Real Stories: How Students Reduced Loan Burden Through Scholarships

Education Loan

Case Study 1 – Ananya’s Dream to Canada: From Loan Anxiety to Scholarship Relief
Case Study 2 – Ravi’s US Journey: Blending Scholarships and Loans Smartly
Case Study 3 – Mei’s UK Experience: Crossing Borders with Scholarship Support
Key Takeaways & Lessons Learned
Final Thoughts & Your Next Step
Frequently Asked Questions

Studying abroad is a dream for many, but that dream often comes with a heavy price tag. Between tuition, travel, and living expenses, the thought of taking on a massive education loan can feel overwhelming. But what if you could lighten that load before it even begins?

And that is what some of the clever, ambitious students did. The strategic use of scholarships to study abroad also enabled them to pay their study abroad education loans considerably, and in other instances, nearly completely.

In this blog, we’ll share real, inspiring stories of students who turned scholarship wins into financial freedom. Whether you’re aiming for masters scholarships in Canada or planning your education in the U.S. or UK, these case studies will show you what’s possible, with the right planning and a little help from a trusted study abroad consultant.

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Case Study 1 – Ananya’s Dream to Canada: From Loan Anxiety to Scholarship Relief

When Ananya, from Gujarat, earned her bachelor’s degree in Computer Science, she aspired to pursue a master’s in Canada at the University of British Columbia. But the estimated cost of tuition, living, and travel came to over CAD 45,000 per year. She approached a study abroad consultant who advised her to combine an education loan with scholarship applications.

Strategy & Execution

The consultant helped her shortlist masters scholarships in Canada such as the Vanier Canada Graduate Scholarship and university-level awards (for example, UBC Graduate Fellowships).
They created a timeline so she would apply for scholarships before disbursal of the loan, reducing the “amount requested” in her loan application.
She prepared a stellar research proposal, gathered recommendation letters, and submitted early applications.

The Outcome

Ananya secured the UBC Graduate Fellowship covering CAD 18,000 annually for two years.
She also won a departmental scholarship of CAD 5,000 in her second year.
Her original loan need dropped from ≈ CAD 90,000 (2-year total) to just CAD 60,000, a 33% reduction.
Today, she repays at lower interest and fewer EMIs because her principal amount was much smaller.

Case Study 2 – Ravi’s US Journey: Blending Scholarships and Loans Smartly

Ravi from Hyderabad aimed to enroll in a Master of Public Policy in the U.S. The total cost was projected at USD 60,000. He knew study abroad education loans would cover it, but wanted to limit debt.

Strategy & Execution

He engaged a study abroad consultant to map U.S. and external (non‑U.S.) scholarships.
He applied to Fulbright (for Indian students), university assistantships, and external bodies (e.g. Tata Education Trust).
While waiting for results, he applied for a smaller portion of the loan (covering only base tuition), expecting scholarship grants to fill the gap.

The Outcome

Ravi was awarded a Fulbright scholarship which covered tuition and living costs for two years.
He also secured a departmental assistantship stipend of USD 15,000/year.
As a result, he only borrowed US $10,000 (just for incidental costs and cushion).
His effective debt fell by nearly 80% compared to what many peers carried.

Case Study 3 – Mei’s UK Experience: Crossing Borders with Scholarship Support

Originally from Malaysia but studying in India during her bachelor’s, Mei applied for a master’s scholarship in the UK (such as the Chevening Scholarship) to do her master’s Environmental Science at the University of Edinburgh.

Strategy & Execution

She worked closely with a consultant to tailor her Statement of Purpose, emphasizing leadership and community projects.
She matched scholarship deadlines with her education loan application: first submitting scholarship then finalizing loan only for the gap.
She applied for smaller scholarships too (e.g. from her home country’s government) as backup.

The Outcome

Mei was awarded a full Chevening Scholarship covering tuition, airfare, and stipend.
The extra scholarships covered her living costs for part of the year, meaning she only borrowed for minor expenses, less than 10% of what she originally anticipated.
Her loan burden was negligible compared to peers without scholarship aid.

Key Takeaways & Lessons Learned

Before you dive into applications, here are some common strategies drawn from these case stories:

Strategy	Why it Helps	How to Use It
Apply for scholarships first, then loan	Reduces principal amount you need to borrow	Use timeline planning with your consultant
Target both major & smaller scholarships	Major ones offer big relief; small ones chip away further	Search external grants, alumni funds, departmental awards
Strong narrative & documentation	Scholarships judge on your story, not just scores	Build a compelling SOP, get strong recommendations
Consultant support + self‑effort	Consultants help strategy, you must supply effort	Use consultants as guides, not shortcuts

These approaches show how students across countries reduced their reliance on loans and made manageable debt. You don’t have to replicate exactly, but you can adapt.

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Final Thoughts & Your Next Step

Scholarships are not guaranteed, but with proper planning, great applications and support, they can be very beneficial. These real‑life stories underline that it’s possible to transform your debt outlook by combining smart scholarship strategy with selective borrowing.

If you’re planning your journey abroad and feeling unsure about finances, the right support can make all the difference. Nomad Credit helps students find scholarships and loan options that fit their goals, so you can focus more on your future, and less on the funding.

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Frequently Asked Questions

Can I still apply for a scholarship after securing a loan?

Yes, though it’s better to apply before you finalize the loan so you can reduce the loan amount. But many students apply for scholarships even mid‑program and adjust their repayments accordingly.

Are masters scholarships in Canada easier for some fields over others?

Yes, fields like research, STEM, and public policy often have more funding. Also, departmental or university‑level scholarships tend to favor research/PhD pathways over purely taught master’s.

What if I don’t win any scholarship, should I still borrow fully?

Yes, but try to minimize borrowing by choosing lower-cost universities, or applying for partial funding. Also maintain backup external scholarship applications.

Can I apply for scholarships if I haven’t chosen a university yet?

Yes, many scholarships are open to applicants based on course or country of study, not a specific university. However, some do require proof of admission later.

What documents do I usually need for a scholarship application?

Common requirements include academic transcripts, a Statement of Purpose, letters of recommendation, proof of language proficiency, and sometimes financial need proof.

Is it harder for undergraduates to get scholarships compared to postgraduates?

Not necessarily. Undergraduate scholarships exist, but postgraduate ones, especially for master’s and research programs, often have more funding opportunities available.

Mansi Jain Published on November 1, 2025