5 Ways to Finance Your Studies at a Swedish University
- Payout of pocket
The simplest but less preferred way of financing studies in a Swedish University is paying out of pocket. Not many people exercise this payment option because it is too expensive.
- Student loans
The main difference between grants and scholarships on one hand, and student loans, on the other hand, is that loans are often payable at a later date.
Student loans are available for students who are not qualified for scholarships or grants and have no option but to pay out-of-pocket.
Another difference between getting student loans and scholarships or grants is that loans are directed to a student and they can divide what they need to pay for tuition she’s on one hand and use the remaining for living expenses.
Depending on the financial company lending out the money students can either get loans to pay their tuition fees as well as living expenses or only cater for one of the two.
One of the places to find financial aid for students in Sweden is through the Swedish National Board of Student Aid.
This organization is set to provide financial loans to students for a period equivalent to a maximum of 240 weeks.
A student can also find loans from Independent financial companies like Banks. However, be careful with financial institutions that Grant money.
The best approach you can give this is by reading reviews from swedes who have uses the services before available at websites like Omdömesställe.
For instance, one company worth a look at is Svea Ekonomi. Read through the reviews to find out whether their loans are worth it.
- Scholarships
Scholarships in the most exercised academy financing option by many students. Scholarships are also the most sought by students because with scholarships you do not have to pay back like loans.
Not everybody is entitled to a scholarship because certain eligibility requirements must be met.
Normally, scholarships are awarded based on specific merits and to those who demonstrate academic ability or talent.
Some scholarships and also career-specific in the sense that they are not awarded for every program.
You can also find scholarships that are fully funded or partly funded depending on the scholarship awarding platform or on the specific academic program.
These are the major scholarships in Sweden;
- Government scholarship
In Sweden, there are no tuition fees for domestic, which countries, or EU students, EEA, and Swiss students.
International students in the recent years before 2010 also do not have to pay for their tuition fees.
Now students from other countries outside the listed countries have to pay for tuition however there is the option of getting government scholarships.
The ministry of foreign affairs in Sweden runs the Swedish Institute scholarship awarded to international students.
International students eligible for this type of scholarship must be applying for a master’s degree program only. It does not cover bachelor’s degree programs.
The applicant must also be from 42 eligible countries.
The Scholarship award covers not only tuition fees but also travel allowance and monthly allowance.
- University scholarships
Every year many people internationally apply for the government scholarship in Sweden to a point where less than 10% of the applicants get awarded.
There are some specific universities in Sweden that offer tuition waivers for international students. This is good news for those students who may be locked out of the available scholarship.
In many cases, University scholarships only go to the extent of paying for your tuition fee and you will hence have to supplement your cost-of-living.
Some of the Swedish University scholarships are;
- Lund University global scholarship program
- Chalmers IPOET Scholarships
- University of Boras Tuition Fee Waivers
- Blekinge Institute of Technology scholarship program
- Halmstad University scholarships
- Linnaeus University Scholarships
These are just a few of the many. Visit the respective websites to find more information and the eligibility requirements needed.
- Student grants
Student grants are financial awards awarded to specific categories of people who are most in need of grants because of their background. They are often awarded by non-governmental organizations or other non-profit associations.
Grants are often a portion of the total amount to reduce the financial burden for those people paying out-of-pocket.
- Student jobs
Getting student jobs on part-time jobs is another way to finance your studies.
Well, it may not completely offset your tuition fees student jobs can supplement your living expenses especially in cases where you have a partly funded scholarship.