FINANCIAL AID

For international students planning to study in the United States

November 2006

Financial Aid?It’s a jungle out there!

Financial Aid for International Students

* International or Foreign StudentsDefined as:

Students that will need a visa (F-1) to study in the United States

* Financial AidDefined as (for today’s discussion): Any type of

funding outside the student’s family

In reality- many colleges separate Financial Aid as being need based & Scholarships as being merit based

What is Financial Aid?

Money that is supplied by a source outside of the family to help pay for the cost of education

Basic premise of Financial Aid: students and parents are the primary source of funds and are expect to contribute to the extent they are able.

????Financial Aid Is…

An assistance device

Not designated to replace family’s contribution

To supplement parent’s (primary) responsibility

Not based on what the parent’s would LIKE to pay

Terms and Acronyms

Certification of Finances- Documentation to provide information about the amount of funding the student has available

School based form Bank letter College Board Form

International Student Financial Aid Application-

School based College Board Generic Form

Terms and Acronyms EFC- Expected Family Contribution

COA- Cost of Attendance

Need Based- Funding based on family’s income and need

Merit Based- Funding based on talents (academic, athletic, leadership, etc.)

Unmet Need- Difference between cost and aid award- “ the Gap”

Terms and Acronyms

NEED BLIND – Students are admitted and fully funded based on the university’s criteria

- Less than 10 schools are truly “need blind”

MEET FULL NEED – actually means most need is met up to what the university determines – often less than what parents expect, sometimes refers to “full – tuition”

MANY are: NEED Conscious

NEED Aware NEED Sensitive

Cost of Attendence (C.O.A.)

DIRECT COSTS Tuition and Fees Room Board/Food

INDIRECT COSTS Books and supplies (estimate) Personal expenses (estimate) Transportation (sometimes included) Insurance (may be required)

Categories of Financial Aid

NEED Based Aid VS. NON-NEED Based Aid

(Merit)

SELF-HELP Aid VS. GIFT Aid - Work - Scholarships- Loans - Grants

Important Factors for Int’l Students

If you are looking for financial aid as an int’l student, you MUST apply to institutions that say they offer financial assistance to international students!

If in doubt…ASK! Do not assume anything

If they say they don’t give financial aid, but you need it, then don’t apply there

Important Factors for Int’l Students

Make sure you understand if it is based on MERIT or NEED

Make sure you know if it is a separate application

Make sure you know who/what your competition is…

Important Factors for Int’l Students

Make sure you understand the requirements to KEEP the funding in subsequent years

Know when to apply for financial aid Some applications MUST be regular Early applications may not be appropriate

GO WHERE THE $$ IS !!! Do your research…

Sources of Financial Aid

NOT available to international students Federal $ State $

Can be available to international students Institutional $ Private $

Other sources of funds

University Grants

Private Scholarship Organizations

Academic Scholarships

Athletic Scholarships

Resident Assistant Benefits

Private Sources

Community Organizations Civic Groups Foundations Religious Organizations Businesses Industry National Ministries of Education

?????Questions to Ask…

Does your university offer financial assistance to international students?

Are they in the form of Financial Aid (need based) or Scholarships (merit)?

What forms are required?

What are the deadlines?

How competitive are the scholarships?

Questions to Ask…

Is your university “need blind” when it comes to admissions of international students?

Will you do an “admit-deny” status for international students? ADMIT- for admissions purposes but DENY any

type of financial assistance? Or is admissions linked to financial need?

Will you be denied admissions if your need is more than they can meet?

Loans for International Students

Here are two examples of loans offered by standard banking institutions: - must have a U.S. Citizen Co-signer

Citibank - (Citi-Assist Loans) www.prestamosestudiantiles.com www.studentloan.com

Wells Fargo Bank www.wellsfargo.com (Education Center) http://www.wellsfargo.com/per/student/loans/

undergrad/education.jhtml

Some Websites

www.finaid.com

www.iefa.com

www.iefc.com

www.ncaa.org

http://www.collegeboard.com/student/pay/index.html

Let’s take a closer look…

International Student .com

www.internationalstudent.com (homepage)

International Student .com

www.internationalstudent.com (narrowed-down)

IEFA .org – Basic Scholarship Search

www.iefa.org (Homepage)

International Student Scholarships .com

www.internationalschoarship.com (Homepage)

International Student Scholarships .com

www.internationalschoarship.com (Scholarships – U.S. – Econ.)

IIE Passport – Study Abroad Funding

www.studyabroadfunding.org

StudyAbroad

http://www.studyabroad.com/forum/financial_aid.html

Study Abroad Scholarship Directory:StudyAbroadFunding.org is a comprehensive directory of study abroad scholarships, fellowships, and

grants to find funding for study outside the US at an undergraduate, graduate, or professional level of study.

Study Abroad Financial Aid Websites: AIFS Minority Scholarships are awarded one per semester, full tuition for an AIFS study abroad

program. One hundred AIFS International Scholarships are awarded annually---$1000 toward an AIFS program.

American Association of University Women - the largest source of funding exclusively for graduate women in the world, supports aspiring scholars around the globe, teachers and activists in local communities, women at critical stages of their careers, and those pursuing professions where women are underrepresented.

Association of Commonwealth Universities - Provides lists of scholarships and fellowships to and from over 480 universities drawn from the Commonwealth countries of Africa and Asia, Australasia and the South Pacific, Canada and the Caribbean, the United Kingdom, Cyprus and Malta.

British Council - lists funding and scholarship information for study in the United Kingdom

DAAD – German Academic Exchange Service - The edu Undergraduate Scholarship is a flexible scholarship program which offers SHORT-TERM scholarships for participation in summer study abroad, internships, senior thesis research or summer courses at German universities and LONG-TERM scholarships for semester or year study abroad.

Questions??