When applying to universities in the UK for a master’s degree, there are three types of Financial Aids available to students: 

• Merit-Based Scholarships
• Need-Based Scholarships, and 
• Government Grants. 

First, let’s talk about Merit-Based Scholarships.

Merit-Based Scholarships

Merit-based scholarships are scholarships reserved for exceptional students who have excelled both academically as well as in their extra-curricular activities. For example, a student with consistent straight A or excellent GPA coupled with volunteering work, meaningful internships as well as relevant work experience may be eligible for this type of scholarship. 

A lot of the universities will automatically consider you for a Merit-Based Scholarship based on your profile. In most cases, you will not have to submit additional documents or essays.

However, certain universities will require you to apply for specific scholarships based on your eligibility for those scholarships. You may have to write an additional essay describing why you deserve the scholarship, or an essay specific to your course. For example, if as a candidate you have partaken in a lot of volunteering work, you may have to write a separate essay that talks about your social impact, to be eligible for a social impact scholarship. 

Now, let’s talk about Need-Based Scholarships.

Need-Based Scholarships

Need-based scholarships are provided to students that may not have the financial means to attend the school and are thus eligible for a need-based scholarship. The financial capabilities of the student in question are assessed by the university, and it is in their discretion to award the scholarship, or not. You may have to write a separate essay detailing your need for financial aid, and show financial statements as proof of overall family income to substantiate your claim.

It is important to keep in mind that between two students with a profile at an equal standing, the student who does not opt for a need-based scholarship will be given preference over a student who does.

Now, we’ll talk about Government grants.

Government Grants

Sometimes, universities have tie-ups with governments of certain countries and you may be eligible for grants provided by the government, post your acceptance to the specific university. For this, you may have to research well-in-advance based on both your university as well as your course. There are certain grants available which are mainly for international students so it would be a good idea to make a list of such grants at your chosen universities.

Overall, there are several scholarships, grants and aid available that can be availed depending on your profile, school and course. It is imperative that you research in advance to find the right scholarship for you. For example, the Oxford University’s MBA Program has several scholarships such as Forte Fellowships for Women, exclusively for Women future leaders; Dean’s Africa Scholarships for exceptional students from Africa, Oxford Pershing Square Scholarship where an additional essay is required and The Skoll Scholarship, for students who have demonstrated excellent volunteering and social work activities, to name a few. 

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