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US Financial Aid (International)

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US Financial Aid (International)

  1. 1. FINANCIAL AID FOR INTERNATIONAL STUDENTS
  2. 2. GOALS  What Financial Aid Is  Terms & Acronyms  Types & Sources of Aid  Application Process & Forms  Creative Ways to Pay  Timeline
  3. 3. INTERNATIONAL OR FOREIGN STUDENTS  Defined as: Students that will need a visa (F-1) to study in the United States
  4. 4. WHAT IS FINANCIAL AID? Money supplied by a source outside the family to help pay for the cost of education. In reality, many colleges separate Financial Aid (need-based) Scholarships (merit-based)
  5. 5. WHAT IS FINANCIAL AID? Philosophy: the beneficiary of the education has the primary responsibility for it’s cost How aid is distributed is influenced by the government’s view of how higher education should be funded.  US vs. UK/Canada/Scandanavia  1.  2.  3.  4. Student Parent Institution Government
  6. 6. FINANCIAL AID IS...  An assistance device  Not designed to replace a family’s (primary) contribution  Not based on what the parent’s would LIKE to pay
  7. 7. COST OF US INSTITUTIONS
  8. 8. TERMS  Need Based  Merit Based  Need Blind  Need Aware (Most US Colleges & Universities)  Unmet Need
  9. 9. ACRONYMS  COA – Cost of Attendance  EFC – Expected Family Contribution  SAR – Student Aid Report  CSS Profile – College Student Scholarship
  10. 10. EXPECTED FAMILY CONTRIBUTION Parent’s Contribution + Student’s Contribution Expected Family Contribution Calculated ability to pay may not match family willingness to pay!
  11. 11. DETERMINING NEED Cost of Attendance - Expected Family Contribution Eligibility or Financial Need COA • Billable Costs: Tuition, Room & Board, Fees, Health Insurance • Indirect Costs: Books, Spending Money, Transportation from Manila, etc.
  12. 12. SOURCES OF AID  Institutional  Private  Student/Family  Community Organizations  Civic Groups  Religious Organizations  Businesses  Industry
  13. 13.  Measure of Quality  Academic  Athletic  Artistic  Special Characteristic  Family resources not a factor  Award levels based on sponsors’ goals, institutional priorities and funding levels Always double check to see if merit aid is an “automatic” process or a separate application.
  14. 14.  Family ability to pay  Eligibility may vary  Cost of college  Availability of funding  College calculates family contribution  College awards aid based on level of need and available funding
  15. 15. HOW TO APPLY
  16. 16. APPLYING FOR FINANCIAL AID  Research required: forms and deadlines  International Financial Aid Form  CSS/Financial Aid PROFILE  College-Specific Forms NOTE: Certification of Finances is needed for ALL non-US citizens.
  17. 17. CERTIFICATION OF FINANCES  Documentation to provide information about the amount of funding the student has available  School based form  Bank letter  College Board form ALSO a requirement for issuing the I-20 visa documentation
  18. 18. INTERNATIONAL STUDENT FINANCIAL AID APPLICATION  College Board Generic Form  School based form Be sure to use the form the school asks for!
  19. 19. CSS/FINANCIAL AID PROFILE http://student.collegeboard.org/css -financial-aid-profile  Verify if the university also requires CSS Profile  Beyond the FAFSA: Medical expenses, elementary and secondary school tuition, home equity, variety of unusual circumstances  Tailored to an institution  Fee based form
  20. 20. FORMS & DOCUMENTS  Parent tax returns  Student tax returns  Divorced or separated parent information  Other information to verify     Income Assets Family Size Special circumstances
  21. 21. WWW.INTERNATIONALSCHOLARSHIPS.COM
  22. 22. CREATIVE WAYS TO “PAY”
  23. 23. IB COURSE WORK Credit Or Scholarships http://blogs.ibo.org/funding-opportunities/ Did you know that most Florida universities will grant a full year of credit for an IB Diploma score of 32? Also Southern Methodist, Ohio Wesleyan, U of Minnesota, Oregon State, and other public universities
  24. 24. NON-RESIDENT TUITION SCHOLARSHIP • • • • • • • Oklahoma State Colorado State Auburn U of Texas U of Washington Idaho State University Minnesota State University Campuses
  25. 25. OLIN COLLEGE OF ENGINEERING: HALF TUITION SCHOLARSHIP
  26. 26. UNIVERSITY OF MINNESOTA: NEW NEED-BASED SCHOLARSHIPS
  27. 27. WOMEN’S COLLEGES Women’s colleges are traditionally generous with scholarships for international students.
  28. 28. COMMUNITY/JUNIOR COLLEGE Pay lower tuition for two years Guaranteed matriculation to a top university
  29. 29. COMMUNITY/JUNIOR COLLEGE Pay lower tuition for two years Guaranteed matriculation to a top university
  30. 30. FREE MASTER’S DEGREE http://www.clarku.edu/undergraduate-admissions/majors-academics/tuition-free-masters.cfm
  31. 31. CO-OP EDUCATION Wor k, Make Money, Ear n Credit at the SAME TIME! • California Polytechnic State • • • • • • • • • • • • • • University, Sam Luis Obispo University of Cincinatti Georgia Institute of Technology Johnson & Wales Kettering Long Island University, CW Post University of Louisville UMass, Dartmouth Merrimack College Miami Dade College University of Michigan, Dearborn Northeastern University Pace University Rochester Institute of Technology University of Toledo
  32. 32. WHAT TO DO NOW
  33. 33. JUNIOR YEAR  Research colleges and financial aid websites thoroughly  Determine what your real level of need is  Have realistic conversations with students about what you can afford now  Talk to representatives who visit ISM. They don’t work for the Financial Aid office, but can provide some insight.  Visit the Financial Aid office when visiting campuses  Do well academically
  34. 34. SENIOR YEAR: 1 ST SEMESTER  Get organized  Deadlines: Scholarship/Aid deadlines might be earlier  Complete college applications  Register for CSS Profile if needed  Gather information needed for:  CSS Profile  International Financial Aid Form  Check each university’s website
  35. 35. SENIOR YEAR: 2 ND SEMESTER  February – April     Receive award letters Evaluate awards Contact University if necessary Make decisions  April – June     Follow university’s procedures Send required forms Signatures Deposit
  36. 36. POINTS TO REMEMBER
  37. 37. POINTS TO REMEMBER  US View: Paying for university may require some sacrifice (vacations, helpers, etc.)  Deadlines vary by institution  Write or call the institution if any information is unclear or if there are any unanswered questions (DO NOT ASSUME!)  Be prepared to provide documentation of family resources
  38. 38. POINTS TO REMEMBER  Some aid requires you to re-apply every year  Some aid may be contingent on grades/GPA to maintain aid  Keep copies of forms completed as well as supporting documentation  Tax forms  Employer’s statements  Bank statements
  39. 39. THANK YOU FOR COMING! This presentation will be posted on the HS Guidance blog in the next week. http://guidance.ism-online.org/

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