An international student seeking financial assistance in the US may pose a lot of questions in his/her mind. There is a lot of information that you need to be aware of especially if you are looking into a specific financial aid like what is the appropriate type of aid you need, the scholarship amount it will cover, eligibility requirements you need to obtain, etc.
Here are some frequently asked questions of students looking for financial aid. All answers are discussed thoroughly to address all the information you need to know.
FAQs About Financial Aid in the U.S.
1. What Type of Financial Aid Am I Eligible to Apply?
There are two types of financial aid available for international students: merit and need-based scholarships. Merit scholarships are given solely based on your “merit”, which is based on your GPA, SAT scores, and extracurricular activities. While need-based financial aid is based on the amount of your “need”. Let’s discuss them in further detail:
Merit Scholarships
There are many merit-based scholarships available for international students. Many institutions are eager to recruit bright international students to improve their average test scores and to add diversity to their campuses.
Merit scholarships typically cover full tuition at most, but few scholarships cover the full cost of attendance. For example, the Washington and Lee University’s Johnson Scholarship covers tuition, room and board, food, and $10,000 in funding for a summer experience
Although there are plenty of merit scholarships available to international students, it can be very difficult to secure one due to the number of applicants applying. In addition, you will be competing with top students across the globe. To receive a full-tuition merit scholarship, your GPA and test scores need to be near the top of the applicants. If you can afford $15,000/year and have an excellent GPA and test scores, you should consider applying for a full-tuition merit scholarship. The $15,000 you have will be spent on other academic and living costs such as room, board, travel expenses, living expenses, and books.
Another example of a merit scholarship is the AUTOMATIC merit scholarship. For example, the University of Alabama offers automatic full-tuition scholarships to students with a 4.0 GPA and 36 ACT or 1600 SAT.
Need-based Financial Aid
The amount of need-based financial aid is awarded based on your financial “need”. Your financial need is determined by individual colleges based on your financial documents (CSS Profile, International Student Certification of Finance, International Student Financial Aid Application). Colleges will calculate your financial need based on your submitted financial information. Some colleges will meet your need up to the full cost of attendance (tuition, room, board), while some will meet up to full tuition.
If a college states on its website that it will meet the full demonstrated need of international students, it will meet your financial need up to the full cost of attendance (tuition, room, board). Other colleges will state how much their need-based aid covers.
2. Is it Difficult to Get Accepted if I Require a Substantial Need-based Aid?
Yes, especially for international students, there will be a huge impact on your admissions if you need significant need-based aid, well except for these five universities: Harvard, Yale, MIT, Princeton, and Amherst. But note that these schools are very difficult to get into.
Colleges practice need-aware policy and colleges that practice need-blind policy:
Need-Blind Policy
Need-blind means that your need for aid does not affect your admission results. Only five colleges practice this kind of policy, these are Harvard, Yale, MIT, Princeton, and Amherst.
Need-Aware Policy
Need-aware means that your need for aid does affect your admissions results. The financial aid you need can influence the admission. Simply put, a student who needs more financial assistance is less likely to secure a scholarship. All colleges except the five previously mentioned colleges practice a need-aware policy for international students. However, your need for aid is only one part of the application, and colleges will award significant financial awards to qualified students.
3. What Documents Do I Need to Submit to Be Eligible for Financial Aid?
In order to receive need-based aid, international students will need to file CSS Profile, International Student Financial Aid Application, and International Student Certification of Finances, which are all available on the CollegeBoard website, the same organization that administers the SAT.
Even if an international student does not need financial support, an International Student Certification of Finances needs to be filed. International students do not need to file FAFSA because it is intended for receiving federal aid for which international students are not eligible.
4. Do I Have to Repay the Financial Aid Award?
The answer depends on the type of financial aid that you’ve received. First, merit scholarships do not need to be repaid. For need-based aid, colleges award international students with three types of financial aid: grants, loans, and student work.
Grants – no need to be repaid. Typically, colleges award international students with only grants.
Loans – need to be repaid. For international students, colleges rarely award loans as part of the financial aid. You can either accept or decline the loan. To accept the loan, however, you will need a cosigner who is an American citizen.
Student Work – some colleges will award you with an option of working on-campus to help pay for the cost of books and other expenses.
5. What Schools Award International Students the Most Aid?
Colleges with low acceptance rates offer more need-based aid and institutions that are less selective offer more merit-based. If you need significant financial aid, you will need to be in the top 25 percent of the applicants. Expect that you will be rejected by colleges who would have otherwise accepted you if you had not applied for financial aid.
There are different ways to secure financial aid in the US. It is important to know which type of scholarship you need. This way it will make your scholarship application process less laborious.
We hope this article will help answer the questions you have in mind. Explore more options by checking out our Guide to Studying in the USA and Available Programs for International Students sections!
