Douglas Olsen
International students face many challenges when it comes to paying for college, especially in the US, where the average cost for an international student is around $41,000 USD per year. While some students rely on financial support from their families, others seek out scholarships, grants, loans, or on-campus jobs to fund their education. Navigating the financial journey can be daunting, with various payment methods, each with its own pros and cons, such as forex cards, wire transfers, credit cards, and more. Additionally, international students need to consider the costs of health insurance, visa applications, and other supplementary expenses. With careful planning and exploration of the available options, international students can make informed decisions to secure their financial journey abroad.
| Characteristics | Values |
|---|---|
| Average annual cost for international students | ~$41,000 USD |
| Average cost for an undergraduate degree | ~$165,000 USD |
| Average cost of tuition and fees at four-year public universities for out-of-state students | >$26,000 per year |
| Average cost of tuition and fees at private schools | ~$32,000 per year |
| Payment methods | Forex cards, wire transfers, foreign currency demand draft, university online payment portal, credit cards, cash |
| Scholarships | Available, but eligibility requirements vary |
| Loans | Available, but financial experts advise against taking on too much debt |
| Grants | Available |
| Assistantships | Available |
| Health insurance | Typically covers only certain in-network providers; international students may need to take out separate policies for vision and dental |
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What You'll Learn
Scholarships and grants
Scholarships are typically awarded based on merit, such as academic achievement, talent, or community involvement, while grants are usually need-based and may not have the same stringent requirements as scholarships. Both scholarships and grants do not need to be repaid, which is a significant advantage over student loans.
There are thousands of scholarship opportunities available for international students, and many organisations and databases exist to help you find the right ones. For example, IEFA is a comprehensive resource for international scholarship and grant information, partnering with leading providers of international student loans. Similarly, InternationalScholarships.com is an online scholarship database for students from any country, and it also offers monthly scholarships for international students. EduPASS also has a searchable database of grants, scholarships, and loan programs, and it includes niche scholarships like the Joint Japan/World Bank Graduate Scholarship Program, which provides comprehensive financial coverage for students from developing countries pursuing a development-related Master's program.
Scholarships may be awarded based on various factors, such as academic performance, financial need, or intended field of study. Some scholarships are open to students from any country, while others are country-specific, like the MPOWER Financing's Chasing Dreams Scholarship for international graduate students with Chinese citizenship, or the Marten Bequest Traveling Scholarship for native-born Australians in the Arts. Many scholarships require a minimum GPA, a specific major, or are designated for undergraduate or graduate students only. Some scholarships involve essay contests, while others, like the "Be Bold" scholarship, require students to create a profile showcasing their earnestness and determination.
In addition to scholarships and grants, some colleges offer health insurance plans for students, which can help with the cost of health insurance, a requirement for most international students.
While scholarships and grants can be an excellent way to fund your education, they may not always cover all the costs associated with attending college. Therefore, it is essential to explore various payment options, such as Forex cards, wire transfers, credit cards, or cash payments, to find the most efficient and cost-effective ways to finance your education as an international student.
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Loans
International students can take out loans to fund their college education, but these often require a US co-signer. The co-signer must be a US citizen or permanent resident with good credit who has lived in the US for the past 2 years. However, some lenders, such as MPOWER Financing, offer no-cosigner loans for international students. MPOWER Financing provides loans for international students in the US and Canada with interest rates as low as 9.99% (11.16% APR). They make loan decisions based on the student's future potential rather than their past.
International students may also be eligible for federal student loans if they meet certain criteria, such as being a US national or permanent resident, or having a specific immigration status. Most states and colleges use the information collected on the Free Application for Federal Student Aid (FAFSA) to assess eligibility for federal aid.
There are also private student loan options available for international students, such as the College Ave Private Student Loan, Sallie Mae Undergraduate Student Loan, and Ascent Credit-Based Student Loan. These loans may have different requirements and interest rates, so it is important to carefully review the terms and conditions before applying.
In addition to loans, international students can explore other financial aid options such as scholarships, grants, and assistantships. These opportunities can be researched through the US Department of Labor's scholarship search engine and the college or university the student plans to attend.
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Credit cards
International students can establish a credit history and get a locally issued credit card. Some credit cards are designed to help save for college or pay off student loans. These cards can subsidize some college costs, but they are not a sustainable solution for funding multiple years of education.
Some colleges allow students to pay tuition with a credit card, but this often comes with a convenience fee of 1% to 3% to cover processing fees. This is in addition to the interest accrued on the credit card balance. Some credit cards offer 0% APR for a limited time, which can be helpful for financing tuition payments. However, once the promotional period ends, any remaining balance will be charged at the standard variable interest rate.
