Nikhil had always been a good student in school – excellent grades, good debater, quiz team, and the school’s star table tennis player. When many of his classmates started planning for the SAT/ACT, and discussing American universities, even he was enticed into thinking about his higher education abroad. However, knowing his parents could not really afford the full cost of attendance, he was hesitant to even broach the topic with them.
Much like Nikhil, many students across the country and in other parts of world, dream about a quality higher education at one of the globally respected universities in USA. Unfortunately, faced with the prohibitive fee that stares back at them from the attractive websites and glitzy brochures, several students do not even dare to apply.
Help is however available in the form of substantial financial aid that many US universities provide for international students. Many students are not aware that, apart from external resources, they can procure scholarships and other funding from the universities themselves.
There are some common myths among parents about financial aid that are…myths
- Thestudent needs to be an A+ student to get aid
- College fees are unaffordable
- I have my own business and won’t be eligible for financial aid
- There is no funding for international students
- I shall have to sell all my retirement assets to pay for a college..... Read More >>
Nikhil had always been a good student in school – excellent grades, good debater, quiz team, and the school’s star table tennis player. When many of his classmates started planning for the SAT/ACT, and discussing American universities, even he was enticed into thinking about his higher education abroad. However, knowing his parents could not really afford the full cost of attendance, he was hesitant to even broach the topic with them.
Much like Nikhil, many students across the country and in other parts of world, dream about a quality higher education at one of the globally respected universities in USA. Unfortunately, faced with the prohibitive fee that stares back at them from the attractive websites and glitzy brochures, several students do not even dare to apply.
Help is however available in the form of substantial financial aid that many US universities provide for international students. Many students are not aware that, apart from external resources, they can procure scholarships and other funding from the universities themselves.
There are some common myths among parents about financial aid that are…myths
- Thestudent needs to be an A+ student to get aid
- College fees are unaffordable
- I have my own business and won’t be eligible for financial aid
- There is no funding for international students
- I shall have to sell all my retirement assets to pay for a college education for my child
How much would an American education cost for International students?
The Total Cost of Attendance (COA) is clearly displayed on the college website and would include the following:
- Tuition and Student Fees
- Room and Board
- Books and Supplies
- Personal Expenses
- Transportation Expenses
- Some discretionary expenses depending upon specific needs
For International Students, this could range from about $35000 to more than $70000 per annum.
How could one afford to pay this?
Financial aid is a supplement to family resources when the calculated ability of the family to pay for educational expenses falls short of the cost of attendance. Universities calculate the eligibility for aid based upon the financial ability of the family to pay for their child’s education. This calculation takes into consideration the parent income, student income, family savings and assets, any other sources the family may have (eg: sponsors), number of members in the household, family expenses, etc. Based upon their internal methodology of calculation, the universities arrive at the total contribution expected from the family, commonly termed as the Estimated Family Contribution.
Financial Need and how it affects your chances of Admission
Financial Need = Total Cost of Attendance - Estimated Family Contribution
This is ultimately the eligibility for financial aid. Colleges practice either ‘Need Aware’ or ‘Need Blind’ admission policies, depending upon whether they consider ‘financial need’ as a factor in evaluating your application or not. Unfortunately, apart from a few colleges, all others are Need Aware for international students – which means that your requirement for financial aid becomes a determining factor in your selection into the college. Institutional funds are limited for international students, and colleges are therefore more selective in awarding scholarships.
12 July 2017
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