Janice Lozano
International students often face challenges when it comes to securing funding for their education, especially in countries like the United States. While federal aid and loans are typically not available to international students, there are alternative sources of funding to consider. These include scholarships, grants, private loans, and, in certain cases, part-time employment. Scholarships can be merit-based or need-based, and they are often highly competitive, requiring exceptional skills, academic achievements, or other talents. Additionally, international students may explore private international student loans, though careful consideration of loan terms and conditions is essential to avoid accumulating excessive debt. Seeking advice from financial experts and exploring a range of institutions, including cheaper universities, can also enhance funding opportunities for international students.
Characteristics of International Student Funding
| Characteristics | Values |
|---|---|
| Availability | Funding for international students is often more limited and competitive. |
| Sources | Funding sources include scholarships, grants, fellowships, private international student loans, personal finances, family, and home country organizations or governments. |
| Eligibility | Eligibility criteria vary and may be merit-based, need-based, or dependent on citizenship, co-signer, school, and income. |
| Visa Requirements | Student visas may require upfront payments and proof of sufficient funds for living costs. |
| Work Opportunities | International students may face restrictions on employment, with work permits or part-time jobs providing limited financial support. |
| Institutional Support | Some universities offer limited financial aid, and institutional grants and scholarships may be available. |
| Country-Specific Aid | Certain countries provide scholarships or loans for their citizens studying abroad, such as Saudi Arabia's program for students in the USA. |
| Application Process | Scholarship databases and financial advisors can aid in navigating the application process and avoiding scams. |
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Scholarships and grants
Scholarships
Scholarships are awarded based on merit, need, or a combination of both. Merit-based scholarships are granted based on special skills, talents, or abilities. For example, your university may offer scholarships based on TOEFL scores, academic record, artistic ability, musical ability, or athletic ability. Need-based scholarships are awarded based on financial need, and are typically given to students who can demonstrate need at a predetermined level.
There are many scholarship opportunities for international students, including:
- Foreign Fulbright Student Program: Offers scholarships for graduate students from around the world to study in the USA.
- #YouAreWelcomeHere scholarship: Offers two yearly renewable scholarships for international undergraduate students.
- The Aga Khan Foundation International Scholarship: Provides scholarships to students from select developing countries who have no other source of financial help for graduate studies. The scholarship is 50% grant and 50% loan.
- MPOWER Financing: Offers scholarships for international and DACA students. Its Global Citizen Scholarship Program has broad eligibility criteria and is offered throughout the year.
- Zonta International: Offers a fellowship for women of any nationality pursuing a doctoral degree in aerospace engineering and space sciences.
- Joint Japan/World Bank Graduate Scholarship Program: Provides comprehensive financial coverage for students from developing countries who are applying for a development-related Master's program.
Grants
Grants are typically awarded based on students' personal circumstances, such as coming from a low-income household or experiencing some other form of disadvantage. They are usually one-time payments to help with specific costs, such as travel or settlement expenses.
Some grants for international students include:
- International Grant in Aid from Miami University: Provides a 100% tuition waiver for graduate international students who demonstrate financial need and meet certain academic standards.
- Margaret McNamara Education Grant: Offers six to ten awards worth approximately $12,000 each to women from developing countries studying in the US or Canada.
- International Student Grant from Ohio State University: Available to international students with financial need who have one semester left until graduation. Undergraduate students need a 2.5 GPA, while graduate students need a 3.0 GPA.
Scholarship and Grant Databases
There are several online databases that provide information on scholarships and grants for international students:
- Scholarship Finder: A searchable database of scholarships, fellowships, grants, and other financial aid opportunities, sponsored by the US Department of Labor.
- EducationUSA: A directory of special opportunities and financial aid for international students and scholars.
- EduPASS: A list of websites that allow international students to search for scholarships.
- FastWeb: A free online scholarship search service with access to 1.5 million scholarships worth $3.4 billion.
- International Education Financial Aid: A free online scholarship search service designed specifically for international students.
While finding funding as an international student can be challenging, there are many scholarship and grant opportunities available to support your studies. Remember to consult with your university and department to take advantage of any special funding opportunities they may offer.
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Loans
International students can obtain loans in the US to help with college expenses. However, they are different from the loans offered to Americans. International students can only access specialised private education loans while studying in the US. These loans can help cover the costs of tuition, books, fees, insurance, and room and board.
Most international students applying for loans in the US must have a US co-signer. A co-signer is legally obligated to repay the loan if the borrower defaults. The co-signer must be a permanent US resident with good credit who has lived in the US for at least the past two years. The co-signer is often a close friend or relative who can assist in getting credit, as most international students cannot receive credit on their own. In rare cases, an international student may be able to qualify for a loan without a co-signer if they have high career potential or are close to graduating.
Before taking out a loan, it is important to compare options from different lenders. Every lender sets its own borrowing requirements, interest rates, fees, and repayment terms. Some lenders offer a smoother online application process or faster approval and funding time. It is also worth reading customer reviews on sites such as TrustPilot or the Better Business Bureau.
