Getting accepted on a good Masters programme is a dream come true for many, but winning a scholarship for your studies is even better. Although the possibility of securing full or partial financial aid may seem unimaginable at first, researching your options and making an effort is worth it.
Before diving in, it helps to understand how a student loan is different from a scholarship: loans must be repaid (often with interest), while scholarships are awarded funds you never pay back. Similarly, when comparing grants vs scholarships, both are free money, but grants are typically need-based and awarded by governments or institutions, whereas scholarships can be merit-based, need-based, or identity-specific.
Here is our guidebook to preparing a winning application for the different types of scholarships available for Masters students.
What are the main types of scholarships for a Masters degree?
Understanding the different types of scholarships is the first step to finding the right fit. They broadly fall into three categories: merit-based, need-based, and student-specific.
Merit-based and need-based scholarships
If you have excelled at your previous studies, have a high GPA, or strong admissions test scores, look for merit-based scholarships at the schools you are considering. In some cases, you may not need to prepare a separate application – your overall application package and admissions interview feedback will be considered once you have been admitted. In other cases, schools will require additional documents such as a motivation letter and letters of reference from academic supervisors.
For need-based scholarships – provided to applicants in financial need – you may have to submit supporting documentation such as bank statements or a financial plan. Keep in mind that even when applying for need-based aid, the university will still consider your academic performance and the quality of your overall application.
Student-specific scholarships
There are also scholarships focused on international diversity, gender balance, ancestry, and more. Many reputable schools offer financial aid to students from different regions. Some can be as general as scholarships granted to talented candidates from Asia, Africa, Eastern Europe, or the Americas. Other institutions cater to applicants from specific countries – such as India or Thailand – to mention just a few.
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How to find external scholarships and grants
Universities are not the only source of financial aid. Depending on where you study, you can also look for grants awarded by governments or institutions – a key distinction when thinking about grants vs scholarships, as these government-backed grants often have different eligibility criteria and application timelines.
The Erasmus Mundus Joint Masters facilitates scholarships for European students wishing to study outside the EU, and for non-Europeans wishing to study within it. The Erasmus+ programme provides financial support for travel and living costs if you go on an exchange semester abroad.
The Fulbright Programme is another internationally recognised source of study grants. Competitively selected US citizens can be granted scholarships to study or conduct research abroad, and citizens of other countries may qualify to do the same in the US. Note that applying for a Fulbright grant precedes application to US universities by about one year, and you will need a completed undergraduate degree plus a standardised test score (TOEFL, GMAT, or GRE).
Don’t overlook embassies and local NGOs either. For example, recipients of Chevening Scholarships – the UK Government’s international awards programme for postgraduate studies – are personally selected by British embassies around the world.
Country-specific scholarships
If you have a specific country in mind for your studies, look for government-funded programmes dedicated to attracting international talent. Germany’s DAAD (Deutscher Akademischer Austauschdienst) is one of the world’s largest scholarship organisations, offering a wide range of funded Masters programmes for international applicants.
France’s Eiffel Excellence Scholarship Programme, run by Campus France, targets high-achieving international students in engineering, law, economics, and political science.
These programmes are competitive but well-resourced and because they are government-backed, they tend to be more stable and better funded than many university-level awards.
How to increase your chances of winning a scholarship
Be selective rather than scattershot. Applying for scholarships is not like playing the lottery – it requires time, effort, and a personalised approach. Schools want to ensure their financial support furthers the reputation of their institution, which is why they are selective about recipients. Find the right balance between quantity and quality of applications.
Start early. Practising for admissions tests and gathering required documentation – transcripts, application forms, recommendations – is a lengthy process. An early start gives you breathing room when final deadlines arrive.
Finally, ask peers or past scholars to review your application. After spending a lot of time on your writing, it becomes hard to spot gaps. A third-party perspective will show you what to improve before submitting.
Writing a scholarship motivation letter that stands out
Most scholarship applications require a motivation letter or personal statement. A strong letter does three things: it explains clearly why you chose this specific programme, demonstrates what you will contribute to it, and shows how the scholarship connects to a concrete goal beyond graduation. Avoid generic phrases like “I am passionate about this field” – admissions committees read hundreds of these. Instead, anchor your case in a specific experience, project, or problem you want to solve. Keep it concise, have someone outside your field read it for clarity, and tailor it individually for each application rather than reusing a single template.
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Frequently asked questions
How is a student loan different from a scholarship?
A student loan is borrowed money that must be repaid – usually with interest – after you finish your studies. A scholarship is awarded funding that you are never required to pay back, making it far preferable if you can secure one.
What is the difference between grants vs scholarships?
Both are forms of free financial aid you do not repay. Grants are typically awarded based on financial need and often come from governments or institutions. Scholarships can be merit-based, need-based, or awarded for specific backgrounds or characteristics.
What are the main types of scholarships for a Masters degree?
The three most common types of scholarships are merit-based (awarded for academic achievement), need-based (awarded based on financial circumstances), and student-specific (awarded based on nationality, gender, field of study, etc.).
Can international students apply for Masters scholarships?
Yes. Many universities actively fund international students through dedicated scholarships, and external programmes like Fulbright, Erasmus Mundus, and Chevening are specifically designed for international study.
When should I start applying for Masters scholarships?
As early as possible – ideally 12 to 18 months before your intended start date. Some scholarship programmes may require you to apply a full year before you apply to universities.
Originally published: 21 December 2017
Updated: 27 April 2026
