We are all well aware that studying abroad is expensive, especially for students looking to study in the US. However, is it ever possible for an international student to pay only $5,000 a year to attend an American university? This may surprise some but this is possible. There are students studying at excellent American universities who only pay $5,000 a year.
Below is a list of ways how you can lower your academic expenses in the US. With a combination of scholarships and work-study opportunities, you can attend prestigious universities without having to take a huge amount of student loans.
Ways to Pay Only $5,000 a Year to Study in the U.S.
1. Automatic Scholarships
Many excellent US universities offer full-tuition scholarships to qualified international students who have obtained exceptional high marks in their standardized tests (SAT and ACT) and GPA. Some will even offer additional scholarship coverage based on the student’s major and SAT scores. For example, the University of Alabama offers an additional $2,500 for engineering majors.
2. Competitive Scholarships
Competitive Scholarships are not awarded solely on the student’s GPA and standardized scores. This will also consider the extracurricular activities, essays, and recommendations of the student.
Some competitive scholarships are full-ride scholarships which means it will cover tuition, accommodation, and other benefits. While these scholarships are highly competitive, others in less selective universities are not competitive at all.
3. External Scholarships
Every year, billions of dollars are awarded by different bigtime companies such as McDonald’s, Bank of America, and Coca-Cola. Scholarships that are awarded by these companies are called external scholarships.
The advantage of external scholarships is that a student can apply to any institution of choosing. Unlike automatic scholarships and competitive scholarships, a student will have to attend that school. However, the disadvantage of external scholarships is that the amount is relatively small compared to other types of scholarships. Generally, external scholarships award anywhere from $1,000 to $5,000. There are also only a few external scholarships available for international students because most prioritize offering them to U.S. citizens or permanent residents.
Though earlier stated that there are only a handful of grants and awards intended for international learners, here are some of the external scholarships you can apply to: the Ritchie-Jennings Memorial Scholarships (accounting, business administration, finance, or criminal justice students), MPower Global Citizen Scholarship, and the P.E.O. International Peace Scholarship.
4. Need-based Financial Aid
Need-based financial aid is awarded based on your Estimated Family Contribution (EFC). EFC is calculated by the school which is based on the financial information the student has provided. Most US institutions offer full funding (tuition, room, and board) for this type of scholarship. For example, the Need-Based Financial Need at Wesleyan University offers full funding to its undergraduate students, the same goes with NYU’s Need-Based Financial Aid.
5. Work-Study Programs
Work-study is a program allowing students to work during the semester on campus. International students are not eligible to work outside the campus but can work on-campus for up to 20 hours per week during the semester. Also, they can work on-campus for 40 hours a week during the summer to finance their study.
If a student can work for 20 hours per week, this means that they can earn up to $5,000 a year. Students can also earn as much as $5,000 during the summer if they work 40 hours a week. However, full-time students should expect to earn less than $3,000 as it is difficult to complete 20 hours a week of working.
Each university has its policy regarding work-study for international students in the US. For instance, the MIT Work-Study Program allows F-1 students (with exceptional academic standing) to engage in off-campus work, a benefit that is not permitted in several US universities.
In summary, it is entirely possible to study in the U.S. without taking out huge loans. If you have a good GPA and standardized scores, you have an advantage in receiving a couple of scholarships and work opportunities that will help lower your academic finances.
Hopefully, this article will encourage you to apply for several scholarships in the U.S. Learn more about studying abroad by checking out the Guide to Studying in the USA and Available Programs for International Students sections!
