The Role of Scholarships in Attracting International Students
In what way do universities find solutions to the huge gap on a global scale between financial constraints and global competition for world class Higher Education? For context, according to the UNESCO Institute for Statistics (UIS) , the globally mobile international student population will reach almost 6.9 million in 2022, however for most of these capable learners, and the vast amount of others just like them, the cost still presents the biggest barrier.
That big number reflects promise, yet it's the cost that reflects the challenges. This is exactly where international scholarships enter the picture.
Providing scholarships for international students by universities, governments, and private organizations is not simply a benevolent act. Rather, funding scholarships for international students is a strategic investment that dictates everything from the cohort of students that attend to a country’s ability to shore up soft power across the globe. And if you want to know where global talent is headed, then it is important to understand the importance of international student scholarships.
The Importance of Scholarships in Global Education The financial barriers to study abroad scholarships are very real, and without assistance, a significant portion of the world’s brightest students cannot participate. Data from the Organisation for Economic Co-operation and Development (OECD) consistently shows that despite rising student mobility, financial strain is the number one reason students from developing economies abandon their plans.
Financial aid is an important equalizer. These grants help ensure that students' academic excellence, rather than their family's economic circumstances, would determine where they studied.
Immediate Benefits for Global Students For individuals, the direct benefits of scholarships for global students are transformative:
Enhanced Opportunity: Students will be able to pursue unpaid but high-value experiences, such as competitive internships or significant research projects, without fear of repayment for their student loans - experiences that will increase their overall marketability.
How Scholarships Attract International Students In the highly competitive world of recruiting students, a financial aid package is often a university’s most effective tool. It is frequently more persuasive than any marketing brochure.
The Competition Magnet Scholarships act as a magnet, ensuring a university is considered by the highest-calibre applicants who are simultaneously being courted by institutions worldwide. A generous financial aid package is the single most decisive factor in a student’s final enrollment choice.
The Data Speaks: Want proof of how scholarships attract international students? Research confirms that financial aid dramatically increases the likelihood of enrollment. As reported by WES, institutions that offer financial support to international students see much higher acceptance rates compared to those that offer none, solidifying the scholarship as the commitment closer.
Diversifying the Campus When a university is strategic with their scholarships to study abroad, the specific region or field of academic area can be targeted and underrepresented. In return, this strategy helps to ensure the outcome of a richer and more diversified student experience for all academic students, who have been exposed to global perspectives and experiences for the future workforce, both domestic and international.
Types of Scholarships for International Students When students who inquire about how to get scholarships to study abroad consider the sources of funding, they find that the source of funding is usually some combination of the following types:
Merit-Based Scholarships: These are scholarships that are solely based on academic accomplishments, talent, test scores, or contributions to extracurricular activities. They are motivated in order to recruit the best performing students globally.
Government Programs: Government programs are often used as strategic efforts for diplomatic reasons (i.e., "soft power"). Some of the more well-known and prestigious programs of government (i.e., Fulbright (USA), Chevening (UK), Australia Awards) have international scope for educational endeavors prepare a future global leader and preventing a more prolonged goodwill back to the host country.
The Strategic Role of Scholarships in University Recruitment Financial aid is an important part of recruitment strategy and affects the next step in financial sustainability and overall status in the world. To ensure your institution is maximizing its return, read our guide on How to Build a Successful International Student Recruitment Plan :
Recruit and Retain the Best Talent: Scholarships are the gold standard in competitive recruitment. Evidence shows that the receipt of financial aid is extremely predictive of a student deciding to enroll. WES reports that the offer of a scholarship is often the single most influential factor in moving a prospective student to actually enrolling in the university - and in enclosing the best class.
Developing a Global Network of Alumni: Financial aid recipients often become the university's most loyal alumni and ambassadors when they return home. Alumni take, or are placed in leadership roles, around the world and are critical to successful connections for future students, faculty, and institutional relationships & partnerships. That soft power is beyond monetary value.
Investment in High Need of Study Fields: Scholarships can also meet specific needs for competitive fields of study. As an example, if an institution is paying for a full-funding source for international PhD students in specific STEM fields, the institution is able to ramp-up its research output quickly while attracting top researchers, as well, who will assist in ultimately bringing in competitive funds.
Generating Significant Economic Impact: While scholarships are an expense, the overall financial picture is positive. International students bring enormous economic benefit. According to data tracked by organizations like the Association of International Educators (NAFSA) , international students contributed a record $43.8 billion to the U.S. economy recently through tuition and living costs. Offering scholarship programs for international students is the necessary investment to capture a piece of that economic engine. This enormous impact highlights why attracting this talent is a national priority; you can learn more about why students choose the US in our detailed report.
The Future of Scholarships in International Education The way scholarships are funded is changing rapidly in response to global economic conditions and innovations in technology. For a deeper look at this dynamic market, read our analysis on Study Abroad Trends, Scholarships, and Affordability.
Joint Funding Initiatives: We are witnessing an increase in public and private partnerships, which is, really, the one area of decision-making increasing and likely to continue: an opportunity for a public entity (ministry of education, government agency, etc.) or private funder (large company) to strengthen a relationship with a university or higher-education institution for mutual benefit. Sometimes these partnerships yield rather specific grants for sectors (e.g., grants specifically for AI development, renewable energy studies, etc.).
Targeted Aid: The newer models of scholarship funding can move beyond the "full-ride" or nothing mentality, and perhaps new but relatively common is providing micro-scholarships or grants that are specifically targeted at easing costs including travel stipends, visa costs, accommodations and essentially provides critical flexibility for students who do not need assistance for the entirety of an on-campus experience.
Conclusion The evidence is clear that scholarships for international students are essential, nonnegotiable, for any institution or country that seeks to build and thrive in the emerging global knowledge economy. Scholarships are the absolute bridge between finances and merit ensuring talent and global diversity is always signaled as paramount.
For each student wishing to study abroad, financial aid remains the single most important factor in achieving that goal. UniNewsletter highlights how such programs represent a smart, sustainable foundation for an internationally engaged future.
Are you planning your study abroad journey? Don't overlook the financial aspect! You can start your research by looking into what International Students prioritize when making their decisions, including scholarships and safety: Read our detailed trends analysis here.
26-05-2023
American University of Ras Al Khaimah 
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