Pursuing an MS degree is a significant investment and a decision that can be very costly. However, many MS scholarships and financial aid opportunities exist internationally to help students ease these expenses.
To get an idea of MS scholarship and financial aid, collectively for the 2023–24 academic year, undergraduate and graduate students in the United States benefited from $256.7 billion of financial aid with $28,420 awarded to a full-time equivalent graduate student.
Getting Started with Funding Your MS
Pursuing a Master of Science (MS) degree requires strategic financial planning. Here’s a structured approach to help you secure funding for your graduate education:
- Start by determining the total expenses associated with your chosen MS program. Factor in tuition, fees, additional expenses, and more! Get an idea of local areas and costs to budget more accurately.
- Remember that many institutes offer MS scholarships and financial aid based on your financial requirements. So, try contacting the financial aid offices of your chosen schools and get to know their criteria..
- Some organizations award MS scholarships and financial aid for fields of study. So, look that up and get to know the funding options in your area of study.
- Consider loan options – both government and private. Evaluate your RoI before you go all in with loans!
- Finally, keep in mind that some employers offer tuition assistance or reimbursement programs for employees pursuing advanced degrees related to their field. So, keep an eye out for these too.
Types of MS Scholarship and Financial Aid for Indian and Global Students
Here’s a detailed comparative table on the different MS scholarship and financial aid options available:
| Scholarship Type | Eligibility Criteria | Key Features | Application Process |
| Merit-Based Scholarships | High academic performance, strong GPA, or exceptional scores in standardized tests | Awarded based on academic excellence; often do not require a separate application | Automatically considered upon meeting eligibility criteria |
| Need-Based Scholarships | Demonstrated financial need | Focus on financial constraints; assess the applicant’s financial situation | Require a separate application with financial documents |
| Diversity-Based Scholarships | Underrepresented groups, diverse backgrounds, or specific nationalities | Aim to promote diversity; may offer benefits like reduced tuition fees for international students | Require proof of eligibility; may include additional essays or interviews |
| Externally Funded Scholarships | Funded by governments, private organizations, or external bodies | Often flexible; available for specific nationalities, fields of study, or social groups | Separate application process, typically directly to the funding organization |
Top MS Scholarships and Financial Aid Options for Indian Students
| Scholarship Name | Eligibility Criteria | Coverage/Benefits | Notable Features |
| Fulbright-Nehru Master’s Fellowships | Indian citizens with exceptional academic merit in fields like arts, economics, or environmental studies | Tuition, living expenses, airfare, and health insurance | Focused on Indian students pursuing master’s degrees at selected U.S. institutions
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| Inlaks Shivdasani Foundation Scholarships | Indian citizens with a first-class degree; age limit of 30 years | Up to $100,000 covering tuition, living expenses, and one-way travel | Supports study at top U.S., UK, and European institutions
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| Narotam Sekhsaria Foundation Scholarships | Indian citizens below 30 years old with a consistent academic record | Interest-free loan scholarships up to INR 20 lakhs | Applicable for postgraduate studies in various fields
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| Aga Khan Foundation International Scholarship Program | Outstanding students from developing countries with financial need | 50% grant and 50% loan covering tuition and living expenses | Requires repayment of the loan portion; highly competitive
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Top International MS Scholarships and Financial Aid Options
| Scholarship Name | Eligibility Criteria | Coverage/Benefits | Notable Features |
| Erasmus Mundus Joint Master’s Degree Programs | Open to students globally | Tuition, travel, and living expenses | Allows study in multiple countries during the program
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| Rotary Foundation Global Study Grants | Students pursuing international studies; focus on global talent mobility | $30,000+ covering tuition, travel, accommodation, and supplies | Comprehensive coverage of academic and travel expenses
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| Joint Japan World Bank Graduate Scholarships | Students from developing nations intending to return and contribute to their home country | Tuition, health insurance, accommodation, and living stipend | Requires commitment to return and contribute to home country development
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| Gates Cambridge Scholarship | Outstanding applicants from outside the UK | Full cost of studying at Cambridge, including tuition, maintenance allowance, and airfare | Highly competitive; focuses on leadership and commitment to improving lives
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Country-Specific MS Scholarships and Financial Aid
United States
| Scholarship Name | Eligibility Criteria | Coverage/Benefits | Notable Features | Amount |
| Fulbright Foreign Student Program | Bachelor’s degree, proficiency in English, leadership qualities | Full funding for tuition, airfare, and living expenses | Prestigious program fostering international exchange
|
$35,000 for master’s students |
| AAUW International Fellowships | Women, non-U.S. citizens or permanent residents, academic excellence | Up to $20,000 for a master’s/professional degree; $25,000 for a doctoral degree | Supports women pursuing graduate studies in the U.S.
