Ibrahim Gardner
International students face various challenges when it comes to financing their education in the United States. They are generally not eligible for federal financial aid and must explore alternative funding sources. Private student loans are an option, but they can be costly and lack the protections of federal loans. Scholarships, grants, and assistantships are valuable alternatives as they do not require repayment. International students can find scholarships offered by private foundations, professional organizations, and businesses, as well as need-based grants and merit-based aid from colleges. On-campus employment, such as resident assistant positions, can also help with expenses. Additionally, starting at a community college and then transferring to a four-year institution can be a cost-effective strategy.
| Characteristics | Values |
|---|---|
| Payment methods | Forex cards, wire transfers, credit cards, bank transfers, Flywire, e-payments, cash |
| Considerations | Exchange rates, fees, processing time, convenience, security, interest rates |
| Other | Payment due dates, late payment fees, refunds |
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What You'll Learn
Scholarships, grants, and bursaries
Scholarships
Scholarships are offered by individual universities or governments to support international students with their studies. For example, the UK government runs the GREAT Scholarships, Chevening Scholarships, and Commonwealth Scholarships for international students. Universities may also offer subject-specific scholarships for students studying a particular course or subject.
Grants
Grants are typically awarded based on a student's personal circumstances, such as coming from a low-income household or experiencing some form of disadvantage. They are usually one-off payments to help with costs such as travel or settling into a new country.
Bursaries
Bursaries are similar to grants and are often awarded to students from disadvantaged backgrounds or with specific needs. For example, disability bursaries are available for international students with physical impairments, long-term health conditions, learning differences, or mental health conditions.
Finding Scholarships, Grants, and Bursaries
There are many resources available to help international students find scholarships, grants, and bursaries. The Universities and Colleges Admissions Service in the UK (UCAS) provides detailed information on funding opportunities for international students. The UK Council for International Student Affairs (UKCISA) also offers information on funding for both undergraduate and postgraduate international students.
Online platforms such as International Student and eduPASS provide searchable databases of grants, scholarships, and loan programs for international students. These platforms allow students to create profiles, track their applications, and access a wealth of information to support their studies.
Other Funding Options
In addition to scholarships, grants, and bursaries, there are other ways to fund your international studies. For example, you may consider taking out a loan or applying for a fellowship or assistantship position at your university. Some countries, like Germany, offer free tuition for international students, making it a more affordable option.
Payment Methods
Once you have secured funding for your studies, there are several ways to pay your international tuition fees. These include foreign exchange cards (Forex cards), wire transfers, foreign currency demand drafts, university online payment portals, and credit cards. Each method has its own pros and cons in terms of cost, convenience, and security.
Cost of International Studies
The cost of studying abroad can be significant, with tuition fees, living expenses, and other costs to consider. For example, in the UK, tuition fees for international students can exceed £10,000 per year, and the overall cost of an undergraduate degree can range from £34,200 to £203,676 over three years. In the US, international students often pay higher tuition fees than domestic students, and the cost of living in desirable cities can be very high. Therefore, it is important to carefully consider the financial commitment required when pursuing international studies.
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Working part-time
International students can work part-time to help pay their fees and living expenses while studying. In Canada, international students can work off-campus for up to 24 hours per week without a work permit, provided they meet certain requirements. These include being a full-time student at a designated learning institution (DLI) and ensuring that working does not violate the conditions of their study permit. To work more than 24 hours a week would be a violation of the study permit and could result in the loss of student status and future permit approvals. Students must also be aware of the eligibility criteria outlined in the Immigration and Refugee Protection Regulations (IRPR).
In Australia, international students can also take on part-time or casual work while studying. It is important to be aware of your rights as an employee, as well as the rules for your visa. The Fair Work Ombudsman helps regulate workplaces and ensures that all employees, regardless of migration status, are protected under the Fair Work Act. This means that international students are entitled to minimum pay, sick leave, and annual leave, just like any other employee.
It is worth noting that part-time employees work regular hours each week but less than the 38 hours that full-time employees typically work. They receive the same minimum entitlements as full-time employees but on a pro-rata basis. Independent contractors, on the other hand, set their own fees, work hours, and choose their clients. However, they do not have the same rights and obligations as employees, and some employers may try to misrepresent employment relationships as independent contracting arrangements to avoid paying legal minimum rates of pay and entitlements.
Additionally, international students should be aware that they cannot be forced to enter into an IFA (employment contract) by their employer. The Fair Work Infoline can provide further information and support in this regard.
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Payment processors
International students have various payment options available to them when it comes to paying tuition fees, each with its own advantages and disadvantages.
