U.S. Financial Aid Options for International Students
The United States is one of the most desirable destinations for international students. Many of its higher education institutions are considered the best in the world.
According to the Institute of International Education, despite the more recent dip in international student numbers, the recorded number of international students in the U.S. increased from 671,616 in 2008-2009 to 1,094,792 for the school year 2018-2019—an increase of about 63 percent.
One reason that international students enroll in U.S. universities is the advanced level of English that a U.S. degree signals, especially in light of the international labor market demand for English-speaking professionals. Another reason is prestige: For example, U.S. universities produce more Nobel Prize winners than those of any other country!
Here’s another reason: Having a U.S. degree often provides students with more opportunities to get higher paying, professional-class employment. That’s especially true for private businesses and within the government.
Despite the many advantages, international students face numerous challenges living in the U.S. The high cost of tuition is a primary concern.
Additionally, the cost of living is extremely high in the U.S. Many international students come from developing countries, where life is simpler and much less expensive. They often find it hard to adjust to a new financial reality.
Financial Aid for International Students
Below are two possible solutions that can help international students achieve financial stability and consequently succeed in their academic pursuits.
Student Loans
First, international students can apply for financial aid at the schools they are planning to attend. Many international students do not know about financial aid—what is available to them and how to apply for it. It is true that some financial aid sources, such as federal student loans, are available only to citizens. However, international students have other aid options.
Here are some of the many financial aid alternatives available to international students:
- School loans: Some schools make loans available to international students. Students can contact their academic advisor or their school’s financial aid office to learn more. (Loans must be paid back, with interest.)
- Private loans: Some private lenders offer loans to international students. To get more information, students can contact international student services or the office of financial aid at their school.
- The International Education Financial Aid (IEFA) organization: IEFA has partnered with the leading provider of international student loan programs to provide students around the world with financial aid options to fund their education abroad. Students can check IEFA’s website for information about eligibility and how to apply.
Scholarships and Grants
Second, international students can apply for scholarships at the schools where they hope to enroll. Many universities offer scholarships and grants for students regardless of their citizenship.
Here’s some information about scholarships and grants for international students:
- Scholarships and grants provided by the university: Each university has its own scholarships and grants. Students can contact their advisors or the financial aid and scholarship office at their school to learn about these scholarships and how to apply for them. (Scholarships and grants are not paid back.)
- Scholarships and grants offered by departments within the university: Some departments and colleges within a university partner with various organizations to support all students, including international students. In addition, some university professors partner with organizations and centers to conduct research. Professors can use these funds to recruit research team members. Students can contact their department and advisors to learn about these scholarships and grants.
- Research funds or grants from the Pivot organization: Pivot offers many research funding opportunities for students in a variety of fields, such as education and technology. Students can check Pivot’s website for information about eligibility and how to apply.
In Conclusion…
Living and studying in the U.S. can be challenging. Many international students have only a vague picture of how expensive life is in the U.S. They often find it totally different from what they had imagined. When making plans to attend university in the United States, international students should anticipate high costs. They should explore opportunities to finance their education. By addressing their financial needs, they will be more likely to ensure their academic success as well.
Related Reading
