International students who wish to study abroad are always on the lookout higher paying scholarships which will take care of their studies and relieve them of the financial burden that comes with studying in a foreign country. The search for scholarships itself is a very tedious exercise if one does not converse with the various scholarship available for exploration.
Therefore, it is important for international students to know the benefits of scholarships around the world that will enable them to prepare to make the most of these opportunities to study in a foreign country.
There are various types of scholarships ranging from fully funded scholarshipspartially funded scholarships for tuition awards. Others include merit-based and need-based scholarships that investigate the academic standing as well as financial status of prospective students. However, to be able to win lucrative scholarships, one must prepare adequately for such opportunities as they are always highly competitive.
See also: Top 25 Fully Funded Scholarships in USA for International Students
Here, we bring you a list of the most lucrative and sought-after scholarships available for international students.
Top 10 High Paying Scholarships for International Students 2023/24
- Commonwealth Scholarships
Commonwealth Scholarships are one of the most sought after scholarships in the world by international students. Commonwealth Scholarships are awarded to talented individuals with the potential to make a positive impact on the world stage. Around 800 students are given the opportunity to undertake postgraduate degrees at UK universities.
If you are a citizen of a Commonwealth country and know you could make a difference in the world, but cannot afford to finance your studies in the UK yourself, then you could be the ideal candidate for a Commonwealth Scholarship. There are several types of awards including:
- Commonwealth PhD Scholarships (for Least Developed Countries and Vulnerable States).
- Commonwealth Split-site Scholarships (for low- and middle-income countries)
- Commonwealth Masters Scholarships
- Commonwealth Distance Education Scholarships.
- Commonwealth PhD Scholarships (for high income countries).
- Commonwealth Medical Scholarships.
- Commonwealth Professional Fellowships
- Chevening Scholarship
The Chevening Scholarship is the UK Government’s scholarships that enable future leaders to study in the UK while joining a community of global professionals who are positively impacting the world. It is one of the highest paying scholarships for international students. Funded by the Foreign, Commonwealth and Development Office (FCDO) and partner organisations, Chevening offers two types of awards – Chevening Scholarships and Chevening Scholarships. Since 1983, more than 50,000 professionals have studied in the UK through Chevening.
- Bill and Melinda Gates Scholarship
the Bill Gates and Melinda Scholarship is for students who are ready to attend a four-year full-time degree program at an accredited, nonprofit, private or public college or university in the US. The scholarship is supported by the Bill and Melinda Gates Foundation, a foundation that works to help all people live healthy, productive lives. in in developing countries, the foundation focuses on improving people’s health and giving them the opportunity to escape from hunger and extreme poverty.
This scholarship awards up to 150 scholarships of $20,000 each year to the most outstanding applicants to study at world-class universities. The Coca-Cola Scholars Program provides the successful scholar with access to education and lifelong leadership development opportunities, enabling them to create and inspire positive change in their communities and beyond.
- Australia Awards Scholarship
This is one of the recognized scholarships for international students who wish to study in Australia. Australia Awards scholarship opportunities are provided to individuals from developing countries, particularly those countries located in the Indo-Pacific region, to undertake full-time undergraduate or postgraduate studies at participating Australian universities and Technical and Training (TAFE) institutions.
Scholarship benefits include full tuition fees, return air travel, settlement allowance, contribution to living expenses, overseas student health cover, etc.
- Fulbright Scholarships
The Fulbright Scholarship is one of the most highly rated scholarships in the United States of America. The scholarship provides full funding for master’s and doctoral programs at universities in the USA. There is also the Fulbright Foreign Student Program which enables graduate students, young professionals and artists from abroad to study and conduct research in the United States. The Fulbright Foreign Student Program operates in more than 160 countries worldwide. About 4,000 foreign students receive Fulbright scholarships each year.
The Fulbright Foreign Student Program is administered by transnational Fulbright Commissions/Institutions or US Embassies.
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- DAAD German Government Scholarships
The DAAD is the world’s largest funding organization for international exchanges between students and researchers. DAAD is supported by the German government and has funded nearly 2 million students and scholars from around the world. Its activities go beyond simply awarding grants and scholarships, but also support the internationalization of German universities, promote German studies and assist developing countries in establishing effective universities.
The Erasmus Mundus Scholarship is a fully funded scholarship program supported by the European Union for international students to enroll for a Master’s or PhD in European Universities. All expenses are covered by the scholarship.
The Joint Japan/World Bank Graduate Scholarship Program (JJWBGSP) has enabled over 6,000 mid-career professionals from 160 developing countries and Japan to study for a master’s degree in development-related fields. On an annual basis, the Japanese government funds the JJWBGSP.
- New Zealand Government Scholarship
The scholarships are funded through the New Zealand Aid Program and administered by the Department of Foreign Affairs and Trade to help build prosperity, security and sustainable development in partner countries. This is one of the highest paying scholarships available from a country’s government. The benefits of the New Zealand Government Scholarship include:
- full tuition
- travel between New Zealand and your home country (at the start and end of your scholarship and reunification travel for some students)
- an installation allowance to help with installation costs
- a fortnight’s living allowance to cover basic living expenses
- medical and travel insurance
- private tutoring and writing coaching
- research and dissertation allowance for certain graduate students
- a reintegration allowance to support you to settle in your home country
We hope that our list of the most lucrative scholarships will help you narrow down your search for international scholarships as you begin the new year. If you find this article helpful, please let us know in the comments section. You can Sign up for our newsletter for more helpful tips.