A Simple Guide To Higher Education In The United States Part 7: Financing Your U.S. Education  

Education in the United States can be expensive. However, higher education is the most important investment you will ever make. You should start your financial planning at the same time you select the colleges to which you will apply; that is, about one year prior to enrollment.    

Financing your college education is a four-pronged effort, consisting of    
- assessing your personal and family funds;    
- identifying financial assistance for which you are eligible;    
- compiling effective applications; and    
- reducing educational costs.    

First, you need to confer with 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 money as possible from family sources, because most scholarship awards are highly competitive and cover only part of the total educational and living costs.    
At the same time, conduct research in your own country to find possible funding from local government, business, or foundation sources. Although these sources are not found in all countries, you may be able to reduce your educational cost through scholarships from local organizations.    
If your family and local funds do not cover the cost of a U.S. education, you will need to look for financial assistance from other sources, such as American colleges and universities. However, when searching, do not assume that all institutions award financial aid. In fact, only about 50 percent of the institutions offering bachelor’s degrees provide financial assistance to students who are not citizens or permanent residents of the United States, and most of them provide only partial assistance. Keep in mind that financial aid for U.S. students is different from financial aid for international students.    
Be sure to inform the admissions office of your country of citizenship and request information on financial aid available to non-U.S. citizens.    

Can I Afford College?    
You have probably heard about scholarships and financial aid. So what’s the difference?    
A scholarship is a financial award based on merit in areas like academics, athletics and performing arts, or community service and leadership. Financial aid is based on a student’s financial need, as documented by family income, assets, and other factors.    
Although different in many ways, most scholarships and financial aid are extremely competitive and require an exemplary academic record. Consult with your educational    adviser on how to research available financial aid for international students. You will discover that most financial awards cover only a portion of the total cost of attendance.    

Thus, the more money you can raise from family sources, the better your chances are of attending the college or university of your choice.    

As you do your research, make a list of the colleges and universities you would like to attend. Write down the annual cost of each (tuition, fees, insurance, room and board, books, and clothing), and then enter the total financial aid award offered by each of the institutions. In this way, you can quickly see where your best chances lie, and you can eliminate the institutions where you would not stand a good chance of attending based on the financial aid you would receive.

When planning your finances, consider these ways to reduce your costs:    
- Look for institutions that offer the highest quality education at the lowest price.    
- Try to complete a four-year bachelor’s degree in three years. This will save you thousands of dollars. Students can accelerate their programs by earning transfer credit for college-level courses completed in the home country; taking courses at a nearby community college—if tuition is lower and credits are transferable; attending summer school; and taking one additional course each semester.    
- Find out if the institution offers scholarship assistance based on your first-year grades. A superior academic record could save you thousands of dollars.    
- Live off campus with a relative or friend.    
- Attend a community college for the first two years and then transfer to a four-year institution to complete your degree.    

Here are some additional pointers on financing your U.S. education:    
- International students often ask about full scholarships, which cover the entire cost of education, except for airfare. These awards are both rare and competitive. The total number of full scholarships offered to incoming international students each year is about 2,000, offered by only about 200 colleges in the United States. There are usually 20 highly qualified international students competing for each major scholarship. To compete successfully for a full scholarship, you must be one of the top students in your country, have a high grade point average (GPA), score well on the SAT and TOEFL, and demonstrate outstanding performance in other areas, such as leadership.    
- International students also ask about financial assistance from foundations, organizations, and the U.S. government. These types of financial aid are rarely awarded to international students because there is very little aid available through such sources, and it is usually earmarked for advanced graduate students. Fewer than 5 percent of international undergraduates are financed through these sources.    
Again, your educational adviser can tell you whether or not there are special funds available for students from your country.    
    

- Financial aid is awarded at the beginning of the academic year (August–September) and is rarely available for students entering in January. Note: Aid is more likely to be available to first-year students than to those transferring from other institutions. If you are already enrolled in a university at home and wish to transfer to a university in the United States, ask the admission office about its policy on financial aid for international transfer students.    
- You may be able to negotiate a loan to cover part of your education. Your educational adviser will have a list of reputable loan programs for which you are eligible. These loans usually require both a creditworthy U.S. citizen to act as a cosigner and proof of enrollment in a U.S. university. Before taking a loan, make sure you know how you are going to repay it and how a loan will affect your plans for graduate study and returning home.    
- Working can help pay part of your education. However, immigration regulations permit international students to work only part-time and only on campus. After your first year of study, you may apply to the Bureau of U.S. Citizenship and  Immigration Services (USCIS) (formerly INS) for permission to work off campus, but there is no guarantee that this will be granted and you cannot work off campus for more than twelve months. Understanding the various regulations from the USCIS can be difficult, so you should carefully review the information found at http://uscis.gov/graphics/index.htm.