Funding & Scholarships

Money​ ​is​ ​a​ ​big​ ​consideration​ ​for​ ​most​ ​grad​ ​school​ ​aspirants.​ ​Especially​ ​when​ ​applying​ ​to​ ​schools​ ​in​ ​the US​ ​or​ ​Europe​ ​where​ ​the​ ​currency​ ​conversion​ ​rates​ ​are​ ​high,​ ​it​ ​becomes​ ​a​ ​roadblock​ ​to​ ​joining​ ​desired programmes.​ ​To​ ​put​ ​more​ ​light​ ​on​ ​the​ ​finance​ ​aspect​ ​of​ ​grad​ ​life,​ ​this​ ​edition​ ​of​ ​the​ ​Monday​ ​Learning Articles​ ​series​ ​is​ ​devoted​ ​to​ ​Financial​ ​Aid.

What's​ ​financial​ ​aid?

Simply​ ​put​ ​it​ ​is​ ​financial​ ​assistance​ ​provided​ ​by​ ​the​ ​university​ ​for​ ​your​ ​graduate​ ​studies.​ ​There​ ​are multiple​ ​components​ ​to​ ​financial​ ​aid,​ ​but​ ​the​ ​important​ ​considerations​ ​are:

(a)​ ​Do​ ​you​ ​get​ ​a​ ​partial​ ​or​ ​a​ ​full​ ​tuition​ ​fee​ ​waiver?

(b)​ ​Do​ ​you​ ​get​ ​a​ ​stipend​ ​in​ ​addition​ ​to/in​ ​lieu​ ​of​ ​a tuition​ ​fee​ ​waiver?

(c)​ ​Does​ ​aid​ ​also​ ​include​ ​paying​ ​for​ ​your​ ​medical​ ​insurance​ ​coverage,​ ​and​ ​other​ ​related​ ​fees?

Great!​ ​Learn​ ​and​ ​get​ ​paid​ ​at​ ​the​ ​same​ ​time!​ ​Isn't​ ​it​ ​cool?

Remember,​ ​there​ ​are​ ​no​ ​free​ ​lunches ​unless​ ​you​ ​are​ ​covered​ ​by​ ​a​ ​fellowship​ ​for​ ​the​ ​duration​ ​of​ ​your graduate​ ​studies!​ ​If​ ​you​ ​are​ ​on​ ​a​ ​full​ ​fellowship,​ ​then​ ​you​ ​do​ ​not​ ​need​ ​to​ ​work​ ​to​ ​earn​ ​your​ ​stipend​ ​and tuition​ ​fee​ ​waiver.​ ​Instead,​ ​the​ ​sponsors​ ​of​ ​the​ ​fellowship​ ​pay​ ​your​ ​tuition​ ​fee,​ ​and​ ​also​ ​a​ ​stipend​ ​to​ ​cover your​ ​living​ ​expenses.​ ​There​ ​are​ ​a​ ​few​ ​partial​ ​fellowships​ ​as​ ​well,​ ​which​ ​cover​ ​part​ ​of​ ​your​ ​tuition​ ​fee​ ​and expenses.​ ​While​ ​fellowships​ ​leave​ ​you​ ​nice​ ​and​ ​comfortable​ ​and​ ​are​ ​also​ ​great​ ​for​ ​your​ ​resume,​ ​they​ ​are also​ ​very​ ​competitive​ ​and​ ​incredibly​ ​hard​ ​to​ ​get.​ ​All​ ​universities​ ​have​ ​their​ ​own​ ​list​ ​of​ ​fellowships​ ​for​ ​newly admitted​ ​students​ ​(which​ ​are​ ​usually​ ​handed​ ​out​ ​at​ ​the​ ​time​ ​of​ ​admission).​ ​There​ ​are​ ​also​ ​some fellowships​ ​offered​ ​by​ ​external​ ​agencies,​ ​which​ ​you​ ​can​ ​apply​ ​to.​ ​A​ ​partial​ ​list​ ​of​ ​these​ ​external fellowships​ ​is​ ​given​ ​at​ ​the​ ​end​ ​of​ ​this​ ​article.

