Savanna Hoffman
International students seeking Master's degrees in the United States face limited funding opportunities, with most covering their tuition fees and costs of study themselves. However, financial aid options do exist, including scholarships, grants, tuition waivers, and loans. Some universities offer their own scholarships, while others are provided by private organisations. Need-based scholarships are awarded to students who can demonstrate financial need, while merit-based scholarships are granted based on special skills, talents, or abilities. International students are not eligible for federal aid but can apply for private international student loans.
| Characteristics | Values |
|---|---|
| Number of new international students in the USA each year | 1 million |
| Funding opportunities for international students | Limited |
| Typical source of funding for international students | Personal funds |
| Cheaper universities | May offer more financial aid |
| Scholarships | Offered by universities and private organisations |
| FAFSA | Restricted to specific categories of students from other countries |
| Lenders offering loans to international students | Rare |
| Institutional aid for international students | Usually reserved for graduate study |
| Application fees | May be waived by private and public institutions |
| Need-based scholarships | Awarded based on financial need |
| Merit-based scholarships | Granted on the basis of special skills, talents, or abilities |
| Average financial aid awarded to international students at Yale School of Engineering and Applied Sciences | $54,194 |
| Average financial aid awarded to international students at Columbia University's Fu Foundation School of Engineering and Applied Sciences | $53,409 |
| Average financial aid awarded to international students at the Pratt School of Engineering | $53,291 |
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What You'll Learn
Scholarships and grants
Many US universities offer scholarships and grants to talented international students. The type and amount of aid vary by institution, with some schools offering sports scholarships and others providing academic or artistic scholarships. Some universities may also have their own application forms for financial aid. It is recommended to check the university's website and see if you meet the requirements to apply.
Private organisations also offer scholarships specifically for international students. Popular ones include the United World Colleges (UWC) Scholarships, which include a group of 18 universities worldwide, and the Joint Japan World Bank Graduate Scholarships, which is open to students from developing countries who want to pursue a Master's in a development-related subject in one of their 27 partner universities.
Fellowships are another option for international students. These can be found through graduate schools, specific academic programs, and outside organisations. Some schools provide a list of fellowships that international students can apply for, such as the Graduate Studies Office at the California Institute of Technology. External fellowships and grants offered by foundations, private companies, governmental entities, and nonprofit organisations can provide funding for graduate education and valuable networking opportunities.
Additionally, international students can work part-time on campus while studying. The F-1 status, which is the most common for full-time international students, allows for part-time, on-campus employment of 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.
Finally, international students can explore private international student loans offered by private legal lenders in the US. However, these loans usually require a creditworthy co-signer who is a US citizen or permanent resident.
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Loans
International students may not have as many financial aid options as US citizens, but loans are one of the ways they can fund their Master's degrees.
Private Loans
Several private legal lenders in the US offer loans to international students. However, there aren't many lenders that do this, and they usually require a creditworthy co-signer who is a US citizen or permanent resident.
Federal Loans
International students are not eligible for federal student aid in the US. However, permanent residents can apply for federal financial aid by completing the Free Application for Federal Student Aid (FAFSA).
International students may be able to get a loan from their home country. Depending on the type of loan, they may be able to use the funds to cover living expenses such as housing, food, and transportation.
University Loans
Some US universities and colleges offer more financial aid options for international students. This could include tuition waivers, which enable students to not pay part or all of their tuition for a specific period.
Scholarships
Many US colleges and universities offer scholarships or grants to talented international students. The amount and type of aid vary by institution. Some schools offer sports scholarships, while others provide academic or artistic scholarships. Many private organizations also offer scholarships specifically for international students.
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Assistantships and fellowships
International students are not eligible for federal aid or state aid in the US, such as Stafford Loans or Plus Loans. However, there are several other funding opportunities for international students pursuing a master's degree in the US.
Fellowships can be offered by grad schools, specific academic programs, or outside organizations. Some universities provide lists of fellowships that international students can apply for. External fellowships and grants are offered by foundations, private companies, governmental entities, and nonprofit organizations. These opportunities can provide funding and open doors to valuable alumni networks and cohort experiences.
