Financial Aid


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I used this slide as a good guideline back in 2007. Hope you will find this useful. Thanks :)

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Financial Aid

  1. 1. Financial Aid for Undergraduate International Students<br />Prepared by<br />NelumSenadira<br />Student Advisor<br />Us-SL-Fulbright Commission<br />(adopted form presentations by Nancy Keteku, Linda Heaney and MihaelaArsene)<br />
  2. 2. Hurdels!<br />90% of SLKN students require massive financial aid<br />Scholarships : Virtually none<br />Loans : local options : study loan, Few options<br />Loans : Us options : study loan from US bank (U.S co signer as a stumbling block)<br />Deferred Admission???<br />Limited funding opportunities for transfer students<br />Int’l students cannot enroll as freshman if they have earned credit in their home country<br />
  3. 3. Myths and Mindsets<br />What assumptions do students make about financing their education<br />Do you needfinancial aid, or do you merely want it?<br />What would your options be if there were no financial aid?<br />Think realistically<br />
  4. 4. Basic Premises<br />Two types of aid : need-based and merit-based<br />Each school has it’s own budget and policy<br />Admission with financial aid can be ten times more competitive than admission without aid<br />Students must plan their finances from the beginning of the admissions process, NOT after the admissions decision is made<br />DO YOUR HOME WORK!<br />
  5. 5. Student self assesent<br />Ask yourself : Do I have<br />Good Scores / expected results<br />A good GPA, school profile<br />Special talents<br />Significant accomplishments<br />Powerful recommendations<br />Necessary SAT II, even if not required<br />What will I add to the diversity of the US classroom?<br />
  6. 6. Where’s the money?<br />Need-blind admissions : Full need met<br />Need-sensitive decisions<br />Need-based, but with limits to maximum amount given<br />Standard, flat amount<br />Earmarked : countries, majors<br />Private, liberal arts colleges have the most<br />KNOW EVERY SCHOOLS BUDGET AND POLICY<br />(or at least the 120 most generous ones )<br />
  7. 7. Need-based Aid : Family Funding<br />With need-based financial aid, the family is expected to contribute to as much as they can afford<br />Be realistic : How much can the family afford to pay, per year for four years<br />The more you need, the more competition you will face<br />THEREFORE, DON’T ASK FOR MORE THAN YOU GENUINLY NEED<br />
  8. 8. The Family Contribution:How much?<br />Calculated from parents’ income, assets, living costs, siblings in college and special circumstances (illnesses, rich uncle)<br />Student’s self help: On campus job<br />Be honest and Realistic! Don’t ask “How much is enough?”<br />Know your FC before you start selecting schools<br />International students Financial Aid Form<br />
  9. 9. How to compete for Need-Based Financial Aid<br />The Competitive Advantage<br />RESEARCH AND ENCHANCEMENT<br />Research which colleges award aid, and how much<br />Enhance and strengthen your application to make them more compelling<br />Distinguish yourself in a highly competitive applicant pool: It’s not enough to be “just a good student”<br />
  10. 10. Merit-Based Scholarships<br />Usually small, less than $5000<br />Based on special quality or talent: music, art, academic performance (GPA or SAT scores)<br />Must be exceptionally distinguished <br /><br />
  11. 11. Sports Scholarships<br />Requires demonstrated ability, such as winning regional or national competitions<br />Basic academic competence: high school graduate, good SAT scores<br />Learn NCAA rules<br />Correspond directly with coaches<br />
  12. 12. Cost Defrayment<br />Save on housing costs : Live off campus<br />Take heavy course load, graduate early<br />Attend community college for first two years<br />Look for best buys, out-of-state tuition waivers<br />Work on campus<br />Search for schools that offer a good value of money<br />Reducing tuition through credit transfer<br />
  13. 13. Primary sources for Aid for Int’l students<br />Family and relatives<br />U.S. colleges and universities<br />Scholarships Grants<br />Loans Internships (co-op)<br />Campus Employment<br />Challenges : No standard methodology / No “right” approach<br />
  14. 14. Student research for fine-tuning the college match<br />College vision and mission (key words)<br />College freshman profile<br />College handbooks: entrance requirements<br />“ Secondary school records and personal character most important, followed by class rank, recommendations, essay, talent, activities” – Kenyon College<br /> Is this a good choice for an applicant whose strength points are test scores OR extra-curricular activities??? <br />
  15. 15. Fine tuning: The applicant’s view<br />Reflection during a student’s admission to Middlebury College<br />Show the college that you are committed to your own work and that you are proud of who and what you are. They love dedication and determination. Therefore, DO tell them what aspect made you choose that particular school. For instance, “I’m very interested in foreign languages and am applying to Middlebury precisely for this reason. You have the best language school in the US ” <br />
  16. 16. Fine tuning: The Admission officer’s view<br />Middlebury Admission officer<br />“We liked your achievements at your high school: you really excelled and did well in your final examination. We liked your varied interests, your essays and the sensitivity you displayed, and your willingness to try again to Middlebury. You seemed to be really interested in what we have to offer and to know Middlebury accurately. Clearly you have done your research. Your teacher recommendations were exceptional and you put a lot of thought and work in the application, revealing quite q bit about yourself in the process….<br />
  17. 17. Contd…<br />…To sum it up, we could see you contribute to small discussion-based classes, we felt that you’d make a wonderful roommate for any student, we could foresee contributions to the larger community, and your spirit of not being discouraged is impressive, We love dedication and determination. You have lots of leadership potential and qualities” <br />
  18. 18. How Aid recipients are selected<br />Highest academic profiles<br />Outstanding talent<br />Compelling circumstances<br />Country or Region specific<br />Socio-economic mix<br />Under-represented country<br />Student’s interest level<br />