Lana Oconnell
International students face many challenges when it comes to financing their college education, especially in the United States, where the cost of college continues to rise. While federal aid is not available to international students, there are other options to consider. These include scholarships, grants, and private loans. Many schools offer need-based or merit-based scholarships, and there are also various grant programs dedicated to supporting international students. Additionally, some international students may receive financial support from their families or choose to work while studying to cover their expenses. However, student visa rules often restrict employment opportunities. International students should carefully research the financial aid options available to them and be cautious of potential scams when seeking private loans.
| Characteristics | Values |
|---|---|
| Scholarships | Scholarships are available from schools, governments, companies, and organizations. They are usually merit-based or need-based. |
| Grants | International students can apply for grants, which are a form of financial aid that doesn't need to be repaid. Examples include the Fulbright Program and Iraq and Afghanistan Service Grants. |
| Loans | International students can take out private loans, but financial experts advise against taking on too much debt. |
| Personal Funds | Some international students use their own money, family support, or income from working to pay for college. |
| Savings Accounts | Students can save for college using specialized savings accounts, such as a 529 plan. |
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What You'll Learn
Scholarships and grants
Where to Find Scholarships and Grants
Many schools offer need-based or merit-based scholarships for international students who meet specific requirements. Research scholarship opportunities through your prospective college or university. You can also research financial aid through your home country, as many foreign governments offer programs that grant money to citizens pursuing a degree abroad. Additionally, many foreign companies and international organizations provide funding to international students.
Online databases like IEFA, International Student, and eduPASS offer comprehensive listings of scholarships and grants for international students. Fastweb, for example, provides access to 1.5 million scholarships worth $3.4 billion. Buddy4Study is another scholarship search engine, specifically for Indian students applying to schools in the USA and other countries.
Examples of Scholarships and Grants
- The Fulbright Program: An international educational exchange program sponsored by the US government to create mutual understanding and connections between Americans and people of other countries.
- MPOWER Financing: Offers scholarships for international and DACA students, with the Global Citizen Scholarship Program having broad eligibility criteria.
- P.E.O. International Peace Scholarship: Awards scholarships to women from other countries pursuing graduate degrees in the USA.
- Joint Japan/World Bank Graduate Scholarship Program: Provides comprehensive financial coverage, including tuition, a monthly stipend, airfare, health insurance, and travel allowance, to students from developing countries applying for a development-related Master's program.
- Iraq and Afghanistan Service Grants: Available to students who have lost a parent or guardian as a result of military service after September 11, 2001, in Iraq or Afghanistan, and who meet other eligibility requirements.
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Private loans
International students typically rely on private loans to pay for college as they cannot apply for federal financial aid. Private student loans are offered by banks, credit unions, and online lenders.
When considering a private loan, it is important to be aware of potential red flags, such as high-interest rates, loan amounts that are much higher than needed, or very high monthly payments.
There are several private lenders that offer loans to international students. For example, College Ave, Sallie Mae, and Brazos offer loans to international students with a co-signer. MPOWER and Ascent offer loans without a co-signer, though the latter is funded by Bank of Lake Mills or DR Bank and may not be available in certain jurisdictions. SoFi offers loans to international students with a residency card, and Earnest is a good option for those seeking a low-interest rate, though it is not available in Nevada.
To apply for private loans, international students may need a Social Security number. However, a parent or spouse's citizenship status or lack of Social Security number will not impact the student's ability to complete the application.
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Personal savings
Work While Studying
Working part-time while studying is a popular way to save money for college expenses. Many international students work during their studies to offset costs. On-campus jobs are often the most convenient option, with roles such as teaching or research assistants, counter sales, or library assistants. These jobs allow you to gain income, make friends, and get familiar with the local work environment. Off-campus jobs are also an option, but be sure to consult with your school's officials to ensure you comply with visa rules.
Scholarships and Grants
Scholarships and grants are another way to fund your education and reduce the burden on your personal savings. While scholarships are typically merit-based, grants are usually need-based and do not need to be paid back. Research and apply for scholarships and grants that match your profile and financial needs.
Save on Textbooks
Textbooks can be expensive, but there are ways to save money. Instead of buying brand-new textbooks, consider buying second-hand books, renting them, or opting for digital versions, which are often more affordable.
Student Discounts
Take advantage of your student status by using student discounts whenever possible. From meals and mobile plans to movie tickets, many businesses offer student discounts. These small savings can add up over time, giving you extra money for other expenses.
Plan and Budget
Planning and budgeting are essential to saving money. Prospective international students should budget for expenses like books and travel. Create a student budget and set financial goals to ensure you're mindful of your spending habits. Additionally, consider the costs of living on and off-campus, and research cheaper alternatives, such as sharing an apartment with friends or staying with a host family.
By combining personal savings with these cost-saving measures, international students can work towards funding their college education.