In addition to assistantships and fellowships, scholarships and grants are also available to international students. These can be offered by universities, private organizations, or international organizations such as the Fulbright Commission.
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Private international student loans
International students seeking to study in the USA have limited funding opportunities, and most international students cover their tuition fees and costs of study themselves. However, several private lenders in the US offer loans to international students. These private international student loans usually require a creditworthy co-signer who is a US citizen or permanent resident.
Some examples of private international student loan providers include:
- MPOWER Private Student Loan: This loan is suitable for international students without a co-signer.
- Ascent Credit-based Student Loan: Ascent offers loans for DACA students without a co-signer. They also provide additional ways for students to earn money throughout the year, such as scholarships and referral bonuses.
- Earnest International Graduate Loan: This loan is suitable for graduate DACA students without a co-signer.
- Sallie Mae Undergraduate Student Loan: This loan is a good option for international students with a co-signer.
- College Ave Private Student Loan: This loan is also suitable for international students with a co-signer.
- Prodigy Finance Student Loan: This loan is provided by NYU Stern and does not require a co-signer.
- Belgian American Educational Foundation: The Belgian American Educational Foundation provides interest-free loans of up to $100,000 for MBA students for two academic years.
It is important to note that the availability and terms of private international student loans may vary, and it is recommended to compare multiple lenders and their eligibility criteria before making a decision. Additionally, students should consider exploring other financial aid options, such as scholarships, fellowships, and grants, before borrowing money.
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Part-time work
International students often take up part-time jobs to offset the costs of studying for a master's degree. Part-time work can provide financial aid, work experience, and related skills for your resume, as well as help expand your social networks.
International students on an F-1 visa can work part-time on-campus (up to 20 hours per week) during the academic year and full-time during breaks. On-campus jobs can range from academically-focused work, such as research assistant positions, to food service or retail.
There are also off-campus employment opportunities, such as Curricular Practical Training (CPT) and Optional Practical Training (OPT). OPT can be further categorized as pre-completion OPT and post-completion OPT, with the latter offering a 24-month extension for students with degrees in Science, Technology, Engineering, or Mathematics. CPT, on the other hand, is any alternative work/study, internship, cooperative education, or other types of required internships or practicums offered by sponsoring employers through cooperative agreements with the school.
Students with an F-1 visa may also be eligible to work off-campus on a case-by-case basis due to special situations, such as severe economic hardship. Additionally, J-1 visa holders, or Exchange Visitor Visa holders, can work on campus for a maximum of 20 hours per week.
It is important to note that working full-time while pursuing a master's degree can be challenging and may impact your academic performance. Therefore, part-time work is a more viable option for international students seeking to balance their studies and financial obligations.
Besides part-time work, international students can also explore other financial aid options, such as scholarships, grants, and loans offered by universities, private organizations, and legal lenders. These opportunities can provide additional financial support to supplement the income earned from part-time employment.
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Frequently asked questions
International students can fund their master's degrees through scholarships, grants, and loans. Schools and private organizations offer scholarships that can be found through a university's financial aid department or websites. Students can search for or apply to scholarships directly and there is no fee. Some scholarships are merit-based, while others are need-based.
Some popular scholarships for international students include United World Colleges (UWC) Scholarships, which include a group of 18 universities across the world, and the Joint Japan World Bank Graduate Scholarships, which is open to students from developing countries who want to study a Master’s in a development-related subject in one of their 27 partner universities from the US, Europe, Africa, Oceania, and Japan.
No, international students cannot receive US federal student aid like federal loans. However, several private legal lenders in the US offer loans to international students if they obtain a creditworthy cosigner who is a US citizen or permanent resident.
Some universities that offer financial aid to international students include Yale School of Engineering and Applied Sciences, Columbia University's Fu Foundation School of Engineering and Applied Sciences, Dartmouth College, and Pratt School of Engineering.
