Financial Aid For International Students: Is It Possible?

International students often face challenges when it comes to financing their education, especially in countries like the United States. While international students in the US are generally ineligible for federal financial aid, there are alternative sources of funding available. These include institutional grants and scholarships, private student loans, on-campus employment opportunities, and financial assistance from their home country's government or other external sources. The availability and accessibility of these options can vary depending on the student's visa status, academic performance, and the specific policies of the educational institution.

Characteristics and Values Table for International Students Receiving Financial Aid

International students can apply for FAFSA to determine what financial aid they can receive

International students can apply for the Free Application for Federal Student Aid (FAFSA) if they are eligible non-citizens. To be considered an eligible non-citizen, you must fall under one of the following categories:

• Be a U.S. national (including natives of American Samoa or Swains Island)
• Be a U.S. permanent resident with a Form I-551, I-151 (Permanent Resident Card, Resident Alien Card, or Alien Registration Receipt Card), also known as a “green card”
• Have an Arrival-Departure Record (I-94) from the U.S.

FAFSA is a financial aid form for accessing grants, federal student loans, and work-study funds. To complete the FAFSA, students must create an FSA ID using their social security number (SSN). International students who don't have an SSN are not eligible to apply for FAFSA. However, in rare cases, a school may require international students to fill out the FAFSA on paper to attempt to receive institutional aid.

Although federal and state aid is typically not available to international students, they may qualify for certain types of merit or need-based aid. There are options available at the institutional level, including grants and scholarships. Additionally, international students can take out private loans, although many financial aid experts advise against taking on too much debt.

There are also free scholarship databases, as well as private, corporate, nonprofit, and government scholarship funds that serve undergraduate international students.

International students can qualify for merit or need-based aid

International students are not eligible for federal financial aid, including federal grants. However, they can qualify for merit or need-based aid through their college or university when available. While funding for international students is often more limited, there are options available at the institutional level, including grants and scholarships.

Some scholarships are granted once, while others can be used again each semester or year of a degree program. Scholarships can be provided by colleges and universities, private businesses, or non-profits. While some colleges provide merit-based scholarships for undergraduate international students, the majority of merit-based financial aid is reserved for graduate students.

Merit-based scholarships are usually granted based on a student's academic achievements, extracurricular activities, or other accomplishments. They can often be used to pay for tuition, academic fees, books, and room and board. Some public and private universities offer financial incentives for students to attend their institution, and both private and public institutions may waive application fees in some situations.

Need-based scholarships are awarded based on financial need. Students who can demonstrate need at a predetermined level are eligible for this type of aid. Academic departments within the university may have funds allocated to assist international students with exceptional need and/or talent. Many scholarships for undergraduate study are only available to US citizens and permanent residents, but there are free scholarship databases, as well as private, corporate, nonprofit, and government scholarship funds that serve undergraduate international students.

International students can take out private loans

International students can sign up for free with Juno, which gathers large groups of prospective borrowers and gets private student loan companies to compete for their business. This can help secure a lower interest rate than one could get on their own. However, Juno only works with its own network of lenders, so it is important to shop around and compare multiple options before deciding.

International students usually need a co-signer for approval, as they often don't have an established credit history in the country. A co-signer should be a US citizen or permanent resident with a good credit score and the ability to pay back the loan if the borrower defaults. They could be a family member, professor, mentor, or religious leader. However, it is possible to find a private lender that doesn't require a co-signer, although interest rates may be higher.

When choosing a lender, it is important to compare fixed vs. variable interest rates, borrowing limits, and repayment terms. Repayment terms refer to how long the borrower has to pay back the loan, which determines the amount of the monthly payment. A longer repayment term results in smaller monthly payments but more interest accrued over time.

International students can apply for scholarships

Scholarships for International Students

There are several databases that provide information on scholarships for international students, including EduPASS, Fastweb, and Buddy4Study. These databases offer comprehensive lists of scholarships, grants, and loan programs that international students can apply for. Some scholarship databases charge a fee, but free alternatives, such as the College Board, provide the same information without any cost.

Other Options for Financial Aid

In addition to scholarships, international students may qualify for other types of financial aid. Some public and private universities offer financial incentives for students to attend their institution, and both private and public institutions may waive application fees in some situations. International students can also take out private loans, although financial aid experts advise against taking on too much debt. On-campus employment is another option for international students, but it is important to note that there are complex rules regarding non-immigrant student employment, and working on or off-campus cannot be the sole source of funding.

International students can seek on-campus employment

There is no central hiring office for student jobs, so students must visit each individual office and ask about application deadlines and requirements. Students may need to obtain permission from their International Student Office or Adviser before accepting on-campus employment, and some schools may not permit it during the first semester or year. On-campus jobs can include positions such as a grader, teaching assistant (TA), research assistant (RA), or resident assistant (RA). These positions often provide learning experiences and valuable skills that can enhance a resume.

International students can also take out private loans, although financial aid experts advise against taking on too much debt. Additionally, there are scholarships available for international students, although they are minimal and mostly reserved for graduate study. Undergraduate international students can consult with their university and major department to learn about special funding opportunities, including merit-based scholarships.

Frequently asked questions