Douglas Olsen
The United States is one of the most popular study destinations in the world, attracting around one million international students each year. However, it is also one of the most expensive countries to pursue higher education, and funding opportunities for international students are limited. While scholarships are the main way to fund studies in the US, they are highly competitive and mostly reserved for graduate study. International students are also not eligible for US government-backed loans, but they can apply for private international student loans. Aside from scholarships and loans, international students can seek funding from their home country, their family, or their university.
| Characteristics | Values |
|---|---|
| Scholarships | Fulbright Program for Foreign Students, #YouAreWelcomeHere Scholarship, Civil Society Leadership Awards, American University Emerging Global Leader Scholarship, Brandeis University Wien International Scholarship Program, Clark University Global Scholars Program, Emory University Needs-Based Scholarship Program, Harvard University Scholarships, United World Colleges (UWC) Scholarships, Joint Japan World Bank Graduate Scholarships, Hubert Humphrey Fellowship Program, and more |
| Fellowships | Research and study opportunities lasting from a few weeks to several months, or even years |
| Loans | Federal, private, or international student loans; the latter require a cosigner in most cases |
| Work-study programmes | Part-time, on-campus employment (fewer than 20 hours per week) for F-1 status students; similar employment for J-1 status students with permission from the exchange visitor program sponsor |
| Home country | Funding from organisations, companies, or the government of your home country, e.g. Saudi Arabia's programme providing full scholarships to over 10,000 Saudi students in the USA |
| Family | The largest source of funding for international students, with nearly 65% of international students in the USA receiving funding from family and relatives |
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What You'll Learn
- Scholarships: offered by universities, private organisations, or governments
- Student loans: private or international student loans are available
- Work-study programmes: part-time, on-campus employment
- Home country funding: some countries offer scholarships or grants
- Family funding: the largest source of funding for international students
Scholarships: offered by universities, private organisations, or governments
Scholarships are the main way to fund your studies in the US, and there are plenty of scholarships offered by universities, private organisations, and governments.
University scholarships
Many colleges and universities in the USA offer scholarships or grants to talented international students. These scholarships are often highly competitive, but if you have impressive achievements and know how to make a good application, your chances of getting one are pretty good.
Some examples of university scholarships include:
- American University Emerging Global Leader Scholarship – Undergraduate scholarships for international students who show leadership potential.
- Brandeis University Wien International Scholarship Program – Funding for high-achieving students with an interest in student community contribution.
- Clark University Global Scholars Program – Scholarships of no less than US$10,000, as well as a guaranteed $2,500 taxable stipend for a paid internship for first-year international applicants.
- Emory University Needs-Based Scholarship Program – Funding opportunities for international students who can demonstrate financial need.
- Harvard University Scholarships – A range of competitive international scholarships for students from all over the world.
Private organisation scholarships
Many private organisations also offer scholarships specifically for international students. Some popular ones include:
- United World Colleges (UWC) Scholarships – A group of 18 universities across the world offering scholarships to over 10,000 students each year.
- Joint Japan World Bank Graduate Scholarships – 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.
- Fulbright Program for Foreign Students – Offers around 4000 scholarships every year to international students who want to study in the US. Eligibility criteria differ depending on your country of origin.
- Bat and Ball Game Women’s Sports Scholarship – A scholarship offering $1,000 to a woman currently studying a sports-related degree at any US university.
- MIT-Zaragoza Women in Logistics and SCM Scholarship – Scholarships for female students of any age, ethnicity, or nationality, to study at the Zaragoza Logistics Center at MIT.
Government scholarships
Some government-funded scholarships for international students include:
- Fulbright Foreign Student Program – Perhaps the most popular scholarship, offering scholarships for graduate students, young professionals, and artists to study in the US for one year or more. Open to international students in all fields excluding medicine.
- Hubert Humphrey Fellowship Program – A non-degree scholarship program for international, experienced professionals wishing to undertake 10 months of academic study in the US.
- #YouAreWelcomeHere Scholarship – International scholarships aimed at all overseas students studying any subject at a participating college or university in the US (of which there are 57). Applicants should submit an essay or video demonstrating their interest and initiative in promoting intercultural learning and exchange.
Remember to start your research early and carefully check the eligibility criteria for each scholarship.
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Student loans: private or international student loans are available
International students are not eligible for federal loans from the U.S. government, such as Stafford Loans or Plus Loans. However, international students can take out private or international student loans. These loans are offered by banks, credit unions, and online lenders, and can cover up to the total cost of school minus any other financial aid received.
When taking out a loan, you will be responsible for paying back the amount borrowed (the principal) plus an additional amount (the interest). The interest rate is calculated based on an "index" plus a margin that depends on your cosigner's creditworthiness and other factors decided by the lender. The two most common indexes used for international student loans are the Prime Rate and the Secured Overnight Financing Rate (SOFR).
Most international students applying for loans must have a U.S. cosigner, who is legally obligated to repay the loan if the borrower defaults. The cosigner must be a permanent U.S. resident with good credit who has lived in the U.S. for the past two years. However, some lenders, such as MPower Financing, offer loans that do not require a cosigner or collateral.
There are a variety of repayment plan options depending on the loan selected. Students are often able to defer payment of the interest and principal until six months after graduation, as long as full-time status is maintained. Students can defer payments for a maximum of four years consecutively, which is the typical length of a degree. Students may only pay the interest while still in school, for up to four consecutive years of full-time study, and can defer the principal until 45 days after graduation. However, if a student drops their course load to part-time, they may have to start repaying the principal immediately. The repayment period typically ranges from 10-25 years.