- PayPal: A global option available in over 200 countries/regions and supporting 25 currencies. It is easy to set up and integrate with other payment processors. PayPal offers a free and paid version of its payment gateway, with each transaction incurring a fee of $0.10. For international payments, PayPal charges a currency conversion fee of 2.5-3% and a cross-border transaction fee of 1-5%.
- Worldpay/FIS Global: A payment processor focused on global markets, supporting payments in 126+ currencies across 50 markets. They offer a wide range of local payment methods and an end-to-end omnichannel payment processing solution. They charge 1.5% per Visa or Mastercard transaction.
- Checkout.com: Available in 45+ countries and supporting 150+ currencies, Checkout.com also supports local payment methods. It has zero setup fees, fraud protection, and a unified payments API. Pricing is flat-rate but tailored for each business.
- Sage Pay: An all-in-one payment processor that allows multi-currency payments and accounting management. Sage Pay supports major credit and debit cards, e-wallets, and PayPal payments. Pricing plans are based on business size, but transaction fees are not stated.
- Stripe: Offers a wide range of APIs for integration with online stores and has high standards of compliance and security. Stripe has a pay-as-you-go pricing system, charging 2.9% + 30¢ per transaction, with an additional 1% for currency conversion. Custom packages are also available.
Other Payment Methods
In addition to using payment processors, international students can also consider the following methods to pay their tuition fees:
- Forex Cards
- Wire Transfers
- International Bank Drafts
- Credit Cards: More colleges are offering this option, but many charge a fee for the convenience.
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Fee exemptions
International students can be exempted from paying international tuition fees under certain conditions. These conditions vary across universities and countries, and exemptions are subject to change. Here are some common categories and criteria for fee exemptions:
Concordia University, Quebec:
- Exchange students or students participating in a program of cooperation agreed upon by the Government of Quebec that exempts them from paying differential fees.
- French citizens with a valid French passport, study permit, and CAQ, studying in an undergraduate program leading to a certificate or degree. They will be charged the same tuition fees as Canadian students from outside Quebec.
- Students whose country has a fee remission agreement with the Quebec Government.
- Students who work for or are dependents of individuals employed by specific international non-governmental organizations.
- Students who have obtained Convention Refugee status may be eligible for an exemption from differential fees and may pay the Quebec tuition rate, Canadian non-Quebec rate, or International Rate.
University of Toronto:
- Dependents of Canadian citizens or Indigenous persons.
- Permanent residents of Canada or those approved "in-principle" for permanent resident status.
- Spouses or dependent family members of official visitors authorized to work in Canada with a valid work permit.
- Foreign military personnel admitted to Canada under the Visiting Forces Act and their dependent family members.
- Verified members of Indigenous nations in the United States of America.
Queen's University:
- Permanent residents of Canada.
- Protected persons or Convention refugees.
- Workers or those with an "invitation" to apply for permanent resident status in Canada.
- Dependents of post-doctorate fellows who received their study permit before their parent, spouse, or partner received their work permit.
It is important to note that the specific criteria and required documentation for fee exemptions may vary by university and country. Students should carefully review the requirements and submit their applications and supporting documents by the specified deadlines.
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Credit cards
International students can face challenges when applying for a credit card in the US due to their lack of credit history in the country. To overcome this, students can consider the following options:
- American Express: American Express partners with Nova Credit to evaluate credit card applications from individuals with a credit history outside the US.
- Student credit cards: These are designed for college students applying for their first credit card and often come with benefits such as no annual fees and cashback rewards.
- Authorized user: Students can become authorized users on someone else's credit card, allowing them to build a credit history. However, this requires careful planning to ensure neither party ruins their credit score.
- Utility bills: If a utility company reports payments to credit bureaus, international students can build a financial history by putting utility bills in their name.
When using a credit card to pay tuition fees, it is important to consider the potential impact on credit scores and the risk of overspending. Additionally, high-interest rates and compound interest charges can accumulate if payments are delayed. Therefore, it is advisable to compare different payment methods and their associated fees before deciding on the best option for your financial situation.
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Frequently asked questions
There are several options for international students to pay their tuition fees. These include Forex cards, wire transfers, credit cards, and e-payment services like Flywire. Each option has its pros and cons, so it's important to carefully consider which method is best for your individual needs. For example, credit cards may charge high interest rates, and wire transfers may take a long time to process.
Banks often offer uncompetitive exchange rates and charge high fees for international transfers. To avoid this, you can use a money transfer service, which allows you to pick up cash or transfer money online. You can also use a service like Flywire, which offers favourable foreign exchange rates and allows you to pay from your home country in your home currency.
Paying tuition fees as an international student can be a daunting process. It's important to be mindful of processing times, as some methods may take longer than others. Additionally, late payment fees may apply if payment is not received by the due date. It's also a good idea to check for any extra charges or service fees that may be incurred when using certain payment methods.
