International Students: Financing College Education Abroad

International students face many challenges when it comes to paying for college in the United States. The cost of tuition, fees, housing, books, and other supplies can be significantly higher for international students than for their domestic peers, with the average cost of an undergraduate degree totalling around $165,000. While international students are not eligible for federal student aid, there are still various options available to help fund their education, including scholarships, grants, assistantships, and private loans. Additionally, international students may be able to reduce their costs by working on campus or choosing a smaller college or state university with lower tuition fees.

Scholarships, grants, and private student loans

Scholarships are a significant source of funding for international students. Some private colleges and universities offer scholarships to international students, particularly for graduate studies. These scholarships are often merit-based, awarded for academic excellence, special skills, artistic or athletic abilities, or high test scores. For example, Howard University in Washington, D.C., offers Freshman Scholarships for international students, providing merit-based aid for up to four years of enrollment. Additionally, certain public and private universities may waive application fees for international applicants, reducing their initial financial burden.

Grants are another avenue for financial support. While international students are generally ineligible for federal or state aid, they may qualify for need-based or merit-based grants offered by individual colleges or universities. These grants can provide substantial assistance in covering tuition and other expenses.

Private student loans are also an option for international students. While taking on debt is not ideal, it can be a necessary step to finance an education. Many lenders offer private student loans specifically designed for international students, enabling them to pursue their educational goals. However, financial experts advise caution when considering private loans, as they can lead to significant long-term debt.

In addition to these options, international students can explore other resources, such as assistantships, fellowships, and on-campus jobs, to help fund their education. Websites like IEFA, InternationalStudent.com, and scholarship databases like College Board and International Education Financial Aid (IEFA) offer valuable information on scholarships, grants, and loans specifically for international students.

While the financial burden of college can be daunting for international students, a combination of scholarships, grants, and private loans can help make their educational aspirations more accessible and affordable.

Support from parents

International students often rely on support from their parents to pay for college. This can be in the form of a college fund that their parents have saved up for since they were children. In some cases, parents may pay for their child's entire tuition and living costs, while in other cases, they may only be able to contribute a portion of the expenses. For example, some international students receive partial scholarships, and their parents pay the remaining amount.

The cost of studying in the US for international students is high, averaging $41,000 per year, or $165,000 for an undergraduate degree. This cost includes tuition and fees, housing, books, and other supplies. There are also additional costs such as visa application fees, international airfare, and health insurance. As a result, many international students rely on their parents to help cover these expenses.

Some parents start saving for their children's education early on, knowing that university is expensive. Others may take on tremendous debt so that their child can study in the US. In some cases, middle-class and upper-middle-class families in the US take on this debt to send their children to college. However, it is important to note that international students cannot apply for federal student aid in the US, which limits their options for financial assistance.

While some parents may be able to cover all of the costs, others may only be able to contribute a portion. In these cases, international students may need to seek additional funding through scholarships, grants, assistantships, or private loans. They may also consider on-campus employment, such as working as a resident assistant, to help cover their expenses. Additionally, some public and private universities offer financial incentives for students to attend their institution, so it is worth researching and comparing different options.

Overall, support from parents plays a significant role in helping international students pay for college. Whether it is through savings, taking on debt, or a combination of both, parents contribute financially to their children's education in the US. However, with the high cost of tuition and additional expenses, international students often need to explore multiple avenues to fund their studies.

On-campus employment

There are a few things to keep in mind when considering on-campus employment. Firstly, the pay for these jobs might not be very high, and the hours may be limited to ensure students can still focus on their studies. Additionally, competition for on-campus jobs can be fierce, so it's important to be proactive and apply early. It's also worth noting that international students might need to pay taxes on their earnings, depending on their individual circumstances and the tax laws in their host country.

One advantage of on-campus employment is that it can provide a more stable source of income compared to off-campus jobs, which may be less consistent or may not even be legal for international students. On-campus jobs also have the added benefit of being close to where students live and study, making it easier to balance work and academic commitments.

For international students, on-campus employment can be a valuable way to not only fund their education but also gain valuable work experience and build connections within the campus community. It is worth noting that on-campus jobs might not cover all expenses, so students may still need to explore other funding options, such as scholarships, grants, or private loans, to supplement their income and cover the full cost of their degree.

Health insurance

International students need to consider health insurance when planning to study abroad. The healthcare system in the US, a popular choice for international students, is very different from other countries, as there is no national or universal healthcare system. Therefore, health insurance is essential to cover any medical costs incurred while studying in the US.

Most universities and colleges require international students to obtain a minimum level of medical coverage for their enrolment period. This is because medical costs in the US can be extremely high, and without insurance, students would have to pay for everything out of pocket. For example, an X-ray can cost from $100 to $22,000 depending on the body area, and a single day of hospitalisation can cost thousands of dollars.

International students can choose from various health insurance providers, such as IMG and ISI, which offer comprehensive and affordable plans specifically designed for international students. These plans can be tailored to meet visa requirements and provide coverage for physical health, mental wellness, sports, maternity, and financial protection. The cost of these plans can vary depending on the duration of the student's stay, the type of coverage needed, and their age. On average, an annual insurance plan can range from $500 to $2,500.

When choosing a health insurance plan, international students should consider factors such as the allowed amount, premium, deductible, and co-pays. The allowed amount is the maximum a plan will pay for a particular healthcare service, while the premium is the amount paid to be covered by health insurance. The deductible is the amount paid for healthcare services before insurance coverage kicks in, and co-pays refer to the portion of the cost the insured person pays when receiving a service. It is important to carefully review the details of the plan, including effective dates and exclusions, to ensure adequate coverage.

Visa requirements

International students intending to study in the US must apply for a student visa. This involves navigating the Student and Exchange Visitor Program (SEVP) as part of the visa application process. To be eligible for a student visa, international students must apply to and be accepted by a SEVP-certified school. This certification is overseen by the Department of Homeland Security and its sub-agency, U.S. Immigration and Customs Enforcement (ICE), ensuring the school meets certain standards. After acceptance, students receive the I-20 form, which records all necessary information for their stay. Visa applicants are required to pay a non-refundable fee. Depending on their courses, merit, and colleges, students are categorized as F, M, or J. The F-1 visa is the most common type of student visa, and it allows students to engage in part-time employment on campus.

It is important to note that international students may also need to pay special fees for visa processing and English language exams. Additionally, they are required to meet academic standards and provide specific documentation, such as transcripts and SAT or ACT scores, during the application process. For transcripts in a language other than English, schools typically require applicants to provide a translation from the institution or a certified translation agency, along with the original document.

International students in the US are not eligible for federal financial aid and must rely on personal funds, scholarships, grants, or assistantships to finance their education. They are also restricted from working off-campus jobs, which can make it challenging for them to supplement their income while studying. However, some colleges offer on-campus jobs that provide a source of income for international students.

Frequently asked questions