How to Finance College
Your Guide to Paying for Your College Education

September 22, 2024

For many international students, financing their U.S. college education can be one of the most challenging aspects of the admissions process. However, several options are available, from institutional financial aid to external scholarships and part-time work opportunities. Here's a guide to help you understand how to pay for college as an international student and some specific scholarships to explore.

Institutional financial aid is provided directly by the college and can come in the form of grants, scholarships, or sometimes loans, offering students various ways to help cover tuition and other expenses.

Grants

Grants are based on financial need and do not need to be repaid. To apply for institutional financial aid, international students may need to submit:

• CSS Profile: A financial aid application used by many private U.S. colleges to assess need.

• International Student Financial Aid Application: Some colleges may have their own form for international students to apply for need-based aid.

Colleges that meet demonstrated financial need

Certain colleges, especially prestigious ones known as "Ivy Plus" institutions, may meet 100% of demonstrated financial need for international students. Schools that meet 100% of financial need for international students include Harvard University, Yale University, Princeton University, Amherst College, Dartmouth College, University of Richmond, and others. Research colleges that offer strong financial support for international students.

Scholarships

Scholarships are awarded based on merit, such as academic, athletic, or artistic achievements. International students should look into scholarships specifically designed for them, as some scholarships may be limited based on citizenship status. Scholarships may require essays, recommendations, or additional materials to apply. 

Here is a non-comprehensive list of scholarships:

• University of Southern California (USC)
  Mork Scholarship awards full tuition plus $5,000 stipend to 10 international students.

• Washington University in St. Louis
  Danforth Scholars Program awards full or half-tuition and $2,500 stipend

• Vanderbilt University
  Cornelius Vanderbilt Scholarship awards full tuition and a research stipend to domestic and international students.

• Boston University
  Trustee Scholarship awards full tuition and mandatory undergraduate fees to 20 domestic and international students.

• University of Texas at Dallas
  McDermott Scholarship awards full ride + $1,000 yearly textbook stipend + $12,000 fund for study abroad + $3,000 for professional development + 1 trip home to 16-24 domestic and international students.

• Tulane University
  Global Scholarship awards partial or full tuition to international students.

• Wake Forest University
  Guy T. Carswell Scholarship awards full tuition + room and board + $3,400 stipend + $5,000 for summer research to 5 students.

• Drexel University
  Drexel Global Scholars Program awards full tuition to international students.

• Illinois Wesleyan University
  International Student Scholarships covers up to the full cost of tuition for international students.

• American University
  Emerging Global Leader Scholarship is competitive scholarship for high-achieving international students, covering tuition and other expenses.

These scholarships are extremely competitive, with many receiving applications from top international students worldwide. To increase your chances of success, it's essential to start your research and preparation early. Ensure that you meet all eligibility requirements, craft compelling essays, gather strong letters of recommendation, and thoroughly understand each scholarship’s selection process. 

Many organizations, government institutions, and private foundations provide scholarships or grants specifically for international students.  For example, the Fulbright Foreign Student Program offers full scholarships to international students and the NextGen Scholarship is available to international students and non-citizens in the U.S. with a minimum GPA of 3.0.

Family Support

Family support can help with tuition and living costs. Some students may rely on savings or financial contributions from family members to cover the bulk of their expenses.

On-Campus Work

International students on an F-1 visa can work up to 20 hours per week on campus during the academic year. On-campus jobs can help cover living expenses but typically do not generate enough income to cover tuition. Nonetheless, it’s a great way to earn extra money and gain experience.

(Private) Loans

Some international students opt for private loans to help finance their education, though this option should be considered carefully. Many private American lenders require a U.S.-based co-signer, and international students may face higher interest rates. Be sure to research the terms and conditions before committing to private loans.

Federal aid programs

• FAFSA (Free Application for Federal Student Aid):
  The most critical form for U.S. students to access federal aid, including grants, loans, and work-study programs. 

• Pell Grants
  Available to students with demonstrated financial need, Pell Grants do not need to be repaid.

• Government loans
  For domestic students, federal loans like Direct Subsidized and Unsubsidized Loans offer low-interest options, with Subsidized Loans deferring interest while you're in school. Direct PLUS Loans are also available for parents or graduate students to cover remaining costs. Federal loans provide lower rates and flexible repayment compared to private loans.

State based programs

For domestic students, state-based financial aid programs such as Cal Grants in California offer substantial financial support and can significantly reduce the cost of tuition. Be sure to check your state's specific grant and scholarship programs for additional funding opportunities.

Scholarships for U.S. students

• Coca-Cola Scholars Foundation
  This scholarship is awarded to high school seniors in the U.S. based on academic achievement, leadership, and community service. The award amount is up to $20,000.

• Gates Scholarship
  A last-dollar scholarship for high-performing minority high school seniors, this award covers all unmet financial need after other scholarships and aid.

• Jack Kent Cooke Foundation College Scholarship
  This is one of the most generous scholarships for high-achieving students with significant financial need. The award covers most tuition and living expenses.

• Dell Scholars Program
  This program provides financial support as well as resources and a community for students who demonstrate grit and determination. The scholarship is valued at $20,000.

• Horatio Alger Scholarship
  Designed for students who have faced and overcome significant obstacles, this scholarship helps cover tuition for high-need students.

• Elks Most Valuable Student Scholarship
  This merit-based scholarship awards up to $50,000 for high school seniors who demonstrate strong leadership and academic performance.

Financing college as an international student may require a combination of resources, including scholarships, family support, campus employment, and possibly loans. By researching schools that offer generous financial aid packages and exploring external scholarships, you can make your U.S. education more affordable. Meanwhile, domestic students have access to federal financial aid and many private scholarships that help ease the financial burden.

Make sure to check out my blog "Top 3 Strategies to Afford College".

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