Lana Oconnell
Funding an education abroad is a challenge for many international students, and financial aid is often critical to their success. While tuition and financial assistance vary across schools, making budgeting difficult, there are several options for international students seeking financial assistance, including scholarships, grants, fellowships, work-study programs, and loans. International students can also pursue on-campus employment to supplement their financial aid, although this can be limited and difficult to obtain. In the US, federal financial aid is typically reserved for citizens and permanent residents, but some non-citizens on student visas may be eligible for government-funded programs.
| Characteristics | Values |
|---|---|
| Affordability | In some cases, it can be more affordable for international students to attend a private college that offers significant financial aid than a state university or a university in their home country. |
| Financial aid application forms | International students may be required to fill out the International Student Financial Aid Application (ISFAA) or the CSS Profile. Some universities may have their own forms, and in rare cases, a school may require the Free Application for Federal Student Aid (FAFSA). |
| Tuition fees | Tuition and financial assistance can vary significantly between schools, making budgeting challenging for international students. |
| Scholarships | There are free scholarship databases, as well as private, corporate, nonprofit, and government scholarship funds that serve undergraduate international students. Scholarship search tools allow students to filter awards based on their field of study, study location, and home country. |
| Loans | International students can take out private loans, but financial aid experts advise against taking on too much debt. International student loans are available from various lenders and can cover the total cost of a US education, including tuition, transportation, food, and living expenses. |
| Work opportunities | International students with F-1 visas are allowed to work part-time on campus if they are in good academic standing or have completed their academic program. On-campus employment opportunities include roles such as resident assistants (RAs). |
| Budgeting | International students can track their expenses using a budget worksheet and consult with their university to take advantage of any available supplements or fee waivers. |
| Transfer credits | International students can consider starting their US studies at a community college and then transferring credits to a four-year institution to reduce costs. |
| Institutional aid | Most institutional aid for international students is reserved for graduate study in the form of assistantships and fellowships. |
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What You'll Learn
Scholarships, grants, and fellowships
Scholarships are a significant source of financial aid for international students. Many scholarships are offered by individual colleges and universities, such as Harvard and Yale, which provide full need-based financial aid for international students. Additionally, there are scholarships offered by private organizations and institutions, such as the Rotary Peace Fellowship for doctoral international students. These scholarships can cover tuition, housing, and other expenses, making it more affordable for international students to pursue their studies abroad.
Grants are another form of financial aid available to international students. Grants can come from various sources, including governments, private organizations, and universities. For example, the Aga Khan Foundation International Scholarship provides grants and loans to students from select developing countries who have no other source of financial aid for their graduate studies. Grants can be highly competitive, and students may need to demonstrate financial need or academic merit to be considered.
Fellowships are also an option for international students, particularly at the graduate and postdoctoral levels. Fellowships typically provide funding for short-term research and study opportunities, and they can last from a few weeks to several months or even years. For example, the Zonta International Fellowship, created in honor of Amelia Earhart, is available to women pursuing doctoral degrees in aerospace engineering and space sciences. Fellowships often have specific eligibility criteria, and students should carefully review the requirements before applying.
In addition to these opportunities, international students can also take advantage of online scholarship search tools and databases. These resources provide access to a wide range of scholarships, grants, and other financial aid opportunities. By using these tools, students can find awards that match their specific needs and eligibility.
While scholarships, grants, and fellowships can be a great source of financial aid, it's important to note that they may not cover all the costs associated with studying abroad. International students should also consider other options, such as loans, work-study programs, and on-campus employment, to ensure they have sufficient financial support during their studies.
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Work-study programs
Funding an education abroad can be challenging for international students. Work-study programs can be a great way for international students to earn their degree while gaining valuable connections and experience within their future career field.
Federal Work-Study Programs
The Federal Work-Study (FWS) program provides students with part-time jobs on campus, allowing them to earn money while gaining valuable experience. Working on campus lets students meet other students, network with teachers and administrators, and may even provide career experience. For example, a student planning to study biology may find work as a lab assistant, or an art student may find opportunities in an on-campus gallery or studio. There are also FWS jobs in not-for-profit community outreach organisations. Money earned through FWS is paid directly to the student and is not counted as income when completing the next year's FAFSA.
However, eligibility for FWS is limited and based on need, so not all students will qualify. Additionally, students must work enough hours to earn the full amount of awarded funds. If a student is not eligible for FWS, their college may still offer other non-work-study employment opportunities.
Other Work-Study Opportunities
Aside from FWS, international students can also pursue on-campus employment opportunities such as serving as a resident assistant (RA) after their first year of study. Students can also gain hands-on training and networking opportunities through internships or part-time jobs related to their field of study.
Financial Aid and Scholarships
Many scholarships for undergraduate study are only available to US citizens and permanent residents. However, there are still numerous scholarship opportunities for international students, including need-based scholarships and scholarships offered by private, corporate, nonprofit, and government funds. International students can use free scholarship search tools to find awards that provide funding for studying in the US and around the world.
International students may also consider taking out loans to fund their education, although financial aid experts advise against taking on too much debt. International student loans are available from private organisations and institutions, often targeted at students from specific regions or countries who meet certain criteria.
Choosing a University
When considering financial aid, it's important to note that some universities are "need-blind" and do not consider an applicant's financial situation in admission decisions, while others are "need-aware" and take financial need into account. Additionally, some schools may have different policies for US citizens and international students. International students should also be coded correctly as domestic or eligible nonresident students to access the appropriate financial aid opportunities.
In conclusion, work-study programs and other financial aid opportunities can provide international students with valuable experience and financial support during their studies. By researching and utilising these resources, international students can gain access to the funding they need to succeed in their educational pursuits.
