Note:
Almost every school listed in our directory provides information about financial aid!
It is best to consult the schools & colleges listed in the appropriate category of the School Directory
for the latest information about financial aid. Just click on "Complimentary Information" to get the latest updates regarding finacial aid from each school.
Financial Aid & Scholarships
All types of scholarships and financial aid for students are
highly competitive and require excellent academic records. You will often find
the terms "scholarships" and "financial aid" used interchangeably, but
technically speaking, a scholarship is a financial award based on merit,
including outstanding academic performance, special talent in sports or
performing arts, or perhaps community service or leadership. Financial aid is a
"need-based" grant based on the student's financial need, as documented by
family income, assets, and other factors.
Financial Planning
It is important to start your financial planning at least 12 months before you intend to study.
Education in the United States may appear expensive, but you have probably
already realized that it offers excellent value for the money invested. This
chapter looks in more detail at the costs involved and the ways that you might
cover your expenses, including financial aid from colleges and other
sources.
It is important to understand and plan the cost and financing of your
education before you prepare and submit your applications to colleges.
Universities and colleges will usually require a financial statement and
guarantees as part of their application procedure. In addition, to apply for
your student visa you will need to prove you are able to meet all the costs of
your studies. If you are married and/or have children, you will also need to
prove in advance that you have sufficient funds to support both yourself and
your family.
Universities often require students to complete a financial statement,
specifying how they intend to cover their expenses, as part of the application
process.
Planning ahead will give you time to research independent scholarships and to
identify university programs that have funding available. If possible, also try
to make personal contact with professors in your department of interest at U.S.
universities, since professors play an important role in identifying grant and
funding recipients in their departments.
Calculating Your Expenses
The main types of costs involved in studying in the United States are tuition and fees, plus living costs.
These vary widely, which gives you some control over the costs involved in your education.
All U.S. colleges publish information on the costs for their institution and area. Consider the following chapter in calculating your costs: »
Tuition, Fees & Cost
Assessing Personal Funds
Consult your parents and other family sponsors to find out how much money they can commit each year to your education. Try to raise as much as you can from family sources, because most scholarship awards, if available, cover only part of the total educational and living costs and may not be available to first-year international students.
Identifying Sources of Financial Assistance
You will discover that financial aid is very rare at state, or public, colleges and at colleges that offer professional courses such as engineering, business administration, and health professions. More financial aid may be available from the private liberal arts colleges, which offer the arts and science subjects.
As you do your research, make a table listing the colleges you would like to attend. Write down annual costs (as outlined above), then enter the average financial aid award and the number of awards made by each of the colleges. Such information is available from resources in your information or advising center. This chart can quickly allow you to see where your best chances lie, and can help you eliminate from your list the colleges where your admission with the needed funding is not viable.
Only a handful of wealthy colleges in the United States are able to meet the financial need of all the students they admit. (Please note that admission to these schools is usually very competitive.) Financial need is the difference between what you and your family can afford to contribute and the estimated cost of attending the college. The former is calculated on the basis of detailed information about your parents' financial circumstances, including supporting evidence such as bank statements, employers' letters, and other official documents and statements. Other universities, which make more limited awards on the basis of your financial need, will also ask to see such evidence.
Financial assistance from colleges is awarded at the beginning of the academic year and is rarely available for students entering mid-year in January or at other times. More aid is available for freshman students than for those transferring in from other institutions. Students who have already proven themselves at a college may find it easier to obtain financial assistance from that college than new students.
Loans: In limited instances, you may be able to negotiate a loan to fund part of your educational costs. Your educational adviser may have information on loan programs for which you may be eligible. You must usually have a U.S. citizen co-signer to act as a guarantor for any loans from U.S. loan programs, and in most cases you must already be enrolled in a U.S. university before you apply. Before taking a loan, make certain you know how you are going to repay it, and how a loan will affect your plans for graduate or other further study and for returning home.
Employment: By working 10 to 15 hours a week, you could earn enough to pay for incidentals such as books, clothing, and personal expenses, but your campus job cannot pay your major expenses, such as tuition or room and board. This income also cannot be used as a source of income for any official financial statements. Campus jobs may include working at the university's cafeteria, bookstore, library, or health club, or within the university's administrative offices.
Reducing Educational Costs
When planning your finances, consider these ways to reduce your costs:
Best Buys: Look for the colleges that offer you the highest quality education at the lowest cost.
Accelerated Programs: Completing a four-year bachelor's degree in three years saves thousands of dollars. Students can accelerate their programs by
taking courses at a nearby community college if tuition is lower and credits are transferable; attending classes during the summer if they are available; & taking one additional course each semester.
Tuition Waivers: Based on your first-year grades, some colleges award partial tuition waivers. A superior academic record could save you thousands of dollars.
Living Expenses: Becoming a resident assistant in a dormitory could save thousands of dollars in living costs. Working in the dining hall offers a modest salary plus "all you can eat" meals. Living off campus with a relative or friend saves money if suitable accommodation is available and public transport is efficient.
Two-year and Community Colleges: Many students save thousands of dollars in tuition by attending community colleges for their first two years and then transferring to four-year institutions to complete their degree.
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