships: Some students may need a little extra help financing their education abroad. If you’re struggling financially, need-based scholarships are there for you. They make sure that money isn’t a barrier to your education.
  • Fellowships: Are you into research? Fellowships support academic pursuits. They can fund your studies, research projects and even travel for academic growth.
  • Work-study programs: Want to work while you study? These programs offer employment opportunities on campus. You can earn money and gain valuable experience.

Forms of financial aid scholarships

  • University-specific scholarships: Many U.S and Canadian schools offer their own scholarships. They might be for specific majors, talents or backgrounds.
  • Government-funded scholarships: Governments often provide scholarships to promote education. They might support students in specific fields or from certain countries. Be sure to understand your eligibility for government-provided scholarships.
  • Private organizations: Many companies and organizations offer international scholarships to support future leaders, innovators or community builders.
  • Special groups: Some study abroad scholarships are for specific groups of people. Women in STEM, minorities or first-generation students might find special opportunities.

Navigating the scholarship landscape

  • Research: Finding the right financial aid scholarship takes time and effort. You need to know what’s out there and what makes sense for you and your financial needs.
  • Apply: Each scholarship has its own application. You’ll need to show why you’re the best candidate.
  • Meet deadlines – Scholarships have strict deadlines: Missing a deadline could mean missing out on the opportunity to apply for a scholarship.

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Common challenges international students face getting financial aid scholarships

Securing international financial aid can be a complex process. Here are some common challenges:

Information overload: With countless scholarships available, knowing where to start and finding the right fit can be overwhelming.

Cultural differences: Understanding the requirements and expectations of student scholarships in a different country can be confusing.

Limited access: Some scholarships may have restrictions based on nationality, field of study or other criteria.

Multiple applications: Applying to various scholarships means juggling different forms, requirements and deadlines.

Competition: The high demand for international scholarships leads to intense competition, requiring standout applications.

Deadlines: Keeping track of multiple deadlines and ensuring timely submissions is crucial yet challenging.

Find financial aid scholarships through MPOWER Financing

MPOWER Financing is a student loan company dedicated to supporting international students in their pursuit of higher education. More than just a loan provider, MPOWER also offers scholarships and other services to support a student’s entire study abroad journey.  Here’s how MPOWER helps students through scholarships:

Monthly opportunities: MPOWER offers monthly international scholarship opportunities, allowing students to apply regularly and increase their chances of winning.

Women in STEM Scholarship: This scholarship encourages gender diversity by supporting women in science, technology, engineering and mathematics.

Global Citizen Scholarship: The global citizen scholarship fosters international collaboration and is designed for students who demonstrate leadership and a desire to make a global impact.

Central America Scholarship: Tailored for students from Central America, this scholarship recognizes the unique challenges and opportunities in the region.

Partnerships with universities: MPOWER works closely with universities to provide targeted scholarships and financial education. Students applying for an MPOWER loan can choose from over 400 MPOWER-eligible colleges and universities in the U.S. and Canada.

Learn more about MPOWER’s scholarships here.

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FAQs

What types of financial aid scholarships are available to international students?

International students can access various types of student scholarships, including merit-based, need-based, university-specific and government-funded scholarships, as well as scholarships from private organizations. Some are tailored to specific fields of study, regions or personal backgrounds.

How can I find scholarships suitable for my needs and qualifications?

Start by researching online scholarship databases, university websites and governmental organizations. Consider your academic achievements, financial needs, field of study and other unique characteristics. Don’t hesitate to reach out to your university’s financial aid office for personalized assistance.

What are the common requirements for applying to scholarships?

Requirements vary by scholarship and often include academic transcripts, letters of recommendation, a personal statement or essay and proof of enrollment in a university. Some financial aid scholarships may require proof of financial need or specific achievements in extracurricular activities.

Can I apply for multiple scholarships at once?

Yes, you can apply for multiple scholarships simultaneously. It’s encouraged to apply to as many as you qualify for to increase your chances of receiving financial aid. Just be sure to keep track of the different deadlines and requirements for each.

How will I receive the scholarship funds if I’m awarded a scholarship?

Scholarship funds are typically disbursed directly to your university to cover tuition and other fees. In some cases, the funds may be sent to you personally. It’s essential to understand the disbursement process for each scholarship you apply for, as it may vary.

DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.

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