Explore Courses
Top University
Komal
16 November, 2024
Table of Contents
There are often times when you wish to learn a different set of skills in a specific field; however, avoiding the degree might not be possible due to financial constraints. In such cases, you can apply for scholarships or stipend programmes that ease your financial burden. Stipend programmes in your field of interest are an excellent way to gain valuable experience. In this, you earn while receiving financial support. There are different organisations and institutions that offer stipend assistance, all you need to do is find the right one.
If you are struggling to find the ideal stipend programme, here is your guide to finding the right one. The blog also discusses the steps of your application process to apply for the stipend so that you can kickstart your career in full swing.
Stipend programmes are a type of scholarship that is designed specially to offer financial assistance to students or recent graduates. It also is an opportunity in hindsight that helps students gain hands-on experience in their particular choice of field. The programmes are very common in different industries like healthcare, research, journalism, education, technology, etc. A Stipend is a fixed payment that you receive for your services at regular intervals. How much stipend you receive may depend upon the kind of programme you’re enrolled into and the kind of institution and the employer that provides you that stipend. Usually, a stipend is not much in terms of payment value but could surely help to cover the cost of basic needs.
A stipend can be beneficial for students in many ways. Any sort of financial assistance to a student can help them cover the cost of some of their needs. Here are some benefits of a stipend programme for a student:
Provides financial support to needy students
Can help students continue with their higher education
Provides networking opportunities
Boosts resume
Provides industrial experience
Stipends provide financial assistance to students, covering the cost of their basic needs. Depending on your eligibility and need, you can receive different types of stipends. Below are various kinds of stipends that one can apply for.
Academic Purpose: Academic research stipends are one of the most popular types of grants provided for research services related to specific fields. You can apply for specific organisations that are involved in the field of research or who may rely on or invest more in your research data.
Training: There are multiple organisations or companies that provide stipends to their interns or apprentices when they undergo training for a set period of time at their workplace. Internships are an example of such training, which often pays students for their job-related skill development.
Living Stipend: Such types of stipends are offered either in fellowship or voluntary programmes or certain educational courses that help students or professionals cover their basic living expenses.
Apart from this, there can also be stipends like teaching stipends, which are provided to teaching assistants, or travel stipends, often seen in study abroad programmes or research grants for students living abroad.
Finding potential stipend programmes can get confusing, but if you know the right place to find financial assistance, it becomes quite easy. Here are some of the popular ways that you can find suitable stipend programmes for yourself.
1. Make a list of potential sources: There are many sources that you can check to see if they provide any stipend or any sort of scholarship for the programme that you are enrolled in or wish to pursue. Some examples of potential sources are:
Government agencies at national and state levels provide stipends, research grants, or scholarships for special programmes for eligible students.
Multinational organisations that provide financial student assistance in the form of stipends, such as Tata Trusts, either for research, internships, or the purpose of continuing higher studies.
Universities or research-based institutions also offer eligible students stipends and scholarships to aid with financial assistance.
Apart from all the above-mentioned organisations, you can also check with some foundations of corporations that have a dedicated funding cell for such areas or specific programmes.
2. Job Boards: You can apply for a stipend in a related field by visiting job platforms like LinkedIn, Indeed, and others. There are also multiple websites with large databases of scholarships provided by different organisations. You can search through those websites to find suitable scholarships or stipend programmes for yourself.
3. Contact your career service centre at your institution: Many colleges and universities have a dedicated career service centre. You can contact the office at your institution to inquire about any relevant stipend programmes for your choice of programme. They can also provide guidance on your application, process, or other financial assistance.
4. Connect with the Alumni and Professional Network: A good way to discover eligible stipend programmes is by connecting with your institution’s alumni or professionals in your chosen field. Leverage your alumni network or inquire within your professional circle if they know of any potential stipend opportunities. Often, seniors or professionals can provide special ways to apply for stipend programmes or connect with funding sources that offer stipends.
Also Read: Role of Internships in MBA Education
Before applying for a stipend, check the eligibility criteria to ensure you meet the requirements. You may need to meet certain performance levels to qualify for the stipend.
Thoroughly review the application you’ll submit for the stipend programme to avoid errors and improve your chances of acceptance.
Tailor your resume, add a cover letter, and include any necessary documents that highlight relevant experience and skills suited to the specific programme.
If you’re wondering whether stipends are taxable, the answer is generally no. Stipends usually fall outside the tax bracket, as they’re not considered regular salary payments. Like scholarships, which are tax-exempt due to educational support, stipends often aren’t subject to withholding tax unless specified by the employer. Additionally, stipends are modest amounts paid to apprentices or interns, rarely reaching an annual total that would place them within a taxable range.
Salaries and stipends are both forms of compensation, but they are structured differently and serve distinct purposes.
While salaries are regular payments, often paid weekly or monthly, they are associated with structured roles, responsibilities, and set working hours. Salaries are for employees with a long-term commitment to the organisation and specific job expectations. In contrast, a stipend is typically a form of financial support associated with training or educational programmes. Stipends are for students or apprentices working with an organisation for a shorter period, not as employees with direct employment terms, but for their professional development through training and learning experiences.
Multiple government employment schemes offer stipends as part of their programmes for apprentices. Additionally, various private institutions provide financial assistance in the form of stipends to students. Here are different schemes and organisations you can explore for stipend opportunities related to your chosen programme.
National Schemes:
National Apprenticeship Promotion Scheme (NAPS)
Prime Minister’s Employment Generation Programme (PMEGP)
DBT Schemes
National Career Service (NCS) Project
Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
Private Organisations:
Zoho
Accenture
Trilegal
Tata Consultancy Services (TCS)
Amazon
Goldman Sachs
Reliance Industries
For students with limited financial resources, stipend programmes provide an opportunity to continue their education while earning and growing in their field. However, it’s crucial to prepare a strong application that highlights your eligibility for the stipend programme. Stipends allow you to expand your experience, broaden your network, and gain industry insights. Use this guide as a reference to find the right stipend programme for your field of choice. With additional financial support, you’ll be better prepared to turn your goals into reality.