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Funding from home country
International students can explore various funding options from their home countries to support their overseas education. Here are some strategies and considerations to secure financial assistance for college:
Government-Sponsored Scholarships and Grants
Many governments worldwide offer financial support to their citizens pursuing higher education in foreign countries. These opportunities can be in the form of scholarships, grants, or exchange programs. For example, the Australian Department of Foreign Affairs and Trade administers the Australia Awards Scholarship, providing full-time study opportunities for students from developing countries in any participating Australian institution. Similarly, the Fulbright Program, sponsored by the US government, offers international educational exchange opportunities.
Private Sector Scholarships
In addition to government initiatives, many private companies and organizations in your home country may provide scholarships or grants for international students. These could be merit-based, need-based, or focused on specific fields of study. For instance, the Coca-Cola Scholars Foundation offers scholarships to graduating high school seniors in the United States with excellent academic performance and leadership skills.
Family Support and Personal Finances
Some international students may have the means to fund their education through personal savings or with financial assistance from their family. This could involve using college savings accounts, income, or part-time employment while studying. Student visa rules may impact employment opportunities, but many countries, like the US, UK, and Australia, allow full-time students to work part-time on or off-campus.
Crowdfunding and Personal Networks
Crowdfunding platforms like FundMyTravel provide international students with an avenue to raise funds for their overseas education. These platforms allow individuals to create personalized campaigns, set funding goals, and leverage their social media networks to increase reach and support. Additionally, friends and family can be a valuable source of financial assistance, either through direct contributions or crowdfunding initiatives.
Educational Loans
While taking out loans may be a common option, it is essential to proceed with caution. Interest rates and repayment plans can vary, and some loans may have stringent requirements or unfavourable fine print. It is recommended to consult with a financial adviser or utilize a loan calculator to assess your comfort level with different loan options.
Securing funding for college as an international student can be challenging, but with careful research and strategic planning, you can explore a variety of options to make your overseas education a reality.
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Employment
As an international student, you may face restrictions on the type of work you can do, depending on your visa. For instance, students on a student visa in the UK can do most kinds of work, but there may be certain limitations. In the US, F-1 visa holders can work at any qualifying on-campus job that does not displace a US citizen or LPR, and they may work up to 20 hours per week during the semester and full-time during school breaks.
On-Campus Jobs
Many universities offer part-time on-campus jobs to students, which can help cover living expenses and build valuable skills. These jobs are often convenient and provide flexibility to balance work and academic commitments. Examples of on-campus jobs include:
- Library assistant
- Research assistant
- Student ambassador
- IT assistant
- Administrative assistant
- Teaching assistant
- Barista
Internships
Internships are a valuable opportunity to gain hands-on learning and build key skills. Paid internships can provide financial compensation, but these positions may be more competitive and limited. Examples of internship websites include Glassdoor, Indeed, and LinkedIn.
Freelancing
Freelancing allows students to work on projects for multiple clients without being employed by an organization. This provides flexibility in choosing clients, workload, and deadlines. Students can use their skills in areas like writing, graphic design, or digital marketing to find freelance work. Websites like Upwork, Fiverr, Guru, and Freelancer offer opportunities for freelance work.
Online Tutoring
Tutoring can be a good way to earn money if you are skilled and confident in certain subjects. You can tutor fellow students, younger kids, or schedule group tutoring sessions online. This can help improve your communication skills and strengthen your knowledge in your field of study. Websites like Tutor.com, Chegg Tutors, and VIPKid offer opportunities to connect with students.
Other Options
- If you already have a job, check if your company has overseas branches where you can work while studying abroad.
- Participate in service exchanges, where you work in exchange for accommodation and food.
- If your parents have the financial resources, they can open a business in the country you are studying in and hire you once you get your green card.
- Invest in stocks or exchange-traded funds (ETFs) to generate passive income.
- Work in campus event staffing during university events, such as sports events or campus fairs.
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Frequently asked questions
International students can get money for college through scholarships, grants, and loans. Many schools offer need-based or merit-based scholarships for international students who meet specific requirements. There are also grants and loans that international students can apply for, although these are typically more limited and competitive than those for domestic students.
International students can research scholarship opportunities through their prospective college or university. There are also many scholarship databases, such as the IIE database of grants, scholarships, and fellowships, that list opportunities for international students.
There are a variety of grants available to international students, although they are less abundant than those for domestic students. One example is the Fulbright Foreign Student Program, which provides financial assistance to international students pursuing degrees at accredited colleges and universities within the United States.
Yes, international students can take out private loans to pay for college. However, many financial aid experts advise against taking on too much debt. It is important for international students to carefully consider their options and compare the cost of attending college in different countries.
Some international students may receive financial support from their family or may work while in school to help cover their tuition costs. However, student visa rules often limit employment opportunities. International students can also research financial aid through their home country, as many foreign governments offer programs that grant money to citizens pursuing a college degree abroad.
