You have two offer letters and both say "full funding." One names a monthly stipend figure; the other does not. One covers accommodation; the other gives you a housing allowance that may or may not match what you can actually rent for. The decision feels simple until you realise that "fully funded" in an expensive city and "fully funded" in an affordable one are not the same financial outcome.
This guide covers the five cost layers to map before you accept any offer, and gives you a worked comparison to practice on. The numbers in the example are illustrative and do not come from a real award letter. Always substitute the actual figures from your own offers.
Why the headline number lies
A scholarship offer communicates a total value: "covers up to $40,000 per year" or "tuition plus a living stipend." That total is not the same as your financial position once you arrive.
The gap between the award and your real account balance at month six depends on:
- What the award actually pays versus what you actually owe. A tuition waiver pays the university. If the programme charges ancillary fees — laboratory costs, student union, examination fees, technology levies — those may or may not be covered.
- Whether the stipend arrives monthly, in arrears, or in a lump sum at term start. Many students who "have a stipend" run out of cash in the first eight weeks because the first payment is delayed or semester-rate.
- Whether accommodation is a service (you live in a provided hall) or an allowance (you receive money and must find a room). In a tight rental market, an allowance that matches last year's average rent may fall short of what is actually available.
- Whether travel is one economy return ticket or a flexible travel budget. Settling in, visa medicals, airport transfers and the first month's grocery stocking are rarely itemised in the award letter.
- Whether the award covers the full programme duration or only year one. A two-year master's funded for twelve months leaves you responsible for the entire second year.
The five layers to map
Write each offer out across these five lines. Use the exact figures from the award letter, not the scholarship's promotional brochure.
1. Tuition and mandatory fees. What does the university actually charge international students on your programme this year? Find the bursar or finance page. Then check what the award covers: all of it, or up to a cap. If the award says "up to $X in tuition," and the programme costs $X + $1,500 in ancillary fees, you owe $1,500.
2. Monthly stipend and payment schedule. What is the figure? Is it paid monthly in arrears, monthly in advance, or in three term payments? How many months does it cover — twelve, or only the ten months of term? A $1,000/month stipend paid only during term time gives you $10,000, not $12,000.
3. Accommodation. Is housing provided, covered by a fixed allowance, or reimbursed against receipts? Research real rental prices in the city for the type of accommodation a student would actually use (shared flat, single hall room, studio). The figure matters more than the label.
4. Travel and visa costs. Does the award include a return airfare at the start and end of the programme, or just the initial one? Visa application fees, mandatory health surcharges, immigration medicals, police certificates and document translation all come before you land. Some awards cover these; most do not itemise them.
5. Renewal conditions and the strings. Does the award continue automatically if you maintain your enrolment, or does it require a minimum grade point, a progress report, or a new reference every year? An award that stops if you fail one module in your first semester carries more financial risk than a slightly lower-stipend award with no academic renewal condition.
Worked example: two offers side by side
These are illustrative numbers only, built to show how the comparison works. They do not represent any real scholarship programme.
Offer A: "Full tuition + $1,200/month living stipend"
| Cost line | Annual amount | Award covers | You pay |
|---|---|---|---|
| Tuition | $28,000 | Full | $0 |
| Ancillary fees | $1,800 | Not mentioned | $1,800 |
| Rent | $14,000 | Not included; stipend must cover it | $14,000 from stipend |
| Food and essentials | $7,200 | Not included; stipend must cover it | $7,200 from stipend |
| Health insurance | $2,400 | Included | $0 |
| Visa application and IHS | $1,500 | Not mentioned | $1,500 |
| One return airfare | $800 | Included (one trip) | $0 |
| Stipend total | $1,200 × 12 = $14,400 | ||
| Your out-of-pocket | $3,300 shortfall |
After the stipend covers $14,000 rent + $7,200 food, you are $6,800 short on those two lines alone. Add $1,800 ancillary fees and $1,500 visa costs and the gap widens. The stipend does not reach the total cost of living.
Offer B: "Full tuition + accommodation + $800/month stipend"
| Cost line | Annual amount | Award covers | You pay |
|---|---|---|---|
| Tuition | $28,000 | Full | $0 |
| Ancillary fees | $1,800 | Included | $0 |
| Rent | $10,000 | Provided (hall accommodation) | $0 |
| Food and essentials | $7,200 | From stipend | $7,200 from stipend |
| Health insurance | $2,400 | Included | $0 |
| Visa and travel | $2,300 | One return airfare; visa costs not covered | $1,500 |
| Stipend total | $800 × 12 = $9,600 | ||
| Your out-of-pocket | $0 (stipend covers food + $900 buffer) |
Offer B's lower monthly stipend produces a better real position because housing is a provided service, not a cost the student must fund from the stipend. The award with the smaller headline number leaves the student with more usable money each month.
This is why reading the award letter carefully matters more than comparing the two stipend figures side by side.
Questions to ask before you accept
- Does the stipend cover the months you are actually in the country, or only term months?
- Is there a deposit required before the scholarship payment arrives? If so, can you cover it?
- What happens to funding if you change your programme, take a leave of absence, or extend your thesis by a term?
- Is the renewal condition academic (a GPA threshold) or administrative (submit a form by a date)? A GPA condition in a new education system is more demanding than it sounds.
- Are dependants covered, or does the award assume you are single with no household costs beyond your own?
- Does the award have a return-home obligation, and what does that mean for your post-graduation earning plans?
What to do before you decide
Write both offers on the same five-layer table. Put the real figures from each award letter, not the marketing page. Look up current rental prices for the city on Numbeo or local listings, not last year's average. Check the university's bursar page for exact programme fees.
If you are still comparing awards — and you can apply to several before any deadline — the ScholarMatch fully funded filter lists every catalog record where tuition and a living stipend are confirmed together, with the country and degree level as separate filters. Your saved list keeps them side by side while you build the comparison above.
The students who finish a scholarship year without a cash crisis are not the ones who chose the biggest number. They are the ones who mapped what the number actually had to cover before they signed.