Lana Oconnell
International students in the US have several funding options, including scholarships, private international student loans, and work opportunities. Scholarships are the main way to fund studies in the US, with private, institutional, and government-funded scholarships available. Many colleges and universities in the US offer scholarships or grants to talented international students, and some schools offer sports scholarships while others provide academic or artistic scholarships. Additionally, private organizations and companies offer scholarships specifically for international students. International students can also apply for private international student loans, such as those offered by MPOWER Financing, which is the only student lender that doesn't require a co-signer.
In terms of work opportunities, international students on F-1 visas are eligible for Curricular Practical Training (CPT) before finishing their studies, as well as 12 months of Optional Practical Training (OPT) after graduation. STEM students can receive extensions of 24 months, allowing them to work full-time for 36 months after completing their degrees. During CPT and OPT periods, employers save approximately 8% of students' salaries due to exemptions from certain tax requirements. However, F-1 students can only work part-time (fewer than 20 hours per week) on campus, and J-1 students have similar restrictions, requiring permission from their exchange visitor program sponsor. To work in the US, international students must also obtain a student visa, which requires proof of financial sponsorship and the ability to afford tuition and living expenses.
| Characteristics | Values |
|---|---|
| Financial aid from the US government | Not available for international students |
| FAFSA | Available only for US citizens and permanent residents |
| Scholarships | Available from universities, colleges, sports teams, and home countries |
| Student visa | Requires proof of financial sponsorship and ability to afford tuition and living expenses |
| Financial sponsors for student visas | Can include grants, family members, government organizations, private companies, personal funds, and more |
| Work | Limited opportunities for part-time, on-campus employment with F-1 status; J-1 status has similar restrictions |
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What You'll Learn
Scholarships and grants
Scholarships
- Foreign Fulbright Student Program: This scholarship is for graduate students from around the world, as well as young professionals and artists, who wish to study in the USA.
- Joint Japan/World Bank Graduate Scholarship Program: This scholarship provides comprehensive financial coverage, including tuition, a monthly stipend, airfare, health insurance, and a travel allowance, to students from developing countries who are applying for a development-related Master's program and have supported their home country's development.
- MPOWER Financing Global Citizen Scholarship Program: This scholarship has broad eligibility criteria and is offered throughout the year, with niche scholarships also available.
- P.E.O. International Peace Scholarship: This scholarship is for women from other countries who are earning their graduate degrees in the USA.
- Check with your high school teachers, guidance counsellors, and librarians: They may know of school-sponsored scholarships that are available to international students.
- Ask your parents' or guardians' employers: They may offer scholarship opportunities or be able to direct you to the relevant department for more information.
- Your employer: Ask if your company offers any scholarships to graduating high schoolers.
- Institute of International Education (IIE) program search tool: This website offers a program search tool to help international students find scholarships.
Grants
- Fulbright Program: This program is available in more than 160 countries, and about 4,000 international students are selected to participate each year. The grant covers tuition, room and board, and transportation fees.
- Fulbright Foreign Language Teaching Assistant (FLTA) Program: This grant provides foreign citizens with the opportunity to teach their language and culture at a U.S. university for one school year. While a master's degree is preferred, it is not required, and participants will not receive a degree but will take coursework related to teaching.
- American Association of University Women (AAUW) International Fellowships: The AAUW sponsors international fellowships for women interested in studying in the U.S., with different amounts awarded depending on the type of degree.
- Margaret McNamara Education Grant: Women from developing countries who intend to study in the U.S. or Canada can apply for this grant, which gives out six to ten awards worth approximately $12,000 each. Applicants must be attending an accredited university.
- International Student Grant from Ohio State University: This grant is available to international students with one semester left until graduation who need financial assistance. Undergraduate students must have a 2.5 GPA, while graduate students must have a 3.0 GPA.
- International Grant in Aid from Miami University: This grant provides a 100% tuition waiver for graduate international students who can demonstrate financial need.
