Need Financial Aid For Higher Education? 4 Govt Schemes You Should Know (2024)

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The central and state governments run many schemes, offer grants and scholarships to make education more accessible to Indian students. Here, we enlist some government scholarships that

If one wishes to study engineering in one of the premier institutes of the country be prepared to shell out Rs 10 lakh, and a medical seat in a private institute would cost around Rs 25 lakhs. Higher education is, indeed, an expensive affair, especially in India.

Thankfully, the central and state governments run many schemes, offer grants and scholarships to make education more accessible to Indian students. Here, we enlist some government scholarships that ease the burden of higher education on needy students.

Need Financial Aid For Higher Education? 4 Govt Schemes You Should Know (1)

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1. National Scholarships

Central Sector Scheme of Scholarship for College and University Students

This scholarship provides financial assistance to meritorious students from families with an annual income of less than Rs 6 lakh, to meet a part of their daily expenses while pursuing higher studies. Each year 82,000 scholarships (41000 for boys and 41000 for Girls) are awarded to pursue graduate/postgraduate studies in colleges and universities.

Who can avail this scholarship?

The eligible students who score over 80 percentile of successful candidates in the relevant stream from any Board of Examination in Class XII or equivalent and pursuing regular courses recognised by the All India Council of Technical Education, UGC Act, 1956, Medical Council of India, Dental Council of India and respective regulatory authorities and not availing any other scholarships.

Do note that students pursuing Diploma courses are not eligible under the scheme. Applications become available during June-July each year.

How much scholarship is given?

The scholarship is for Rs 10,000/- per annum for the first three years of College and University courses and Rs 20,000/- per annum per annum for the fourth and fifth year.

Need Financial Aid For Higher Education? 4 Govt Schemes You Should Know (3)

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Further details available here.

2. All India Council for Technical Education Scholarships

Under the AICTE, there are various scholarship options available for students. One of them is Pragati. A scheme under the Ministry of Human Resource Development (MHRD) Pragati is being implemented by AICTE which aims to provide assistance to girls pursuing technical education. There are a total of 4,000 scholarships given out under this scheme (2,000 for Degree courses and 2,000 for Diploma).

Who can avail this scholarship?

This scholarship is available only for girls. Two girl children per family are eligible under this scholarship. However, the income of the family should not be more than Rs 8 lakh per annum during the preceding financial year (in case of married girls, the income of parents/in-laws, whichever is higher, will be considered). The selection of the girls will be made solely on the basis of merit.

How much scholarship is given?

The eligible applicant receives tuition Fee of Rs 30,000 and Rs 2,000 per month for 10 months as incidentals charges each year. In case of tuition fee waiver/reimbursem*nt, students are eligible to get an amount of Rs 30,000/- for the purchase of books/equipment/software/laptop/desktop/vehicle/fee paid towards competitive examination applications forms/exam.

Further details available here.

Saksham scholarship for specially-abled

Another scheme under the MHRD, Saksham scholarship is available for specially-abled children to pursue technical education. Under this scheme 1,000 scholarships available to students (500 for degree and 500 for diploma). Students with disability of not less than 40 per cent and family income of not more than Rs 8 lakh per annum during the preceding financial year.

For further details click here.

3. Sports Scholarships – Sports Authority of India

Need Financial Aid For Higher Education? 4 Govt Schemes You Should Know (5)

This scheme aims at recognising achievements of young sports persons and their outstanding performance at the national, state and university levels. A selection committee selects students on the basis of merit. The payments of the scholarships are made through the Regional Centres of the SAI to the head of the Institution in which the awardees study.

Who can avail the scholarship?

The following sporting disciplines can avail of the scholarship:

Archery, Athletics, Badminton, Basketball, Boxing, Cycling, Football, Gymnastics, Handball, Hockey, Judo, Kabaddi, Kho-kho, Tennis, Shooting, Swimming, Table Tennis, Volleyball, Weight lifting, Wrestling.

Other Disciplines – Ball Badminton, Baseball, Billiards and Snookers, Carrom, Chess, Cricket, Equestrian, Fencing, Golf, Kayaking and Canoeing, Karate, Power-lifting, Rowing, Softball, Squash, Teakwood, Wushu, and Yachting.

How much scholarship is given?

This scholarship is given out to 150 students per State and 100 per Union Territory. The value of each scholarship at the State level is Rs 6,600/- per annum i.e. Rs 550/- per month. Do note that the applicant should not be more than 18 years old on the first day of the competition for which the scholarship is applied. The value of each scholarship at the national level will be Rs 8,400/- per annum (12 months) i.e. Rs 700/- per month.

For further details click here.

4. Post Matric Scholarship Scheme for Minorities

This scholarship was set up to help meritorious students belonging to economically weaker sections of the minority community get better opportunities for higher education, increase their rate of attainment of higher education and enhance their employability. The scholarship is awarded for studies in India in a government or private higher secondary school/college/university. It also covers technical and vocational courses in Industrial Training Institutes/ Industrial Training Centres. Do note that any course of less than one-year duration and certificate courses are not covered under this scheme.

Who can avail the scholarship?