There are two main loan resources dedicated to providing funding for international students: International Student Loan and Study Abroad Loans. Additionally, some schools offer cash payment plans that allow students to pay tuition and fees directly, reducing or eliminating the need for loans.
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Personal and family funds
International students often rely on personal and family funds to finance their studies. According to the Institute of International Education, nearly 65% of international students in the USA are funded by their families and relatives.
Personal funds can come from various sources, such as savings, investments, or part-time work. However, it is important to note that in some countries, like the USA, international students on specific visas are restricted in the type and amount of work they can do. For example, students with F-1 status, the most common status for full-time international students in the USA, are only allowed to work part-time on campus (less than 20 hours per week). Therefore, income from part-time work can only supplement personal funds and cannot be the sole source of funding.
Family funds can also play a significant role in financing an international student's education. In addition to immediate family members, such as parents and siblings, extended family members like uncles and aunts may also contribute. Family funding can come in the form of gifts, loans, or contributions to a student's savings.
When considering personal and family funds, it is important to carefully assess your financial situation and plan accordingly. Discussing financial plans with your family can help determine how much funding they can provide and how you can contribute to your education. Additionally, researching the cost of living and tuition fees at your intended university can give you a clearer idea of the funds required.
Lastly, it is worth noting that scholarships, grants, and bursaries can also provide financial assistance to international students. These opportunities are offered by governments, educational institutions, and private organizations in some countries. However, international student funding is often competitive, and careful research and preparation are necessary to secure these additional funding sources.
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Work
International students can work while studying, which can help finance their educational expenses and tuition, as well as provide money for other daily needs. Working while studying can also help students gain real-world experience in their field of study and expand their network. However, international students cannot rely solely on their earnings to fund their studies.
International students are not eligible for federal work-study programs, which are funded by the US government and offered through colleges or universities. However, some schools have special policies that allow international students to take advantage of on-campus job opportunities that are otherwise reserved for students in the federal work-study program. These positions are often funded directly by the school. For example, the University of Pennsylvania offers work-study programs to eligible international students through institutional funding, while the University of Mary Washington offers "institutional work-study," where wages are provided by the departments the positions support.
International students with an F-1 Visa (Academic Student) may accept on-campus employment during their first academic year, subject to certain conditions and restrictions. Any off-campus training employment must be related to their area of study and must be authorized by the Designated School Official and USCIS. Students with an M-1 Visa (Vocational Student) have similar restrictions on off-campus employment, and neither F-1 nor M-1 students can work off-campus during their first academic year. Working without authorization in the US is considered a serious violation of immigration status.
International students can also consider other sources of funding, such as scholarships, grants, and private student loans. Scholarships and grants are awarded based on merit or need and do not need to be paid back after graduation, although they may come with conditions for acceptance. IEFA.org offers a scholarship database specifically for international students, and organizations like MPOWER Financing also offer scholarships for a variety of students, including women in STEM, refugees, and those seeking MBAs. Private student loans are available to international students, but it is important to carefully research and compare interest rates, repayment terms, loan maximums, and fees before taking on any debt.
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Country-specific funding
International students often rely on their families for funding, with nearly 65% of international students in the US being funded by their family and relatives, according to the Institute of International Education. However, there are other sources of funding available for international students, including country-specific funding.
Your home country could be a source of funding for your international studies. This could be from organisations or companies from your home country or your government. For example, Saudi Arabia has a program that provides full scholarships to over 10,000 Saudi students studying in the US. Many countries have similar programs that provide funding for their citizens to study abroad. These programs may have stipulations, such as requiring you to return to your home country after graduating.
International organisations, such as the Fulbright Commission, also grant aid to students all over the world. These organisations often require you to be in your home country when you apply and can be very competitive.
Some countries, like the US, have private colleges that offer significant financial aid to international students. These colleges may be more affordable for international students than public colleges or universities in the same country. Additionally, US colleges and universities may offer limited financial aid for international students through their financial aid offices, with more funding available for graduate students than undergraduate students.
If you are planning to study in the UK, you can expect to pay between £10,000 and £38,000 annually for lecture-based undergraduate degrees, with higher fees for certain subjects and course lengths. While there is limited financial aid available for international students in the UK, some universities offer fully funded postgraduate studentships. Commonwealth Scholarships are also available for students from Commonwealth countries.
When considering funding options, it is important to research and plan ahead, as the application process can be competitive and complex.
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Frequently asked questions
Funding opportunities for international students in the US are limited. International students are not eligible for federal student aid or loans such as Stafford Loans or Plus Loans. However, there are other options.
International students can apply for private international student loans, but they will need a cosigner in most cases. There are also scholarships available, but these are often competitive and require impressive achievements.
Merit-based scholarships are granted based on special skills, talents, or abilities. Universities may have scholarships based on TOEFL scores, academic record, artistic ability, musical ability, or athletic ability.
International students with F-1 or J-1 visas are permitted to work on campus for fewer than 20 hours per week. However, on-campus jobs typically do not pay enough to finance a university education, so careful financial planning is necessary.
