The cost of education in US is pretty expensive and it can be really prohibitive for you if you are an international student from a country whose currency trades at value below $$$. On top of the high sticker price of education , add the cost of living and you are easily looking at your education bill of $50,000 – $100,000 for 2 years.
To reduce the financial burden of international students, some US Universities and colleges provide financial aid. Financial aid can be a combination of scholarships, grants, loans and student employment.Scholarships and financial aids are very limited for international students in US colleges and universities and the competition is really tough to get these financial aids.
Graduate international students find more chances of financial aid when compared to undergraduate international students.International students are not eligible for federal aid programs, such as scholarships sponsored by state governments.
Financial aid offered to international students may be classified into two types: Merit Based Aid and Need based Aid
Merit based Aid : It is awarded on the basis on academic excellence. It is generally awarded in the form of scholarships. There is no need to reapply for merit based aid every year. It is automatically reapplied to your financial package each year.
Need based Aid :It is generally awarded on the basis of financial need of students. It is typically awarded as grants, student loans or work study. You have to reapply for need-based aid every year because family’s financial situation will likely change from year to year.
There are six US universities that provide fully need-based financial aid to all students, including international students. These are:
- Amherst College
- Yale University
- Dartmouth College
- Princeton University
- Massachusetts Institute of Technology (MIT)
- Harvard University
Lets have a brief introduction of financial aid offered by US universities and colleges to international students:
Scholarships and Grants :
Scholarship and grants are considered free money and these two are often called Gift Aid because these financial aid does not have to be repaid. Scholarships are usually merit based while grants are generally need based. However ,there are limited scholarship options for international students but US Government and many US colleges/ University offer some good scholarships to international students. Few of them are as under:
Amherst College Scholarship :This College offers need based financial aid to international students.
Columbia College Scholarship: The college offers about 20 scholarship and awards to outstanding international students.
Cornell University Scholarship: This college offers limited amount of financial aid to international students.The scholarships are not fully need based.
Dartmouth College Scholarships: This college offers need based scholarship to all students including international students. It is committed to meet 100% need of students during the all four years of undergraduate program.
Illinois Wesleyan University Scholarship: It offers merit based scholarships to qualified international students. The scholarship amount range from $3000 to $18000 per year and it is renewable.
Iowa State University Scholarship: This college offers merit based scholarship and the scholarship amount range from $4000 to $7000. It is renewable every year.
Michigan State University Scholarship: This college offers various scholarships and grants to outstanding international students.
You can also call it self -help aid because it includes both study and part- time employment. Assistantship can be need-based or merit based. But generally, international students get financial assistantship on the basis of merit rather than need. It can be Research Assistantship or Teaching Assistantship. Both Research assistant and Teaching Assistants are required to work approximately 20 hours per week. And in return they get stipend.The stipend offered varies across college and their departments.
International Student Loan :
It is also considered self-help aid and most student loans require repayment. International Student Loans are again very limited .All international students are required to have a cosigner to get a loan. A cosigner is the person who guarantees to repay the loan amount, if by any chance the borrower can not repay the loan. The below mentioned sources are very helpful for international student loan:
- Global Student Loan Corporation: It is the only education lender, which offers student loan to international students without a cosigner
- International student loan.com: A cosigner is must to get student loan from this education lender.
- Credila: This loan organization provides loan to Indian students with an I-20 or Visa interested in student loans abroad studies programs.
- Access Group
Helpful resources for financial aid & scholarships:
US Government and many other organization outside the university/college offers financial aid to international students. Some of them are:
- Foreign Full Bright Student Program
- International Education Financial Aid
- International Scholarships
- International Student Financial Aid
- The Smart Student Guide to Studying in the USA
- Loans For International Students