Even​ ​if​ ​you​ ​don't​ ​get​ ​a​ ​full​ ​fellowship

There​ ​are​ ​still​ ​other​ ​financial​ ​aid​ ​options​ ​for​ ​you,​ ​even​ ​if​ ​you​ ​aren't​ ​offered​ ​a​ ​full​ ​fellowship.​ ​For​ ​example, you​ ​could​ ​work​ ​for​ ​different​ ​groups​ ​within​ ​your​ ​university​ ​(it​ ​could​ ​be​ ​a​ ​research​ ​group,​ ​a​ ​department,​ ​or some​ ​university-affiliated​ ​body).​ ​There​ ​are​ ​several​ ​job​ ​types​ ​assigned​ ​for​ ​graduate​ ​students.​ ​Let's​ ​have​ ​a look​ ​at​ ​them​ ​-

1.​ ​Teaching​ ​Assistant​ ​(TA)

Your​ ​role​ ​will​ ​be​ ​to​ ​teach,​ ​conduct​ ​lab​ ​sessions,​ ​hold​ ​office​ ​hours​ ​for​ ​undergraduate​ ​students​ ​to​ ​help​ ​them with​ ​their​ ​academic​ ​issues,​ ​grade​ ​assignments,​ ​quizzes​ ​and​ ​exam​ ​papers​ ​and​ ​possibly​ ​more.​ ​TAs​ ​usually get​ ​a​ ​monthly​ ​stipend​ ​and​ ​in​ ​most​ ​cases,​ ​get​ ​a​ ​full​ ​tuition​ ​fee​ ​waiver​ ​along​ ​with​ ​health​ ​benefits.

2.​ ​Research​ ​Assistant​ ​(RA)​ ​or​ ​a​ ​Project​ ​Assistant​ ​(PA)

This​ ​usually​ ​involves​ ​working​ ​on​ ​research​ ​projects​ ​under​ ​the​ ​guidance​ ​of​ ​a​ ​professor.​ ​This​ ​is​ ​by​ ​far,​ ​the most​ ​popular​ ​aid​ ​option,​ ​especially​ ​for​ ​Ph.D.​ ​students.​ ​In​ ​most​ ​cases,​ ​students​ ​serve​ ​as​ ​a​ ​RA​ ​in​ ​the​ ​same research​ ​group​ ​as​ ​their​ ​advisor​ ​and​ ​the​ ​aid​ ​comes​ ​from​ ​various​ ​grants​ ​secured​ ​by​ ​the​ ​advisor.​ ​Generally, RAs​ ​get​ ​full​ ​fee​ ​waiver​ ​and​ ​monthly​ ​stipend​ ​and​ ​health​ ​benefits.

3.​ ​Grader​ ​positions

Graders​ ​have​ ​to​ ​grade​ ​(or​ ​as​ ​we​ ​say​ ​at​ ​BITS,​ ​check)​ ​assignments​ ​and​ ​exam​ ​papers​ ​from​ ​undergraduate courses.​ ​Usually,​ ​graders​ ​are​ ​paid​ ​on​ ​an​ ​hourly​ ​basis​ ​and​ ​don't​ ​get​ ​a tuition​ ​waiver.

4.​ ​Hourly​ ​jobs

Many​ ​universities​ ​have​ ​job​ ​positions​ ​that​ ​are​ ​paid​ ​on​ ​an​ ​hourly​ ​wages​ ​system.​ ​These​ ​jobs​ ​won't​ ​cover your​ ​tuition​ ​fees ​but​ ​can​ ​help​ ​you​ ​meet​ ​the​ ​monthly​ ​expenses.​ ​Such​ ​jobs​ ​can​ ​include​ ​-​ ​office​ ​work​ ​(data management),​ ​website​ ​maintenance,​ ​working​ ​in​ ​a​ ​library,​ ​coffee​ ​shops​ ​or​ ​eateries,​ ​conducting​ ​surveys etc.

Please​ ​note​ ​that​ ​the​ ​above​-​listed​ ​details​ ​can​ ​vary​ ​from​ ​university​ ​to​ ​university.​ ​For​ ​instance,​ ​some universities​ ​don't​ ​waive​ ​your​ ​tuition​ ​fee​ ​for​ ​RAs/TAs.​ ​We​ ​intend​ ​to​ ​give​ ​a​ ​general​ ​idea​ ​about​ ​financial​ ​aid and​ ​urge​ ​you​ ​to​ ​check​ ​for​ ​specific​ ​details​ ​on​ ​university​ ​web​ ​pages.

