SOURCES OF FINANCIAL AID
As the cost of attending colleges and universities in the United States continues to escalate annually, it becomes increasingly crucial to investigate the various financial aid options available to prospective students. Fortunately, there exist several avenues for securing financial assistance to fund international studies. This page aims to outline several potential sources of financial aid that merit consideration.
INTERNATIONAL SCHOLARSHIP SEARCH
International scholarships serve as dedicated avenues for financing education programs abroad, catering to students aspiring for a global outlook. Beyond offering financial aid, these scholarships unlock avenues to distinctive cultural encounters and invaluable networking prospects. Despite the abundance of such opportunities, navigating the application procedures can be daunting. Nevertheless, with meticulous research and preparation, securing these scholarships becomes feasible, enabling the realisation of academic and personal objectives on an international scale.
YOUR HOME COUNTRY
Before departing for your international studies, thoroughly explore the possibility of securing funding from your home country. This could entail seeking support from organisations, companies, or governmental initiatives. For instance, Saudi Arabia has initiated a program offering full scholarships to more than 10,000 Saudi students studying in the USA. However, it’s crucial to investigate such options meticulously as there may be specific conditions attached. For instance, some scholarships may require you to return to your home country upon completing your studies. Therefore, it’s essential to understand any stipulations before applying for aid from your home country.
Sources of Financial Aid
INTERNATIONAL ORGANISATION
Numerous international organisations, including the Fulbright Commission, extend aid to students globally. Among them are:
- The United Nations
- AMIDEAST
- World Council of Churches
- Soros Foundation
- World Health Organization
It’s important to note that many of these organisations mandate applicants to be in their home countries during the application process. Thus, it’s advisable to plan ahead, considering these opportunities are often highly competitive.
U.S. UNIVERSITIES
Many colleges and universities in the United States offer limited financial aid opportunities for international students through their respective financial aid offices. However, it’s important to note that there is generally less funding available for undergraduate study compared to graduate study. To explore which U.S. schools provide aid to international students, you can visit our Schools Awarding Financial Aid pages.
Sources of Financial Aid
Private institutions may sometimes offer tuition discounts or reductions, while public institutions typically have fewer options in this regard. When requesting an application form from the institution’s admissions office, be sure to inquire about available financial aid opportunities.
Additionally, there may be opportunities for formal exchange programs between your home institution and the institution you wish to attend in the United States. Contacting the international student offices at the U.S. institution or corresponding offices at your institution can provide further information on such exchanges. Participating in person-for-person exchanges through these programs can potentially reduce expenses.
U.S. GOVERNMENT
International students are ineligible for U.S. federal aid, including Stafford Loans or Plus Loans. Nevertheless, if you’re an international student planning to study in the U.S., alternative funding sources may be available. It’s advisable to reach out to the U.S. embassy in your home country to explore potential funding opportunities.
Sources of Financial Aid
YOUR FAMILY
The primary source of funding for international students is typically their families. According to a recent study conducted by the Institute of International Education (http://www.iie.org), approximately 65% of all international students in the USA receive financial support from their families and relatives, with funding from colleges and universities ranking second. Given the competitiveness of international student funding, exploring financial assistance from your family may prove to be a significant avenue worth considering.
INTERNATIONAL STUDENTS LOANS
While international students are not eligible for U.S. government-backed loans such as Stafford Loans or Plus Loans, they can still access private international student loans for studying in the USA. However, specific eligibility criteria must be met, including attending an approved school and often requiring a cosigner. In instances where a cosigner is unavailable, exploring options for no-cosigner loans may be possible.
It’s crucial to exercise caution when considering loan applications and to borrow only what is necessary to cover the expenses of studying and living in the U.S. Over-borrowing can lead to financial strain in the future, so prudent financial planning is essential.
Sources of Financial Aid
EMPLOYMENT
When considering funding sources for your educational and living expenses in the United States, it’s essential to understand that relying on employment may not be feasible unless you secure a teaching or research assistantship. Documentation of your financial resources must demonstrate assured income, which meets or exceeds the costs of your first year of studies; potential income cannot be considered.
Immigration regulations impose strict restrictions on working while holding a student visa. F-1 status, the most common for full-time international students, permits part-time on-campus employment (less than 20 hours per week). Similar employment opportunities with corresponding limitations are available for J-1 student status, contingent upon approval from the exchange visitor program sponsor. M-1 visa holders enrolled in technical and vocational programs are prohibited from working during their studies.
Although on-campus jobs are available, they typically offer minimal compensation, often insufficient to finance a university education. It’s advisable not to rely solely on these positions but to view them as supplementary income.
Effective long- and short-term planning is vital to ensure a fulfilling educational experience in the United States. A realistic assessment of your financial requirements will enable you to fully embrace the enriching academic and cultural opportunities offered while living and learning in the United States.