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Student loans
There are a variety of organisations and institutions that provide private loans to international students. Many of these loans require a cosigner, who guarantees repayment of the loan to the lending institution if the borrower defaults. The loan amount, repayment terms, and interest rates depend on the lender and loan option chosen. The interest rate for variable-rate loans is calculated based on an "index" plus a margin, which is determined by factors such as the creditworthiness of the cosigner. The Prime Rate and Secured Overnight Financing Rate (SOFR) are commonly used indexes for international student loans.
International students can compare loan options using online tools provided by websites such as 'internationalstudentloan.com' and 'internationalstudent.com'. These tools allow students to enter their details, such as citizenship, the presence of a cosigner, and their chosen school, to find eligible loan options.
In addition to student loans, international students can also explore other financial aid options. Some universities offer financial incentives to international students, with most of the aid available in the form of assistantships and fellowships for graduate students. Free scholarship databases, such as the one offered by 'internationalstudent.com', provide access to thousands of awards that can help fund an international education. Work-study programs are another option, allowing students to gain valuable experience and connections while earning their degree.
While student loans can provide much-needed financial assistance, it is important for international students to carefully consider their options and avoid taking on excessive debt. Seeking financial aid advice and exploring alternative sources of funding, such as scholarships and work-study programs, can help international students make informed decisions about their education and finances.
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Application processes
The application processes for financial assistance as an international student can vary depending on the country and institution. Here are some general steps and considerations to keep in mind when applying for financial assistance as an international student:
Identify the Types of Financial Assistance
International students may be eligible for different types of financial assistance, including scholarships, grants, fellowships, work-study programs, and loans. It's important to research the specific types of aid available for international students at your desired institutions.
Understand the Requirements and Eligibility
Different forms of financial assistance have varying eligibility requirements. Need-based scholarships, for example, are awarded based on financial need, while merit-based scholarships consider factors such as academic record, special skills, artistic ability, or athletic ability. Understanding the requirements will help you determine your eligibility and tailor your application accordingly.
Search for Scholarships and Grants
There are numerous scholarship and grant opportunities specifically designed for international students. Free online scholarship search services like IEFA.org, InternationalScholarships.com, and scholarship databases offered by organizations like NAFSA can help you find opportunities that match your profile. These platforms allow you to filter awards based on your field of study, desired location, and home country.
Contact the Institution's Offices
University websites and offices, such as the Admissions Office, Financial Aid Office, or International Student Services Office, often provide valuable information on financial aid options. They can guide you through the application process and inform you about any institution-specific forms or requirements. Don't hesitate to reach out and inquire about available assistance and the steps to apply.
Complete the Necessary Applications
To apply for financial aid, international students may need to fill out specific forms, such as the International Student Financial Aid Application (ISFAA) or the CSS Profile for private colleges. Some universities may have their own financial aid application forms as well. Additionally, while international students are typically not eligible for federal aid, some schools may require you to fill out the Free Application for Federal Student Aid (FAFSA) to assess your overall financial situation.
Meet Deadlines and Provide Supporting Documentation
Aid deadlines can vary per school, so it's essential to stay organized and meet the application deadlines for the institutions you're considering. Along with the application forms, be prepared to submit any supporting documentation, such as proof of financial need, academic transcripts, letters of recommendation, or personal statements.
It's important to remember that the availability and application processes for financial assistance can vary across countries and institutions. Therefore, it's advisable to consult with your desired universities directly and explore country-specific resources for international students.
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Budgeting
Understanding Your Finances
Firstly, you need to understand your financial situation and how much money you will have for your entire trip. This means converting your currency and calculating the cost of living in your host country. Use the estimates provided by your school as a guide for living costs, and remember to include necessities like tuition, accommodation, food, transportation, and books in your calculations.
Scholarships and Financial Aid
There are various scholarships, grants, and fellowships available for international students, so be sure to research and apply for these. Some are need-based, while others are merit-based, so look out for those that match your circumstances and academic profile. Many universities also offer financial support, so consult with your institution to explore these options.
Setting a Budget
Once you know your total budget, break it down into monthly and weekly allocations. This will help you stay on track and ensure you don't overspend. Decide on your priorities and what is non-negotiable for you, whether it's accommodation closer to campus or a certain number of nights out per month.
Saving Tips
Take advantage of student discounts wherever possible, including those for transportation, entertainment, dining, and shopping. Plan your meals and buy groceries on special to reduce dining out expenses. There are also various apps and websites that offer discounts, such as Too Good To Go, Groupon, and LivingSocial.
Part-Time Work
If your visa allows it, consider working part-time during your studies to supplement your income. This can provide valuable financial support, but be mindful of balancing work and study commitments.
Specific Savings Goals
Setting specific savings goals can help you stay motivated and on track. For example, if you want to travel during your break, limit your weekly spending and allocate those savings for your trip.
Remember that budgeting is a crucial skill that will help you make the most of your time abroad without financial stress. It may be challenging at first, but with planning and discipline, you can successfully manage your finances as an international student.
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Frequently asked questions
Sources of financial aid for international students include scholarships, grants, fellowships, and private loans. Some universities may also offer financial incentives for students.
International students can save money by pursuing on-campus employment, beginning their studies at a community college before transferring to a four-year institution, and having their credentials from International Baccalaureate (IB) or Advanced Placement (AP) courses evaluated to potentially reduce the time to graduation.
International students can use online scholarship search tools such as IEFA.org and InternationalScholarships.com to find funding opportunities. They can also use comparison tools to match themselves with available student loans.