How​ ​and​ ​when​ ​are​ ​the​ ​positions​ ​allotted?

Typically​ ​PhD​ ​students​ ​are​ ​given​ ​a​ ​preference​ ​over​ ​Masters​ ​in​ ​giving​ ​financial​ ​aid.​ ​Aid​ ​offers​ ​from​ ​the department​ ​are​ ​sent​ ​along​ ​with​ ​admit​ ​results.

I​ ​have​ ​an​ ​admit,​ ​should​ ​I​ ​contact​ ​professors​ ​for​ ​RA/TA?

Yes,​ ​you​ ​should.​ ​But​ ​before​ ​clicking​ ​the​ ​send​ ​button,​ ​try​ ​to​ ​figure​ ​out​ ​the​ ​funding​ ​logistics​ ​in​ ​your department.​ ​TA​ ​positions​ ​are​ ​decided​ ​by​ ​the​ ​department​ ​and​ ​RA​ ​positions​ ​are​ ​looked​ ​after​ ​by​ ​the professors.​ ​So​ ​asking​ ​for​ ​a​ ​TA​ ​position​ ​to​ ​a​ ​professor​ ​who​ ​has​ ​no​ ​say​ ​in the​ ​TA​ ​allotment​ ​process​ ​will​ ​be futile.

If​ ​you​ ​have​ ​an​ ​admit​ ​already​ ​and​ ​want​ ​to​ ​work​ ​under​ ​a​ ​professor​ ​from​ ​your​ ​interest​ ​area,​ ​it's​ ​always advisable​ ​to​ ​mail​ ​the​ ​professor​ ​with​ ​appropriate​ ​details.​ ​An​ ​email​ ​from​ ​an​ ​admitted​ ​student​ ​is​ ​more​ ​likely to​ ​receive​ ​attention​ ​from​ ​the​ ​professor​ ​as​ ​compared​ ​to​ ​an​ ​email​ ​from​ ​an​ ​aspiring​ ​applicant.​ ​At​ ​the​ ​same time,​ ​please​ ​be​ ​careful​ ​not​ ​to​ ​send​ ​mass​ ​emails​ ​or​ ​generic​ ​emails​ ​to​ ​professors​ ​in​ ​the​ ​department.

PhDs​ ​get​ ​funded,​ ​so​ ​I​ ​should​ ​apply​ ​for​ ​PhD?

This​ ​is​ ​​flawed​ ​logic​ ​and​ ​potentially​ ​dangerous.​ ​First,​ ​not​ ​all​ ​PhD​ ​students​ ​get​ ​funded​ ​right​ ​away. Second,​ ​PhD​ ​admissions​ ​are​ ​more​ ​competitive​ ​than​ ​Masters.​ ​So​ ​applying​ ​to​ ​PhD​ ​just​ ​for​ ​the​ ​sake​ ​of getting​ ​financial​ ​aid​ ​can​ ​backfire.​ ​Third​ ​and​ ​most​ ​important,​ ​apply​ ​to​ ​PhD​ ​only​ ​if​ ​you​ ​truly​ ​want​ ​to​ ​do​ ​a PhD​ ​and​ ​not​ ​because​ ​of​ ​getting​ ​financial​ ​aid.

No​ ​funding​ ​=​ ​End​ ​of​ ​the​ ​road?

No.​ ​It's​ ​true​ ​that​ ​everyone​ ​is​ ​not​ ​fortunate​ ​enough​ ​to​ ​get​ ​financial​ ​aid.​ ​But​ ​that​ ​doesn't​ ​mean​ ​that​ ​you​ ​can't pursue​ ​MS/PhD.​ ​You​ ​can​ ​avail​ ​educational​ ​loans​ ​from​ ​banks​ ​like​ ​State​ ​Bank​ ​of​ ​India,​ ​ICICI​ ​etc.​ ​You​ ​can live​ ​a​ ​frugal​ ​life​ ​by​ ​cutting​ ​​ ​unnecessary​ ​expenses.​ ​Once​ ​you​ ​graduate​ ​and​ ​get​ ​a​ ​job,​ ​you​ ​can​ ​start repaying​ ​the​ ​loan.​ ​It​ ​may​ ​be​ ​easier​ ​said​ ​than​ ​done,​ ​but​ ​if​ ​you​ ​are​ ​really​ ​passionate​ ​about​ ​going​ ​to graduate​ ​school,​ ​financial​ ​aspects​ ​should​ ​not​ ​be​ ​a​ ​worry.​ ​The​ ​truth​ ​for​ ​most​ ​people​ ​is​ ​that​ ​the​ ​salaries they​ ​start​ ​earning​ ​after​ ​finishing​ ​their​ ​Masters​ ​are​ ​sufficient​ ​enough​ ​that​ ​they​ ​can​ ​repay​ ​any​ ​educational loans​ ​within​ ​a​ ​year​ ​or​ ​two​ ​of​ ​starting​ ​their​ ​jobs.

