Shaking The Money Tree

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Shaking the money tree - making the most of financial resources for international students. Presented at NAFSA Region III

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  • There is an enduring myth that international students can get a loan without a us cosigner. School specific programs. For many students it’s a nonstarter, they may not know anyone here. Surprising number that does. Interest RateRepayment PeriodIncome Upon Graduation
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  • Shaking The Money Tree

    1. 1. SHAKING THE MONEY TREE: MAKING THE MOST OF FINANCIAL RESOURCES FOR INTERNATIONAL STUDENTS NAFSA Region III Rogers, Arkansas
    2. 2. Presenters  Annemarie Estrada Director of Client Services Envisage International  Natalie Rigby Director of International Services Louisiana State University
    3. 3. Agenda     Case study - evaluate costs Choosing a school - budgets Pre and post arrival - the LSU story Sources of aid - resources
    4. 4. Tuition On The Rise According to MSN, “college tuition has jumped by 500% since 1985”
    5. 5. Case Study Instructions  We will analyze two case studies of financial hardship.  As a group, discuss the issues and how you would address the problem.
    6. 6. Case Study #1 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? Taxes Campus food Campus accommodation Transportation Health insurance
    7. 7. Case Study #2 Amy Asheton 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 the new Galaxy Note 3 cell phone, which is the latest phone on the market (and most expensive). How do you guide this student and get her back on the road to financial success? Buyer’s remorse, free look back period Get priorities in order and build a budget Other sources of funding – work in the office?
    8. 8. 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
    9. 9. Choosing a School What is a student’s budget and what is your value proposition? Rural v. Urban  Private v. Public  Community College v. Four-Year Institution  Financial Assistance v. Personal Funds 
    10. 10. Be Budget Savvy:   How do you evaluate the costs on-campus for the I-20? Is a complete summary of costs outlined to prospective students? Transparency on costs is key.
    11. 11. Other Expenses To Convey     Application, visa/SEVIS fees Airfare Lodging and living expenses Athletes arrival before semester begins  Cafeteria  Dormitories   Health insurance and medical Transportation with the US
    12. 12. Budget Risk Factors     Exchange rate fluctuations Interruption of funds (life changing event) Inability to stick to a budget Withdrawal of funds from sponsor
    13. 13. Post Arrival Assistance        Clothing Furniture Food Bicycles Local Thrift Stores Garage Sales Shuttle Service
    14. 14. Louisiana State University Located in Baton Rouge, Louisiana, offering Bachelor’s, Master’s, Doctoral and Certificate degree programs. Cost of attendance per year: Tuition and fees $26,800 Living expenses $12,000 Books, supplies and insurance $3,000 TOTAL $41,800
    15. 15. LSU Sources of Aid  Application for admission is the application for scholarships/available aid except for some President Office scholarships which are not designated for international students. Awards are academically competitive and not based on financial need. Full consideration means applying early – well before the listed application deadline (6 months – 1 year in advance).  Financial aid: Helpful in money management and planning. A reminder that with a US citizen co-signer, they are eligible for US financial aid. Some outside source scholarship searches but most disqualify non-immigrants.  There is a clear conversation with newly admitted students that if they do not arrive with university aid, they should not count on receiving it in their future. They financial aid search outside the university is their own but we have a sort list of sites and warn them of fraud that exists on in the WWW.
    16. 16. Once upon a time……… There were undergraduate tuition awards specifically for new international students determined by academic competitiveness. Most were non-resident waivers but there were a few full waivers each year (30-100 offers). There were 15 revolving undergraduate non-resident waivers for current international undergraduate students. Both were decided by a campus international committee. Graduate departments had assistantships (full and partial) and fellowships, and the Graduate Dean’s Office had tuition waivers (full and partial) - some were for under-represented groups.
    17. 17. 2010 Large university budget cuts were across the board and hit the financial aid office and scholarships very hard. Undergraduate international scholarships were basically eliminated (so were a lot domestic and all alumni). We were hoping they would be restored. It now looks like it will take a resurrection. Graduate tuition awards were reduced. Graduate departments were hurt by budget cuts as well so assistantship availability was greatly reduced.
    18. 18. Currently…… Graduate tuition awards and departmental assistantships have bounced back well. Undergraduate scholarships for new and current international students (regardless of academic competitiveness) are basically non-existent. Although our undergraduate application and admission rates are increasing, enrollment has stayed the same or declined.
    19. 19. Employment Outside of full assistantships that waive and cover full expenses for students, employment is available with the notion to students that should not expect it to support their full expenses as a student – just not possible.  On-campus employment and with vendors  Curricular Practical Training (CPT)  Optional Practical Training (OPT)  Economic Hardship
    20. 20. New Ideas    Possibility to guarantee student worker job (like work study) for high academic achievers reducing the I-20 expenses Service learning and campus participation/services for tuition “credits” New conversations would probably occur is international population was dropping but it is not – holding steady (1600 over the last 3 years)
    21. 21. Encouraging External Searches       Study abroad scholarships from home country Home country loan programs and/or private and corporate sponsors Back to true work-study programs (alternating work then enrollment semesters in a year – careful of CPT 12 month limit) Examples sites on our web site and warnings of sites that have “fees” to get scholarships Check with departments and colleges of specific areas of study for some scholarships were nonimmigrants may qualify Rich uncle??? 
    22. 22. 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
    23. 23. External Free Money     Scholarships Grants Fellowships Assistantships Home government or embassy Religious organizations and associations Colleges and universities Private organizations (U.S. and international) Foundations and Philanthropies International agencies
    24. 24. External Resources for International Students IEFA.org FundingUSStudy.org
    25. 25. External Resources for International Students InternationalScholarship.com AbroadPlanet.com
    26. 26. External Resources for International Students edu.fastweb.com bigfuture.collegeboard.org
    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. How it Works   Apply online Borrow total cost of education  Minus  any other financial aid! Need a US cosigner  US citizen or US permanent resident  Good credit history  Lived in the US past 2 years   Initial approval within 2-6 weeks Conditional loan offer
    30. 30. Interactive Forum  What award programs do you offer international students at your school and how do they work?
    31. 31. Interactive Forum  Do you partner with stakeholders and how did you develop that relationship?
    32. 32. Interactive Forum  What are some challenges that your international face when it comes to financial aid?
    33. 33. Thank you! Annemarie Estrada Natalie Rigby aestrada@envisageinternational.com nrigby@lsu.edu Envisage International 224 First Street Neptune Beach, FL 32266 (904) 247-1387 Ext 105 Louisiana State University 101 Hatcher Hall Baton Rouge, LA 70803 Direct +1 (225) 578-3191 Fax +1 (225) 578-1413

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