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Can I Afford It?


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A look at budgeting and affordability for your international students. Presentation at NAFSA Region IV in Rapid City SD as part of the NAFSA regional conference in 2013

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Can I Afford It?

  2. 2. Presenters  Apinant Hoontrakul Marketing Manager Envisage International  Kevin McMahan Associate Dean for Intercultural Development Northwestern College  Mililani Hayselden International Program Advisor Park University
  3. 3. Overview      Case studies (10 minutes discuss, 5 minutes each group) Evaluating costs Affordability, recruitment & retention Sources of funding Interactive forum
  4. 4. Case Study Instructions  We will analyze 3 case studies of financial hardship.  As a group, discuss the issues and how you would address the problem. (10 minutes)  Each group share their findings
  5. 5. Case Study #1 A college offers its financial aid package to a new student, knowing that it falls short of the students’ need as stated on financial documents. He responds that he can’t afford it, but the offer does not change. The student pays the deposit required, and provides bank statements showing sufficient funds available.  How much do you know about their financial resources? Do you issue an I-20? Are there other questions to ask? 
  6. 6. Case Study #2 Morrison Kwong from China is a recipient of an athletic scholarship. He will be arriving early on July 15th before the semester begins. He will also be participating in athletic practice during this time. What issues do you need to consider for this students budget?
  7. 7. Case Study #3 An international student from Saudi Arabia comes to your office saying that she doesn’t have enough money to cover her books and other classroom supplies. You remember speaking to her three days prior and she had purchased a new expensive car. How do you guide this student and get her back on the road to financial success?
  8. 8. Evaluating costs Tuition Room and Board Other $10,500 $ 7,686 $ 3,670 [books, health insurance, fees] TOTAL COST $21,856
  9. 9. Be Cost Savvy:   How do you evaluate the costs on-campus for the I-20? Is a complete summary of costs outlined to prospective students?
  10. 10. Costs     Application, visa/SEVIS fees Airfare Lodging and living expenses Students arriving before semester begins  Cafeteria  Dormitories   Health insurance and medical Transportation with the US
  11. 11. Primary Sources of Funding 2011-2012 Personal and Family Funds (63%) U.S. College or University (23%) Home Government/University (6%) Current Employment (5%) U.S. Government (1%) U.S. Private Sponsor (1%) Foreign Private Sponsor (1%) Other Sources (1%) International Organization (0%) Open Doors Report 2012
  12. 12. Tuition On The Rise According to MSN, “college tuition has jumped by 500% since 1985”
  13. 13. Employment     On-campus employment and with vendors Curricular Practical Training (CPT) Optional Practical Training (OPT) Economic Hardship
  14. 14. Internal Sources of Funding  University’s scholarship and financial Aid  Academic Scholarships  Athletic Grants  Emergency fund
  15. 15. Internal Sources of Funding  Northwestern College  Guaranteed 1/3 of tuition  Academic, Athletic, Artistic scholarships  International endowed scholarships  International Grant (need-based)  Limited emergency funds
  16. 16. Affordability, Recruitment & Retention
  17. 17. Choosing a School What is the student’s budget and what is your school’s value proposition? Rural v. Urban  Private v. Public  Community College v. Four-Year Institution  Financial Assistance v. Personal Funds 
  18. 18. Bartering Educational Costs ?!?  Institutional Goal  Assisting as many students as possible  within budget  Student/Family Goal  Getting the best deal
  19. 19. Haggling or Straight Talk ?  Negotiation Process  Financial disclosure – Declaration of Finances  Affordable? Let’s make a deal!  High need? Need more data  CSS Financial Aid Profile: offer – Financial Certification Form  Award acceptance – signature, deposit, bank statements  Award
  20. 20. Forever & Always ?   Ideal = honest, full disclosure process that never changes Too bad – it’s an imperfect world  When students know they don’t have enough  When students don’t know they don’t have enough  When they had enough, but it’s not enough anymore
  21. 21. Sources of funding
  22. 22. External Free Money    Scholarships Grants Fellowships Home government or embassy Religious organizations and associations Colleges and universities Private organizations (U.S. and international) Foundations and Philanthropies International agencies
  23. 23. Who Can You Turn To: Institutional Support  Alumni Association(s)   International Clubs     Involvement on campus can include mobilizing clubs to raise funds for scholarships. Student Organizations   Can your alumni associations help you develop a scholarship fund? Many schools have international organizations (like a Chinese student association) – can they help? Non-Profit Organizations Religious Groups Immigration Community
  24. 24. External Resources for International Students
  25. 25. External Resources for International Students
  26. 26. External Resources for International Students
  27. 27. Bridge the Gap: International Student Loans • Stafford Loan • Perkins Loan • PLUS Loan Which of these are available to an international student?
  28. 28. Compare Lenders for International Students
  29. 29. Budget Risk Factors     Exchange rate fluctuations Interruption of funds (life changing event) Inability to stick to a budget Withdrawal of funds from sponsor
  30. 30. Post Arrival Assistance     Meal plans Student discounts at local stores Shuttle Service Budgeting Orientation
  31. 31. Interactive Forum   What award programs do you offer international students at your school and how do they work? How much do you rely on these awards to attract students?
  32. 32. Interactive Forum  How do you come up with estimated cost for living expenses?  International student survey?  Other statistics?
  33. 33. Interactive Forum  Do you partner with stakeholders and how did you develop that relationship?
  34. 34. Interactive Forum  What are some challenges that your international students face when it comes to financial aid?
  35. 35. Thank you! Apinant Hoontrakul Kevin McMahan Mililani Hayselden Envisage International Northwestern College Park University 224 First Street 208 8th St. SW 8700 NW River Park Dr Neptune Beach, FL 32266 Orange City, IA 51041 Parkville, Mo 64152 (904) 247-1387 Ext 105 (712) 707-7016 (816)584-6831