Paying for Your American Education
by Dina Mishev
Even with the U.S. dollar's low value compared to many other world currencies, an American education is not cheap. But, if you've made it this far, you've probably already decided it is worth the money. While most international students end up paying for their American education out of their own pockets, there are some financial aid options. But before you read on, note that most American universities only accept tuition and fees paid in U.S. currency. Now on to the harder stuff.
U.S. Government Aid
With the exception of a very few, very specific exceptions, U.S. government aid is not available to international students. International students are not eligible for any of the U.S. federal aid programs, including Pell Grants; Stafford, PLUS or Perkins Loans; or Federal. However, special U.S. government aid may be available for students from specific countries for any number of reasons. To find out if such opportunities exist for you, check first with your home government's education office or ministry of education or, if you are already in the U.S, with your embassy here in the States. You can also try the U.S. Department of State, the U.S. Agency for International Development, or the U.S. Information Agency.
According to the U.S. Department of Education, U.S. federal aid is available to "eligible non-citizens" who live in the country. An eligible non-citizen is someone with an I-151, I-551 or I-551C Alien Registration card or someone with any of the following official statuses: refugee, asylum granted, indefinite parole, humanitarian parole, Cuban-Haitian entrant, status pending, or a conditional entrant issued before April 1, 1980. Citizens of the Federated States of Micronesia, the Republic of the Marshall Islands and the Republic of Palau are also eligible for U.S. federal education aid. We did say the exceptions were very specific.
Scholarships
Do an Internet search on scholarships and, most likely, hundreds of sites will come up. Click on some of these, and chances are you will get offers to match you with scholarships fitting your profile.for a fee. Unfortunately, not only are most of these limited to U.S. citizens and permanent residents, but any time someone asks you to pay money to get money, you have to expect some sort of scam. Your best bet it to look close to home. Your country's education office or ministry of education should have a list of scholarships available. Some of these will most likely not allow you to use the funds outside your country; others might allow you to study anywhere you want but require you to return home at the completion of your degree; still others might have no restrictions at all. It's definitely worth a little research.
Loans
This one is tricky. So many loans are available, it is difficult to keep track of them all. However, two main types of loans are available to international students in the U.S.
U.S. Co-signer required. This is the most common type of private loan available to international students. As you might have guessed, these loans require students to have a U.S. citizen or permanent resident co-sign on the loan. These loans are great if you have family or close friends living in the U.S., but do little for you if that isn't the case. The GATE Student Loan Program (Guaranteed Access to Education) gives loans of this type through participating schools and in conjunction with Bank of Boston, Bank of America and the National Collegiate Trust. For information, call 1-800-895-GATE or go to www.gateloan.com. The International Student Loan Program (ISLP) is similar. For information, call 617-328-1565 or log on to www.internationalstudentloan.com. The Education Resources Institute (TERI) offers loans to international graduate and professional students with a U.S. co-signer: 800-255-TERI, www.teri.org.
No U.S. co-signer required. You will not find many of this type of loan. The Global Student Loan Corporation (GSLC) offers loans to international students studying in the U.S. and doesn't require a U.S.-based co-signer. A co-signer in your home country might be required, however. GSLC works with banks and lending institutions in your own country. Sometimes you can get better rates if you just approach banks in your own country directly yourself. Contact GSLC at www.globalslc.com.
Canadian students have an additional option: Canadian Higher Education Loan Program (CanHELP). This program is for Canadian students who wish to study at approved schools outside Canada, be it in the U.S. or anywhere else in the world. It is administered by the International Student Loan Program mentioned above (617-328-1565 or www.internationalstudentloan.com).
Your Home Government
Any government likes to see its citizens get an education. Unfortunately, governments don't always like to see their students go to school in another country. Chances are that these students won't return home after graduation. But if you can promise to return home (or to fulfill any other criteria your government might require), aid might be available here. Check with your education department or ministry of education. Take note that many such awards require applicants to be nominated by someone in the government or education.
Your Own Pocket
The Institute of International Education found that 81 percent of international undergrads studying in the U.S. and 48 percent of international graduate students in the U.S. were paying for their educations on their own or with the help of family. The same study also found that 7 percent of the same undergrads received funding from their university, 5 percent got help from their home governments and another 5 percent from private organizations. U.S. sources-the government, scholarships, banks-contributed less than 20 percent of the financial aid international students received. A similar study done by the Association of International Educators reveals that more then two-thirds of international students in the U.S. finance their own education (with or without their family's help).
What all this says is that you should be prepared to rely on yourself and, if you're lucky, family and friends, to pay for an American education. The good news is that schools know this is the case and have tried to make it as easy as possible for you. U.S. universities and colleges often have cash payment options available exclusively to international students, allowing you to pay a certain sum each month or term rather than having to pay everything up front (like most American students must do). At some schools, such payments plans can even be interest free.
A good website for further information is www.edupass.org.
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