What​ ​should​ ​I​ ​do​ ​to​ ​increase​ ​the​ ​chances​ ​of​ ​getting​ ​funded?

Be​ ​watchful​ ​and​ ​look​ ​around.​ ​There​ ​could​ ​be​ ​some​ ​openings​ ​for​ ​RA/TA​ ​which​ ​may​ ​come​ ​up​ ​even​ ​after you​ ​join​ ​the​ ​school.​ ​Talk​ ​to​ ​professors​ ​from​ ​your​ ​interest​ ​area​ ​and​ ​see​ ​if​ ​they​ ​have​ ​any​ ​positions​ ​available in​ ​their​ ​research​ ​group.​ ​You​ ​can​ ​also​ ​look​ ​for​ ​TA​ ​positions​ ​in​ ​other​ ​departments ​if​ ​you​ ​have​ ​the required​ ​skill sets.​ ​Dual​ ​degree​ ​students​ ​have​ ​this​ ​advantage.​ ​Developing​ ​a​ ​good​ ​student​ ​network​ ​is​ ​key.​ ​Many​ ​open positions​ ​can​ ​be​ ​known​ ​due​ ​to​ ​word-of-mouth​ ​publicity.​ ​So​ ​go​ ​out​ ​and​ ​look​ ​around​ ​for​ ​opportunities.

Working​ ​on​ ​F1​ ​Visa

In​ ​the​ ​US,​ ​international​ ​graduate​ ​students​ ​have​ ​F1​ ​visa.​ ​As​ ​per​ ​the​ ​visa​ ​regulations,​ ​a​ ​student​ ​can't​ ​work more​ ​than​ ​20​ ​hours​ ​a​ ​week.​ ​Sometimes​ ​the​ ​work​ ​appointments​ ​are​ ​defined​ ​in​ ​terms​ ​of​ ​percentage​ ​of​ ​the total​ ​working​ ​hours​ ​in​ ​a​ ​week​ ​which​ ​is​ ​40​ ​hours.​ ​A​ ​50%​ ​TA​ ​appointment​ ​means​ ​that​ ​a​ ​graduate​ ​student can​ ​work​ ​as​ ​a​ ​TA​ ​for​ ​50%​ ​of​ ​the​ ​total​ ​work​ ​hours,​ ​which​ ​is​ ​20​ ​hours​ ​per​ ​week.​ ​Before​ ​accepting​ ​any​ ​offer it​ ​is​ ​always​ ​advisable​ ​to​ ​check​ ​if​ ​it​ ​meets​ ​the​ ​visa​ ​regulations.

List​ ​of​ ​external​ ​fellowships/scholarships:

Fulbright​ ​Fellowship​ ​<​http://usief.org.in​>

Aga​ ​Khan​ ​Foundation​ ​-​ ​International​ ​Scholarship​ ​<​http://www.akdn.org/akf_scholarships.asp​>

Tiara​ ​Special​ ​grant​ ​<​http://www.tiarafoundation.com/education.html​>

K.C.​ ​Mahindra​ ​Scholarship​ ​for​ ​Post-Graduate​ ​Studies​ ​Abroad <​http://www.mahindra.com/How-We-Help/Education/Grants-and-Scholarships​>

This​ ​is​ ​by​ ​no​ ​means​ ​a​ ​comprehensive​ ​list​ ​of​ ​the​ ​fellowships.​ ​We​ ​encourage​ ​the​ ​applicants​ ​to​ ​search​ ​for other​ ​fellowships​ ​in​ ​their​ ​respective​ ​area​ ​of​ ​interest.