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Student visa sponsorships
To study in the US as an international student, you will need to apply for a student visa. The type of student visa you need to apply for depends on the program you are enrolled in and your tuition sponsorship. The two most common student visa types for international students in the US are F-1 and J-1 visas.
For an F-1 visa, you can use personal funds, assets, or property that can be converted into cash, or funds from other people (such as friends and family) or organizations. Employers can also sponsor an F-1 visa provided they are ready to employ applicants after their study abroad. If sponsorship comes from family members, they will need to submit a Form I-134, which states their consent to fund your studies and living expenses, along with bank and asset statements. For funding from non-family members, individuals will have to submit a Form I-134, along with a written statement explaining why they are paying for your studies.
For a J-1 visa, you can only be sponsored by a nonprofit or educational institution that is not related to you.
Regardless of the type of visa, you will need to provide evidence of your ability to pay your university tuition and fees for at least 12 months. If your academic program is less than 12 months, you only need to demonstrate funding to cover that shorter period. This usually involves bank statements from your sponsor (or yourself, if you are self-funding).
To initiate the visa application process, you must first apply to a Student and Exchange Visitor Program (SEVP)-approved school in the United States. If the SEVP-approved school accepts your enrollment, you will be registered for the Student and Exchange Visitor Information System (SEVIS) and must pay the SEVIS I-901 fee. The SEVP-approved school will issue you a Form I-20, which you must present to the consular officer when you attend your visa interview.
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US government-funded programs
International students in the US are not eligible for US government-backed loans like Stafford Loans or Plus Loans. However, there are several US government-funded programs and scholarships that international students can apply for.
The National Association of Colleges and Employers cites “Global and Intercultural Fluency” as one of the most in-demand career readiness skills. This means that international students have a competitive advantage when applying for jobs. Many US colleges and universities offer limited financial aid for international students through their financial aid offices. However, there is much less money available for undergraduate study than for graduate study. Private institutions may be able to offer discounted tuition fees, whereas public institutions rarely have this option.
There are also free scholarship databases, as well as private, corporate, nonprofit, and government scholarship funds that serve undergraduate international students. Scholarships are usually merit-based or need-based. Merit-based scholarships are awarded to students who demonstrate exceptional ability in a particular area, whereas need-based scholarships are awarded based on financial need.
- The Truman Scholarship Foundation awards merit-based scholarships of up to $30,000 to college students who plan to pursue careers in government or public service.
- The Hubert Global Health Fellowship provides third- and fourth-year medical and veterinary students with public health experience in a developing country.
- The National Science Foundation (NSF) supports international research and education through fellowships, travel grants, summer institutes, workshops, and research and education projects.
- The NOAA Educational Partnership Program Undergraduate Scholarship provides scholarships for two years of undergraduate study in STEM fields at Minority Serving Institutes. Participants also get to conduct research at a NOAA facility during two paid summer internships.
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Private international student loans
International students in the US have fewer student loan options than most US borrowers. Unless they are eligible non-citizens who can qualify for federal student loans, they may need to borrow from a private lender.
International student loans are available year-round and can cover up to the total cost of school minus any other financial aid received. After selecting citizenship and school, a student loan comparison tool will return a list of lenders that will work for the student's circumstances. The loan options can then be compared, and the lender that works best can be chosen.
International students typically cannot work while they study in the United States, so they will need a cosigner, a person who can legally sign loan papers or documentation to help them obtain a loan. The two most common indexes used for international student loans are the Prime Rate and Secured Overnight Financing Rate (SOFR). SOFR is the new benchmark interest rate that has replaced LIBOR, and it is considered more reliable and accurate. The lowest interest rates require full principal and interest payments, the shortest loan term, a cosigner, and are only available for the most creditworthy applicants.
Investopedia's choice for the best student loans for international students is Earnest because of its competitive APRs, lack of fees, and consistently strong performance in every area measured. If you have significant borrowing needs, Citizens Bank features the highest loan maximums among lenders. For low minimum credit score requirements, consider Ascent.
