FINANCIAL AID

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FINANCIAL AID

• For international students planning to study in
  the United States
• November 2006

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Financial Aid?Its a jungle out there!
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Financial Aid for International Students

• International or Foreign Students
• Defined as
• Students that will need a visa (F-1) to study in
  the United States
• Financial Aid
• Defined as (for todays discussion) Any type of
  funding outside the students family
• In reality- many colleges separate Financial Aid
  as being need based Scholarships as being merit
  based

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What is Financial Aid?

• Money that is supplied by a source outside of the
  family to help pay for the cost of education
• Basic premise of Financial Aid students and
  parents are the primary source of funds and are
  expect to contribute to the extent they are able.
  

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????Financial Aid Is

• An assistance device
• Not designated to replace familys contribution
• To supplement parents (primary) responsibility
• Not based on what the parents would LIKE to pay

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Terms and Acronyms

• Certification of Finances- Documentation to
  provide information about the amount of funding
  the student has available
• School based form
• Bank letter
• College Board Form
• International Student Financial Aid Application-
  
• School based
• College Board Generic Form

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Terms and Acronyms

• EFC- Expected Family Contribution
• COA- Cost of Attendance
• Need Based- Funding based on familys income and
  need
• Merit Based- Funding based on talents (academic,
  athletic, leadership, etc.)
• Unmet Need- Difference between cost and aid
  award- the Gap

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Terms and Acronyms

• NEED BLIND Students are admitted and fully
  funded based on the universitys criteria
• - Less than 10 schools are truly need blind
• MEET FULL NEED actually means most need is met
  up to what the university determines often less
  than what parents expect, sometimes refers to
  full tuition
• MANY are
• NEED Conscious
• NEED Aware
• NEED Sensitive

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Cost of Attendence (C.O.A.)

• DIRECT COSTS
• Tuition and Fees
• Room
• Board/Food
• INDIRECT COSTS
• Books and supplies (estimate)
• Personal expenses (estimate)
• Transportation (sometimes included)
• Insurance (may be required)

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Categories of Financial Aid

• NEED Based Aid VS. NON-NEED Based Aid
• (Merit)
• SELF-HELP Aid VS. GIFT Aid
• Work - Scholarships
• Loans - Grants

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Important Factors for Intl Students

• If you are looking for financial aid as an intl
  student, you MUST apply to institutions that say
  they offer financial assistance to international
  students!
• If in doubtASK! Do not assume anything
• If they say they dont give financial aid, but
  you need it, then dont apply there

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Important Factors for Intl Students

• Make sure you understand if it is based on MERIT
  or NEED
• Make sure you know if it is a separate
  application
• Make sure you know who/what your competition is

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Important Factors for Intl Students

• Make sure you understand the requirements to KEEP
  the funding in subsequent years
• Know when to apply for financial aid
• Some applications MUST be regular
• Early applications may not be appropriate
• GO WHERE THE IS !!!
• Do your research

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Sources of Financial Aid

• NOT available to international students
• Federal
• State
• Can be available to international students
• Institutional
• Private

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Other sources of funds

• University Grants
• Private Scholarship Organizations
• Academic Scholarships
• Athletic Scholarships
• Resident Assistant Benefits

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Private Sources

• Community Organizations
• Civic Groups
• Foundations
• Religious Organizations
• Businesses
• Industry
• National Ministries of Education

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?????Questions to Ask

• Does your university offer financial assistance
  to international students?
• Are they in the form of Financial Aid (need
  based) or Scholarships (merit)?
• What forms are required?
• What are the deadlines?
• How competitive are the scholarships?

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Questions to Ask

• Is your university need blind when it comes to
  admissions of international students?
• Will you do an admit-deny status for
  international students?
• ADMIT- for admissions purposes but DENY any type
  of financial assistance?
• Or is admissions linked to financial need?
• Will you be denied admissions if your need is
  more than they can meet?

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Loans for International Students

• Here are two examples of loans offered by
  standard banking institutions
• - must have a U.S. Citizen Co-signer
• Citibank - (Citi-Assist Loans)
• www.prestamosestudiantiles.com
• www.studentloan.com
• Wells Fargo Bank
• www.wellsfargo.com (Education Center)
• http//www.wellsfargo.com/per/student/loans/underg
  rad/education.jhtml

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Some Websites

• www.finaid.com
• www.iefa.com
• www.iefc.com
• www.ncaa.org
• http//www.collegeboard.com/student/pay/index.html
  
• Lets take a closer look

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International Student .comwww.internationalstude
nt.com (homepage)
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International Student .comwww.internationalstude
nt.com (narrowed-down)
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IEFA .org Basic Scholarship Searchwww.iefa.org
(Homepage)
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International Student Scholarships
.comwww.internationalschoarship.com (Homepage)
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International Student Scholarships
.comwww.internationalschoarship.com
(Scholarships U.S. Econ.)
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IIE Passport Study Abroad Fundingwww.studyabro
adfunding.org
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StudyAbroad http//www.studyabroad.com/forum/fi
nancial_aid.html

• Study Abroad Scholarship Directory
• StudyAbroadFunding.org is a comprehensive
  directory of study abroad scholarships,
  fellowships, and grants to find funding for study
  outside the US at an undergraduate, graduate, or
  professional level of study.
• Study Abroad Financial Aid Websites
• AIFS Minority Scholarships are awarded one per
  semester, full tuition for an AIFS study abroad
  program. One hundred AIFS International
  Scholarships are awarded annually---1000 toward
  an AIFS program.
• American Association of University Women - the
  largest source of funding exclusively for
  graduate women in the world, supports aspiring
  scholars around the globe, teachers and activists
  in local communities, women at critical stages of
  their careers, and those pursuing professions
  where women are underrepresented.
• Association of Commonwealth Universities -
  Provides lists of scholarships and fellowships to
  and from over 480 universities drawn from the
  Commonwealth countries of Africa and Asia,
  Australasia and the South Pacific, Canada and the
  Caribbean, the United Kingdom, Cyprus and Malta.
• British Council - lists funding and scholarship
  information for study in the United Kingdom
• DAAD German Academic Exchange Service - The edu
  Undergraduate Scholarship is a flexible
  scholarship program which offers SHORT-TERM
  scholarships for participation in summer study
  abroad, internships, senior thesis research or
  summer courses at German universities and
  LONG-TERM scholarships for semester or year study
  abroad.

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Questions??