Janice Lozano
International students face a unique set of challenges when it comes to financing their education in the United States. While the high cost of tuition and living expenses can be daunting, there are several options available to help international students pay for their college education. These include scholarships, grants, assistantships, on-campus employment, private loans, and financial aid from colleges. Additionally, factors such as prior credentials, choice of college, and personal or family savings can also influence the financial burden on international students.
| Characteristics | Values |
|---|---|
| Forex Cards | Foreign Exchange Cards, also known as Forex Cards, are one of the first options for paying tuition fees for international students. |
| Wire Transfers | International wire transfers are a common method for international students to pay tuition fees. |
| Foreign Currency Demand Draft | A foreign currency demand draft is used to pay important bills in a foreign country. |
| University Online Payment Portal | Many universities offer online payment portals for international students to pay their tuition fees. |
| Credit Cards | Some universities accept credit card payments for tuition fees, although additional fees may apply. |
| eWallets | Alipay is an example of an eWallet service that can be used for international transactions. |
| Direct Payment Systems | Sofort is a direct payment system that works like an automated advanced payment by bank transfer and is available in several European countries. |
| Online Debit Payment Methods | Poli is an Australian online debit payment method that can be used for international transactions. |
| Immediate Bank Transfers | iDeal is a payment method that enables immediate online transfers from bank to bank accounts. |
| Payment Tracking | Some payment services, like CIBC International Student Pay, offer end-to-end payment tracking and real-time notifications until the payment is processed. |
| Customer Support | Payment services like TransferMate and Flywire offer 24/7 multilingual customer support to assist students with their international payments. |
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What You'll Learn
Scholarships, grants and bursaries
Scholarships, grants, and bursaries are a great way to fund your international studies. These funding opportunities are often offered by individual universities, governments, or third-party organisations. Scholarships are the most common form of funding for international students. They are typically awarded based on academic merit, athletic or musical talent, or other talents. Some scholarships may cover tuition fees in full, while others may only cover a portion of the costs.
Universities may offer scholarships and bursaries to attract international students and help them with the financial burden of moving to a new country. For example, a university may offer a music scholarship that includes regular lessons and a bursary for related costs, such as sheet music.
There are also subject-specific scholarships offered by individual departments for students studying a particular course or subject. Additionally, equal access or sanctuary scholarships are available for refugees and asylum seekers who have fled persecution in their home countries. These scholarships can take the form of tuition fee waivers or maintenance awards.
Disability scholarships are another option for international students with disabilities or long-term mental health conditions. These scholarships can help cover any extra costs incurred due to the student's condition.
Various organisations offer grants for international students, including the Fulbright Program for Foreign Students, foreign governments, and international organisations. Many US universities also provide grants, with over 600 colleges offering scholarships of $20,000 or more, and 250 providing full-ride scholarships.
International students can also take out loans from their home country to fund their studies. Additionally, online scholarship search engines like International Student and Fastweb can help students find funding opportunities by providing searchable databases of grants, scholarships, and loan programs.
Lastly, funding for international undergraduate students in the UK can be split into two categories: those offered by UK universities and those offered by third parties, usually governments or organisations in the student's home country. The UK government also offers scholarships to international students, such as the GREAT Scholarships and Chevening Scholarships.
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Part-time work
International students in Australia and the US may take up part-time jobs to pay their living expenses while studying. Here is some information about part-time work for international students in these two countries.
Australia
In Australia, international students can work up to 48 hours every fortnight during term time and unlimited hours during holiday breaks. They can be hired on a part-time basis and enjoy the same basic rights and protections in the workplace as full-time employees, including minimum pay and conditions. For instance, part-time employees are entitled to sick leave and annual leave on a pro-rata basis. International students can contact the Fair Work Ombudsman for help with workplace issues, such as not receiving the correct pay or entitlements.
United States
In the US, international students with an F-1 or M-1 visa can work on or off-campus part-time for up to 20 hours per week throughout their studies. They are also allowed to work full-time during the summer vacation, provided they are enrolled in the next course. However, each school has different policies on working hours for international students, so it is important to check with a school representative. International students with these visas are exempt from paying Employment Tax (FICA) but must pay federal and state income taxes. To do so, they must complete a Form W-4 tax return, which determines the amount of tax deducted from their salary.
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Payment platforms
As an international student, there are a variety of payment platforms available to you, each with its own unique features and benefits. Here are some options to consider:
Forex Cards
Forex cards, also known as Foreign Exchange Cards, are a popular option for international students. These prepaid cards allow you to load money in your preferred currency and use it for tuition and other expenses abroad. Forex cards offer convenience and favourable exchange rates, making them a cost-effective choice. They are widely accepted and provide easy access to funds during your studies.