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Work authorisations
International students in the US on F-1 visas are eligible for Curricular Practical Training (CPT) before finishing their studies, as well as 12 months of Optional Practical Training (OPT) after graduation. CPT is off-campus employment defined as "alternative work/study, internship, cooperative education, or any other type of required internship or practicum that is offered by sponsoring employers through cooperative agreements with the school". To qualify, the work experience must be required for the degree, or academic credit must be awarded. Prior authorization by the school's International Student Office and notification to the U.S. Citizenship and Immigration Service (USCIS) is required. CPT authorization will specify whether the student is approved for part-time (20 hours per week or less) or full-time employment, and students can only be approved for part-time CPT while they are still in school. Students who work full-time on CPT for one year or more are not eligible for OPT.
Upon graduation, F-1 students have U.S. work authorization for 12 months through OPT. STEM (Science, Technology, Engineering, and Mathematics) students can receive extensions of 24 months, thus allowing them to work full-time for 36 months after completing their degrees. During this period, employers do not need to secure work authorization from USCIS. Students can apply for OPT after being enrolled for at least 9 months, but they cannot begin employment until they receive their Employment Authorization Document (EAD). The OPT application, along with supporting documentation and the required fee, must be filed with USCIS. If students file their STEM OPT extension applications on time and their OPT period expires while their extension application is pending, their work authorization is automatically extended for 180 days.
Another option for international students seeking work authorization in the US is the H-1B visa. Applications for H-1Bs are submitted to the USCIS by the sponsoring company on behalf of the international employee. Each fiscal year, companies are allowed 65,000 H-1Bs for candidates who have completed undergraduate degrees, with an additional 20,000 available for those who have completed graduate degrees in the US. H-1B status is initially granted for up to three years and can be renewed for up to six years. USCIS application fees for an H-1B visa range from $2,010 to $3,380, with premium processing costing an additional $2,805.
The L-1 visa is another option for international students seeking work authorization in the US. The L-1 is for intra-company transferees who have worked at an affiliated foreign office for a minimum of one year before being transferred to the US. The status is valid for up to three years and may be extended for up to two more years, with a maximum limit of seven years for managers/executives (L-1A) and five years for workers with specialized knowledge (L-1B). Fees for the L-1 visa range from $1,495 to $2,485, depending on the size of the employer.
Finally, the O-1 visa is a temporary work status available to foreign nationals with "extraordinary ability in the sciences, arts, education, business or athletics" that has been demonstrated through "sustained national or international acclaim". USCIS interprets the statute very broadly to encompass most fields of creative endeavour, including chefs, carpenters, and lecturers.
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Frequently asked questions
Yes, international students in the US can be funded by a company. This can be done through a student visa sponsorship, where a company can be the financial sponsor for an international student's program. However, the type of student visa will determine the eligible financial sponsors. For example, for an F-1 student visa, funding can come from a company, whereas for a J-1 visa, only a nonprofit or educational sponsor is allowed.
The company acts as a financial sponsor by providing funds to cover the student's tuition and living expenses. The student visa process can vary depending on the program and the type of sponsorship required. After acceptance into a SEVP-certified US institution, the student chooses the appropriate student visa. The company or student may need to submit certain forms, such as the I-20 or DS-2019 form, depending on the visa type.
Yes, there are restrictions. For example, the F-1 visa only allows part-time, on-campus employment for fewer than 20 hours per week. Additionally, the company must attest that the student will not replace a full-time or part-time US worker and that they have the resources to train the student properly.
Sponsoring an international student can provide companies with a competitive advantage by accessing a diverse talent pool with global and intercultural fluency. It also saves companies approximately 8% of the student's salary due to exemptions from specific tax requirements.
Yes, there are several other funding options for international students in the US. These include scholarships, grants, private international student loans, financial aid from colleges or universities, and personal or family funds. Additionally, international students may be eligible for certain US government-funded programs or visa-specific work authorizations, such as OPT for STEM students.