|
$18,000 – $20,000 for master’s/first professional degree. |
| Joint Japan World Bank Graduate Scholarship Program | Citizens of developing countries with relevant professional experience and a history of supporting their countries’ development efforts | Tuition, monthly living stipend, round-trip airfare, and health insurance | Focuses on building capacity in developing countries; requires a commitment to return to home country after completion
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The Joint Japan/World Bank Graduate Scholarship Program (JJ/WBGSP) provides comprehensive financial support, including full tuition coverage, a monthly living stipend (amount varies by the host country), economy-class round-trip airfare with a $500 travel allowance per trip, and basic health insurance obtained through the university.
|
United Kingdom
| Scholarship Name | Eligibility Criteria | Coverage/Benefits | Notable Features | Amount |
| Chevening Scholarships | Bachelor’s degree, two years of work experience, leadership potential | Fully funded tuition, living expenses, airfare | Aims to develop global leaders
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Full payment of master’s tuition fees, up to £18,000. |
| Commonwealth Scholarships | Citizens of Commonwealth countries, academic excellence | Covers tuition, airfare, and living expenses | Promotes development and international cooperation
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The amount of the stipend depends on the host country and the specific scholarship. For example, the Commonwealth Shared Scholarship Scheme (CSSS) provides a maintenance allowance of £20,280 for 12 months for the 2024/25 award. |
| GREAT Scholarships | Citizens of eligible countries, academic excellence | £10,000 towards tuition fees for a one-year master’s program | Jointly funded by the UK government and participating UK higher education institutions
|
Minimum of £10,000. |
Canada
| Scholarship Name | Eligibility Criteria | Coverage/Benefits | Notable Features | Amount | |
| Vanier Canada Graduate Scholarships | Doctoral students, academic excellence, research potential | $50,000 per year for three years | Attracts and retains world-class doctoral students
|
$50,000/year | |
| Ontario Graduate Scholarship | Master’s and doctoral students in Ontario, academic merit | $5,000 per session | Supports graduate studies in Ontario
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$5,000/session | |
| Mitacs Globalink Graduate Fellowship | International students who have participated in the Mitacs Globalink Research Internship | $15,000 for the first year of a master’s or PhD program | Provides financial support to former Globalink interns to pursue graduate studies in Canada
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$15,000 for two academic terms. |
Australia
| Scholarship Name | Eligibility Criteria | Coverage/Benefits | Notable Features | Amount |
| Australia Awards Scholarships | Citizens of participating countries, academic merit | Full tuition, return airfare, and living expenses | Promotes knowledge and education links
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The Australia Awards Scholarships provide an annual stipend of approximately AUD 34,500 for living expenses, Overseas Student Health Cover (OSHC) for basic medical costs, and a one-time establishment allowance of AUD 5,000 to assist with initial expenses in Australia.
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| Endeavour Postgraduate Scholarship Awards | International students, academic excellence, research proposal | Up to AUD 140,500 for a master’s; AUD 272,500 for a PhD | Supports high-achieving students to study in Australia
|
Up to $272,500 |
| Research Training Program (RTP) Scholarships | International students undertaking research master’s or doctoral degrees | Tuition fee offset, stipend for general living costs, and allowances related to the research degree | Administered by individual universities on behalf of the Australian Government; supports high-quality research candidates
|
Tax-exempt stipend of $34,400 per year. |
Germany
| Scholarship Name | Eligibility Criteria | Coverage/Benefits | Notable Features | Amount | |
| DAAD Scholarships | International students, academic excellence, German language proficiency (varies) | Monthly stipend, travel allowance, health insurance | Supports a wide range of disciplines
|
The monthly stipend ranges from €934 for students to €1,300 for doctoral students. | |
| Erasmus Mundus Joint Master Degrees | Bachelor’s degree, academic excellence, acceptance into the program | Full scholarships covering tuition, travel, and living expenses | Allows study in multiple European countries; fosters international cooperation | 1,400 euros per month for a total of 24 months, or a maximum of 33,600 euros/ | |
| Heinrich Böll Foundation Scholarships | International students with excellent academic records and social/political engagement | Monthly stipend, travel allowance, research costs | Focuses on green policy and sustainable development; requires active social involvement
|
Varies, visit the website for specifics. |
Frequently Asked Questions (FAQs)
What are the common types of MS scholarships and financial aid available for students?
MS students can access various financial aid options, including scholarships, grants, assistantships, loans, and more.
How can international students find MS scholarships and financial aid opportunities?
International students should explore university websites, government programs, research institutes, and private organizations for relevant MS scholarships and financial aid options.
What are the typical eligibility criteria for MS scholarships and financial aid?
Eligibility criteria vary but often include – academic excellence, standardized test scores, and relevant fields of study.
When should I start applying for MS scholarships and financial aid?
To be on the safe side, applicants are advised to start the application process between 12 and 6 months from the intended date of joining the institution.
Can I combine multiple MS scholarships and financial aid options?
Yes, students use various funding ways simultaneously to cater for the expenses. However, it would be important to consider how each award is to be used as sometimes scholarship funds cannot be used in conjunction with other funds.