Wire Transfers
Wire transfers, or international bank transfers, are another common method for paying international tuition fees. This option allows you to transfer funds directly from your overseas bank account to the university's account. While wire transfers are secure and widely accepted, they can come with high fees and uncompetitive exchange rates. It's important to compare different banks' offerings to find the most favourable option.
University Online Payment Portals
Many universities offer their own online payment portals, providing a convenient and secure way to pay tuition fees. These portals often allow payments in various currencies and may offer features like payment tracking and enhanced security. Check with your university to see if they provide this option and what specific benefits they offer.
Credit and Debit Cards
Using credit or debit cards for tuition payments is becoming more widely accepted by educational institutions. This method offers convenience and, in some cases, the ability to pay in your local currency. However, it's important to note that many schools charge a fee for credit card payments, so be sure to review the policies and fees associated with this payment method.
Payment Services
There are dedicated payment services that cater specifically to international students, such as Convera GlobalPay, TransferMate, Flywire, and CIBC International Student Pay. These services offer secure and streamlined ways to make international payments, often providing favourable exchange rates and efficient fund transfers. They may also offer features like payment tracking and 24/7 multilingual customer support.
When choosing a payment platform, it's important to consider factors such as security, convenience, exchange rates, and associated fees. Additionally, keep in mind that some methods may be more suitable for specific countries or currencies. By researching and comparing these options, you can make an informed decision that best suits your individual needs as an international student.
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Currency conversion
There are several options for currency conversion, each with its own advantages and disadvantages. One option is to use a money transfer service, which allows you to pick up cash in the desired currency. However, this method can be expensive, as banks often offer uncompetitive exchange rates and charge high fees for international transfers. Additionally, this process can take several days, which may not be ideal if you need to send funds urgently.
Another option is to use a credit card to pay tuition fees. While an increasing number of colleges accept credit cards, many also charge a fee for this convenience, with an average fee of 2.62%. It is important to carefully review the card fees disclosed on the university website to make an informed decision.
To avoid unfavourable exchange rates and high fees, it is recommended to research and compare different currency exchange providers. Currency exchange kiosks in shopping malls, tourist areas, hotels, and airports may offer convenience but often provide less favourable rates than your home bank. Some banks allow you to order currency by visiting a branch, phone, or online, with options for delivery or pickup.
A popular solution for international students is to use Forex cards (also known as Foreign Exchange cards). These prepaid cards allow students to deposit funds in the currency of their host country and make payments worldwide without incurring additional ATM withdrawal or currency exchange fees. Forex cards protect cardholders from daily market fluctuations and spare them from expensive exchange rates when using POS machines or ATMs abroad. Students can also consider multi-currency Forex cards, which enable them to hold multiple currencies, avoiding the volatility of exchange rates when travelling to different destinations.
Additionally, specialised platforms like Flywire offer secure payment processing solutions, allowing international students to pay their tuition fees in their local currency. By partnering directly with colleges, Flywire ensures real-time tracking of payments and helps eliminate delays and complications that may arise during the international payment process.
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Credit cards
International students can get credit cards in the US, although there are some requirements and limitations. A Social Security Number (SSN) is often required to apply for a US credit card, but some issuers will accept an Individual Taxpayer Identification Number (ITIN) or even a visa. Students with F-1 or other student visas may qualify for an SSN if they have a job lined up. A part-time job can also serve as proof of income for getting a credit card. If you are unable to get an SSN, you can request an ITIN from the Internal Revenue Service (IRS) by submitting Form W-7.
Some credit card issuers provide cards exclusively for students that only require a passport for the application. Students without an SSN or ITIN can also become an authorized user on a trusted friend or family member's credit card. This allows the authorized user to build their credit score with timely payments. However, the primary cardholder is responsible for any debts accrued.
It is important to note that using a credit card responsibly is crucial for building a good credit history, which can be beneficial when applying for jobs, renting apartments, or taking out loans.
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Frequently asked questions
There are several ways international students can pay their tuition fees. Some options include Forex cards, wire transfers, foreign currency demand drafts, university online payment portals, and credit cards. International students can also consider applying for scholarships, grants, or loans.
Scholarships are a great way for international students to fund their education. Students can apply for scholarships based on academic performance, leadership skills, and extracurricular activities. There are also specific scholarships for international students in fields like Law and Architecture. Students can also look for scholarships for post-graduation studies.
When sending money abroad, it is important to consider transaction fees, exchange rates, and the reliability of the transfer service provider. Banks often offer uncompetitive exchange rates and charge high fees for international transfers. Students should also be aware of any additional charges incurred by the payment portal, bank, or university.
International students can save money by working part-time jobs, either on-campus or off-campus. Additionally, students can look for discounts on Forex cards, flight bookings, food, SIM cards, and other services.
