25 FAQs & Answers – Financing Higher Studies Abroad

When it comes to aspiring to studying abroad, most Indian students suffer from the fear of funding their study abroad fee. The fee converting to 30+ lakhs in the in Indian currency, students and parents did this as a hurdle.  Sadly, in some cases, the student or the family succumb to the financial challenges and decide to study in India or go to work.

To help students with financing their Masters or PhD abroad, there are excellent funding partners like Prodigy Finance who offer student loans in the easiest way possible.

Recently, Galvanize Test Prep, in Association with Prodigy Finance, conducted an ‘Ask me Anything’ (AMA) Session for aspiring students to get all their questions related to funding, clarified.

Find below 25 best questions raised by students, during the 2 hour session and answers by Rishabh Goel, Prodigy Finance, Head-India, also an Alumnus of LBS, London.

Q1: How can I get full scholarship for pursuing masters in Engineering in Europe?

I’m a final year student pursuing B.Tech and wish to pursue a masters from any well known university in Europe only if a full scholarship is offered. I have published few research papers in some journals including IEEE. Will that help me anyhow or what else needs to be done?

A1: Many European programmes do not charge tuition fee (specially in Germany). There are not a lot of scholarships offered specifically for international students studying Engineering in Europe.


Q2: I have masters deGREe in microbiology, what should I doto do to apply for a  scholarship? Should I repeat my masters or can I choose PhD? Is there a facility to work and pay the fee as per necessity?

A2: You might directly go for a PhD. Most PhD programmes are fully funded and provide a living stipend.


Q3: What is the minimum criteria required to avail a scholarship for doing MS ?
I wanted to know the minimum requirements to avail a scholarship for doing MS; which includes both academic as well as other requirements if any. The virtuosos kindly enlighten me so that i can make my profile stronger to achieve my future goals and be eligible pursue MS in US.

A3: There is no minimum criteria as such. Most ‘scholarships’ in MS are offered as Assistantship programmes say Teaching/Research/Graduate. We would recommend making your profile as strong as possible, and hope for the best.


Q4: What are the qualifications required to get the scholarship for MBA in Canada and how can I apply for one?

A4: Please see online for scholarships available for MBA in Canada. The scholarship listing will should the criteria.


Q5: I have an M.Sc in CS without any research component. Can i get a full scholarship in US for a Phd in Canada?

Both Bsc and Msc didn’t had a research component. Will I be able to get at least a teaching assistantship for financial support?

A5:Definitely you have a good chance at securing a PhD position. Most PhD programmes are fully funded and provide a living stipend.


Q6: Does prodigy finance give loans to students who get offers from Universities that are not in it’s existing list?
Does the prodigy finance give sponsor/loan to students who got an offer letter but that University is not in the existing tie ups of the organization?

A6: Prodigy Finance currently offers funding to the Universities listed on the website. We are expanding to top 50 Universities as per US News. We can’t accept applications for Universities that are currently not supported.


Q7: If I am switching fields from actuarial science to medicine can I still get funding, if I have to do extra courses.
I am going in for medicine. B.Sc Actuarial science holder. I know it is difficult to enter but I want to know how to get this done(possible ways to finally enter medical school). Considering the way possible, is receipt of funding possible?

A7: As long as you secure an admit, you can access education loans. For Prodigy Finance, we look at the school and the post-master’s income after graduating.


Q8: If I don’t have any publication or internship, can I still get funding for Computer Science PhD in US?
I have completed my masters in 2016 and I am currently unemployed.

A8: A publication or research oriented research definitely helps in securing a PhD.


Q9: What kind of scholarships are provided by Harvard Business School-USA for MBA course for abroad student?

A9: The scholarships page of Harvard Business School has the list of scholarships available. You can also secure a Prodigy Finance loan for the MBA there.


Q10 : How can an average profile student get Scholarships/ Funds for MS/MBA program?
How can a student with average profile get scholarships for his/her education? Which country would be best suited? And when should we apply for a scholarship?

A10: The right time to apply for a scholarship would be after you receive an admit. Scholarships are usually awarded to extraordinary talent.


Q11: To what extent does an individual gets waiver and scholarship for doing MS ? what is the minimum amount ?
I want to pursue MS in US, Canada ,London or Germany, what is the extent upto which I can get a scholarship from GRE and TOEFL scores, what is the minimum amount which I have to pay to complete my MS?

A11: MS in Germany usually involves minimal tuition fee. You may secure an assistantship for MS in US and waive off tuition up to 90%.