Scholarship will be awarded to students who have secured not less than 50 per cent marks or equivalent grade in the previous final examination and the annual income of whose parents/guardians from all sources does not exceed Rs 2 lakh per annum.

Muslims, Sikhs, Christians, Buddhists, Jain and Zoroastrians (Parsis) have been notified as minority communities under Section 2 (c) of the National Commission for Minorities Act, 1992. A total of five lakh scholarships are distributed as ‘Fresh’ Scholarships each year.

For further details click here.

Do take some time and explore before deciding on applying for one.

Also Read:IT Notice to Pension: 6 Changes in Monetary Policy Impacting You From October

(Edited by Saiqua Sultan)

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Need Financial Aid For Higher Education? 4 Govt Schemes You Should Know (2024)

FAQs

What are the 4 main types of financial aid? ›

Financial aid is money to help pay for college or career school. Grants, work-study, loans, and scholarships help make college or career school affordable.

Which scheme offers the most financial aid to students? ›

Prime Minister's Special Scholarship Scheme – PMSSS

Total 5000 scholarship are given @ Rs. 100000/- as Maintenance Charges and academic fee as Rs. 30000/- to General Degree, Rs. 125000/- to Engineering Degree & Rs.

What is the most appropriate type of financial aid? ›

Grants and scholarships are the most desirable forms of financial aid because they come in the form of free money, often with no strings attached.

Which three of the following are requirements for receiving federal financial aid for college education? ›

Financial Aid Eligibility

Have a valid Social Security number. Be enrolled in an eligible program of study leading to as AA/AS degree, a certificate or a transfer program. May not be in default on any federal student loan or owe a refund on any federal grant.

What are 3 types of financial aid you could receive? ›

Aid is available from the federal government in the form of grants, work-study funds, and loans. Students use the Free Application for Federal Student Aid (FAFSA®) form to apply.

Which 3 of the 4 types of financial aid do not need to be paid back? ›

There are several different types of financial aid for college. Some of these are free, while others need to be paid back with interest. Scholarships, grants, and work study are the three main financial aid types that don't need to be paid back. Loans are the main type of financial aid that needs to be paid back.

What are the four most common types of financial aid for college? ›

  • Whether you apply for a grant, loan, scholarship or some other type of financial assistance, chances are good there's aid available to help you pay for your CSU education.
  • Grants​ ​​​A grant is given by the federal government, the state or the CSU as a gift. ...
  • Scholarships. ...
  • Work-Study.

Which government scholarship gives the most money? ›

The Fulbright-Nehru Master's Fellowship is a fully-funded scholarship. So it covers your tuition fee, living costs, travel allowance, and health expenditure as well. Besides this, the Indian government also partners with the same foundation to provide other scholarships as well.

What are the 2 best forms of financial aid for college? ›

Federal grants don't have to be repaid and are distributed based on financial need. Work-study allows you to earn money for college while also gaining valuable career experience. Federal loans are borrowed from the federal government and must be repaid, usually with interest.

Which type of aid is the least desirable? ›

Although the least desirable form of financial aid, student loan programs allow you to borrow money at interest rates that are lower than loans not intended for education.

What is the single largest source of financial aid? ›

Loans typically have to be repaid, whereas grants do not. The largest federal grant program available to undergraduate students is the Federal Pell Grant program. A student must demonstrate financial need to qualify for a Federal Pell Grant.

Who qualifies for government student loans? ›

Our general eligibility requirements include that you have financial need for need-based aid, are a U.S. citizen or eligible noncitizen, and are enrolled in an eligible degree or certificate program at an eligible college or career/trade school.

What are 4 eligibility requirements for federal aid? ›

Basic FAFSA eligibility requirements

Have a high school diploma or a GED certificate. Be enrolled or accepted for enrollment in a qualifying degree or certificate program. Maintain satisfactory academic progress while in school. Not be in default on federal student loans or owe money on a federal grant.

Will I get financial aid if my parents make over $200 K? ›

Don't worry, this is a common question for many students. The good news is that the Department of Education doesn't have an official income cutoff to qualify for federal financial aid. So, even if you think your parents' income is too high, it's still worth applying (plus, it's free to apply).

What disqualifies you from getting financial aid? ›

Incarceration, misdemeanors, arrests, and serious crimes could all affect a student's aid. Smaller offenses may not necessarily cut off a student from all aid, but they could limit the programs they qualify for as well as the amount of aid they could receive. Larger offenses could disqualify a student entirely.

What are the 7 types of financial aid? ›

Work-Study
  • Grants.
  • Loans.
  • Scholarships & Fellowships.
  • Veterans' Aid.
  • Work-Study.
  • Doctoral Grants.

Is financial aid and a Pell Grant the same thing? ›

Unlike student loans, Pell Grants are not required to be paid back; they are considered “free money,” and can be used to cover your educational expenses. Financial aid is a broad term for any form of funding used to help pay for college expenses.

What are the two best financial aid options? ›

Main types of financial aid for students
  • Grants & Scholarships. Grants and scholarships are considered "gift aid" or free money, which means they do not have to be repaid. ...
  • Federal Work-Study. Federal work-study allows students to work part time on or near campus while in college. ...
  • Student Loans.

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