If your college does not accept credit card payments, third-party payment companies like Flywire and Plastiq allow you to pay with your credit card. Flywire offers a secure payment method for international students, allowing payments from banks and countries worldwide, usually in the payer's home currency.
When considering paying for college with a credit card, it is important to weigh the advantages and disadvantages. Credit cards may offer repayment flexibility and rewards, but they also carry the risk of high-interest rates and fees that could outweigh any rewards earned. Additionally, large expenses on a credit card can negatively impact your credit score.
Some credit card options for international students include:
- Capital One SavorOne Student Cash Rewards Credit Card: This card has no annual fee and offers 3% cash back on dining, entertainment, streaming services, and grocery store purchases.
- Capital One Quicksilver Rewards for Students: This card offers 1.5% cash back on every purchase and does not require an annual fee.
- Petal 2: This card is only available in the US and requires a US phone number and address.
It is recommended to build a solid US credit history by making timely payments and addressing any lack of credit history in the country.
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Forex cards
Benefits of Forex Cards
- Cost-effective — Forex cards often come with lower exchange rates compared to traditional banking methods, helping students save money on currency conversion.
- Security — Forex cards provide enhanced security features such as chip technology and two-factor authentication, which protects online payments. Additionally, if the card is misplaced, it can be reported and blocked, and a new card with the remaining balance will be issued.
- Ease of use — Forex cards are widely accepted at merchants worldwide and can be used for ATM withdrawals, making them versatile for daily expenses.
- Budget management — Students can preload a specific amount onto their card, helping them budget and control their spending.
- No extra charges — Forex cards do not incur additional fees for transactions made in the currency loaded on the card.
Forex Card Options
There are several Forex card options available for international students:
- Axis Bank — Offers a variety of Forex card options, including cashback on foreign transactions and unique discounts.
- HDFC Multicurrency Platinum Forex Card — Accepts numerous currencies and allows for cashless transactions worldwide. Cardholders can load money in INR and convert it to the preferred foreign currency.
- Wise Borderless Card — Offers a multicurrency card and competitive foreign exchange rates, making it easy to make payments in your local currency. It also provides free international ATM withdrawals up to a certain limit.
- ICICI Bank Student Forex Card — Provides better exchange rates, no transaction fees, and the convenience of multiple currencies on one card. It also includes security features such as CHIP and PIN protection.
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Health insurance
As an international student, you will need to pay for health insurance while earning your degree. Healthcare in the United States is very different from systems in other countries, as there is no national or universal healthcare system that international students can access. This means that anyone who needs health insurance in the US must choose from individual private care providers and the plans they offer.
Most U.S. health insurance plans do not cover vision or dental care, but international students can take out separate policies to cover these. The cost of healthcare in the US can be extremely expensive, with an X-ray costing from $100 (£82) to $22,000 depending on the area of the body. Therefore, it is important to research health insurance options and choose a plan before arriving in the US to ensure you are covered as soon as you arrive. Some universities offer a healthcare plan that students must buy separately, while others recommend affordable health plans. Many universities in the US offer a group plan to students, so it is worth speaking to your university about what is covered.
There are several companies that provide affordable insurance for international students, such as IMG and Compass. IMG offers worldwide coverage, international claims specialists, and access to 24/7 emergency assistance services with multilingual capabilities. Compass has been helping people navigate U.S. healthcare for over 25 years and is part of FutureHealth Systems, a group of companies dedicated to international education, cultural exchange, and wellbeing.
International students can pay for their health insurance plan in several ways, including Forex cards, wire transfers, foreign currency demand drafts, credit cards, and the university online payment portal.
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Frequently asked questions
There are several ways to pay for college as an international student. Some common methods include scholarships, personal and family funds, loans, and on-campus jobs. Additionally, payment methods such as Forex cards, wire transfers, foreign currency demand drafts, and credit cards can be used to facilitate the transaction.
International students can explore various scholarship opportunities to help pay for college. While some scholarships are merit-based, others may have specific requirements such as a minimum GPA, a certain major, or essay contests. It is important to note that eligibility requirements vary, and not all scholarships are restricted to US citizens or residents.
International students studying in the US incur additional costs beyond tuition and fees. These include visa application fees, international airfare, health insurance, and the purchase of a domestic phone plan or SIM card. Fluctuating exchange rates can also impact the overall cost of attendance.