Q12: What are the Scholarships provided for doing MS in Germany?

A12: MS in Germany usually involves minimal tuition fee.


Q13: Are scholarships available if I want to do an MBA in Finance and what is the GRE score suitable to get the scholarship?
I really want to do an MBA in Finance or other related Accounting and economics programs but I don’t have any funding now. I want to know if I can still get the opportunity to realise my dream.

A13: There are many no-collateral loan options. For example Prodigy Finance supports 90+ Business Schools across the globe.


Q14: What would be the cut of the university for GRE for the Masters in Finance
Also what’s the ranking of the university and what would be my career prospects and how about placements after completing the course

A14: While there is no specific GRE cut off, GMAT is usually preferred for Masters in Finance unless you are pursuing a tech leaning degree such as Computational Finance.


Q15: Is there anything specific I can do to get research assistantship?

A15: Please network with Professors and PhD students to learn about various research opportunities, and which would be best suited for you.


Q16: I want to fund my MBA in LA, what loan and scholarship options are available for a second round applicant?
I want to know about the loan options available so that I can fund my studies in the USA. What are the last dates to apply? Is there a time constraint, or a constraint on how much money will be lent?

A16: You can see the loan offering of Prodigy Finance. We offer no collateral loans at competitive rates. Schools have their own set of deadlines – most round 2 deadlines are around the end of December.


Q17: I want to fund my total MS cost, but I do not want to impose any pressure on my parents. What are my options?

A17: There are multiple loan options available which do not require a collateral (and hence not burden your parents). Prodigy Finance is currently supporting 29 Universities for MS in US.


Q18: What should be a step by step preparation for a guy in first year aiming a MS?
I am am first year student at BITS Pilani aiming a higher studies in Astrochemistry abroad. My institute will offer me a degree of MSC(Hons) in chemistry in chemistry and BE(hons). Will I be eligible to apply for MS programme abroad? Will my Msc degree be a hurdle?

A18: Hey man, I’m also a BITSian B3A4!

Your Msc degree should not be a hurdle, in fact, it can be a competitive edge if you’ve studied some courses in Msc Chemistry that can help with your MS in Astrochemistry (seems likely given the same).

The step by step preparation would be:
1. Complete your GRE
2. Pick 4-6 schools as (Ambitious, Reach and Safe)
3. Create SOP for all of them
4. Prepare LOR and other requirements of the application
5. Look through SOP again, and apply.


Q19: Is it possible to avail scholarship and admission at same time in London universities? And without GRE , IELTs?
I have heard that most universities in UK provide admission and scholarship to students of Pakistan and India without need of GRE and IELTs. Also that your personal statement is all that will impact? If so how and where to go for?

A19: Hey – most top universities require some test score such as GRE, GMAT, TOEFL or IELTS. Personal statement is definitely impactful, and would recommend you to look at your own personal motivation for writing the personal statement.


Q20: With 320 GRE and 3.16/4.0 final GPA in Mathematics, can I get admission into MSc Civil Engineering?

A20:  Absolutely! Would recommend focusing on an excellent SOP to explain your switch to Civil Engineering.


Q21: Getting scholarships in ivy leagues or top 15 US universities.
I’m in my 4th year of Chemical Engineering undergrad from IIT Roorkee. I’m wish to pursue MS from the IVYs or top 15-20 US uni. but funding is thr main thing which restricts me from pursuing it. can you tell me what should i do or any other alternate options?

A21: Most scholarships opportunities in top MS programmes are assistantship programmes. However, top MS programmes promise great recruitment opportunities, and there are education loan options such as Prodigy Finance that assist international students at top MS programmes.


Q22: Does prodigy finance helps in funding application process of shortlisted universities?

A22: Hi! Yes, Prodigy Finance offers a free funding letter that can be used for i-20 and visa.


Q23: How to substantiate about the funding required from candidate while applying for I20.

A23: For i-20, one needs to show proof of funds for i-20 amount. You can show personal funds, as well as a confirmed letter from Prodigy Finance.


Q24: What are the conditions to get an education loan from firms like prodigy finance? What courses are eligible for a loan?

A24: There’s only one condition for Prodigy Finance to assess your loan application, and it’s that you should be attending a school and programme supported by Prodigy Finance. Please see the entire list on our website.


Q25: Is scholarship based on percentage of a student marks for a MS program in US?

A25: Both admits and scholarship are totally based on the strength of your profile from your CGPA to your latest achievement.

Best of Luck!

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