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Work-study programmes: part-time, on-campus employment
International students in American colleges can consider part-time, on-campus employment through work-study programmes. These programmes offer a variety of job opportunities, and students are encouraged to seek work related to their course of study. While the earnings from these programmes will not cover all of a student's educational and living expenses, they can help offset the cost. Additionally, work-study programmes provide valuable professional experience and the opportunity to practice English in a work environment.
To be eligible for on-campus employment, international students must have F-1 or J-1 status, which allows for part-time work (up to 20 hours per week) during the academic year and full-time work during school breaks. Students with F-1 status are also eligible for 12 months of Optional Practical Training (OPT) or 24 months of STEM OPT Extension after graduation. Before beginning work, students must secure a job offer and apply for a Social Security Number, which is required for payroll and taxation purposes in the United States.
Students are responsible for conducting their own job search, applying for jobs, interviewing, and being hired. Some colleges provide online job portals, such as Workday@Penn at the University of Pennsylvania, where students can search for on-campus employment opportunities. It is important to note that not all positions within a college may be considered on-campus employment for immigration purposes, so students should consult with the appropriate offices, such as International Student and Scholar Services (ISSS), to ensure their employment falls under the correct category.
Work-study programmes offer a range of benefits to international students. Firstly, they provide an opportunity to earn money while studying, which can help with living expenses and offset tuition costs. Secondly, these programmes allow students to gain valuable work experience in their field of study, enhancing their resumes and future employment prospects. Additionally, work-study programmes offer a chance to improve language skills, adapt to American culture, and build a professional network.
Overall, part-time, on-campus employment through work-study programmes can be a viable option for international students in American colleges to help fund their studies and gain valuable work experience. However, students should be mindful of the limitations on working hours and ensure they comply with immigration regulations regarding their student visa status.
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Home country funding: some countries offer scholarships or grants
Funding your studies in the USA as an international student can be challenging, but there are numerous resources and opportunities available. One such option is to seek funding from your home country. Some countries offer scholarships or grants to their students to study abroad. For example, Saudi Arabia launched a program that provides full scholarships to over 10,000 Saudi students studying in the USA. Similarly, the Wesleyan scholarship is available to citizens and permanent residents of Africa's 54 countries. The scholarship provides full scholarships for four years of study towards a bachelor's degree.
Many countries have organizations that offer scholarships or grants to students from specific regions or countries who meet certain criteria. For instance, the Organization of American States, an international organization based in Washington, DC, offers interest-free loans through the Rowe Fund program to students from Latin America and the Caribbean. The Fulbright Program for Foreign Students offers around 4,000 scholarships annually to international students who want to study in the US, with varying eligibility criteria depending on the country of origin.
Additionally, some countries may have specific agreements or partnerships with American colleges or universities that provide funding opportunities for their students. These opportunities may be listed on the college or university website, or you may need to contact the financial aid office for more information. It is important to investigate this option thoroughly before leaving your home country, as there may be stipulations involved, such as a requirement to return home after graduation.
To find funding opportunities specific to your home country, you can utilize free scholarship databases, which offer information on private, corporate, nonprofit, and government scholarship funds. These databases can help you identify scholarships or grants that are targeted towards students from your country or region. Remember to always be cautious of dishonest scholarship offers and consult with the relevant offices at the university you are applying to if you have any doubts.
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Family funding: the largest source of funding for international students
Funding your studies in the USA as an international student can be challenging, and the funding opportunities are limited. International students are not eligible for U.S. government-backed loans, and scholarships are highly competitive. As a result, family funding is the largest source of funding for international students in the USA. A recent study by the Institute of International Education showed that nearly 65% of all international students in the USA were funded by their family and relatives.
When it comes to family funding, it is important to consider the financial burden this may place on your family. The cost of attending a college or university in the United States is rising each year, and you must also consider the cost of living. When submitting evidence of your financial resources, you cannot rely on potential income. The income on which you base your application must be assured and must be equal to or exceed the costs of the first year of your studies.
If your family is able to fund your studies, it is worth considering how they can do so effectively. For example, they may be able to take out a loan to support your studies. It is important to research and compare the rates and terms offered by various loan providers, as interest rates, repayment terms, and fees can vary. Seeking advice from a financial advisor or student loan expert can help you make an informed decision.
In addition to family funding, there are other sources of financial aid that are worth exploring. Scholarships are a popular option for international students, and many private organisations offer scholarships specifically for international students. These include the Fulbright Program for Foreign Students, which offers around 4,000 scholarships each year to international students studying in the US. Your home country may also be a source of funding, with some governments offering scholarships or other forms of financial aid for students studying abroad.
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Frequently asked questions
International students can fund their studies at American colleges through scholarships, student loans, financial aid, or personal savings. Scholarships are the main way to fund your studies in the US, and they can be highly competitive. Many universities offer their own scholarships, but private scholarships also exist.
Here are some scholarships that international students can apply for:
- Fulbright Foreign Student Program
- #YouAreWelcomeHere Scholarship
- American University Emerging Global Leader Scholarship
- Brandeis University Wien International Scholarship Program
- Clark University Global Scholars Program
- Emory University Needs-Based Scholarship Program
- Harvard University Scholarships
International students can also consider taking out private loans or applying for financial aid. Some international students may also choose to work part-time while studying, although this income cannot be relied upon when submitting evidence of financial resources. It is recommended to have assured income that meets or exceeds the costs of the first year of studies. Additionally, some students may receive funding from their family or home country.
