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Paying for College

Financing a U.S. college degree is a significant hurdle, even for most Americans. However, as a foreign student, you must prove in advance that you can pay for your studies before you can obtain a visa to study in the United States. More than likely, you will need to pursue some form of financial aid.

The cost of tuition varies dramatically from school to school from as little as $7000 a year at some schools to $40,000 a year and beyond at others. You may notice that State supported schools (separate from private colleges and universities) typically offer lower tuition fees to residents of their own State. For example, at the University of Rhode Island in 1999, the tuition cost for a student (full-time undergraduate) who qualified as a resident of Rhode Island was $1686 a semester, while the cost for a non-resident (even for an American) was $5796 a semester. Being a resident, obviously, can be much less expensive, but as a foreign student, you cannot initially take advantage of these lower tuition fees. In addition to tuition, you will also have costs for room, board (meals), and books.

Most universities in the US provide financial assistance to undergraduate students Information on Financial Aid /Assistance is available at the respective websites of Universities and colleges and also in the material they provide. However international/foreign student must keep in mind the fact that this information is in most cases valid only in the case of potential students who are citizens of the US. These scholarships are in most cases exclusively for citizens of the United States.


Financial Aid for International Students

Universities in the states have policies regarding financial aid for students and assistance programs for the same but . very few of them address the international students needs. Less than five percent of American Universities provide international students with financial aid.


What are the Expenses Accrued by International Students

Even in the event that financial aid is provided by the university or college this might be limited assistance. Student not only have to pay for tuition and admission etc. they also have to be able to afford room and board, expenses for text books and study material health insurance etc. When calculating the comprehensive cost.


Information Regarding Financial Aid

However universities do not give accurate information their hand outs and websites give information that is out dated and invalid. The Cadser website attempts to give accurate information regarding financial aid.

In the United States the universities are either Public or private. The state funded universities do not provide foreign students with financial aid. Although the international student is not qualified for financial aid in the case of state funded universities Private colleges offer financial aid packages. However this aid will not cover the total expenses of a foreign student.


Employment for students & Work Study Programs

Work Study Programs offer international students a chance to earn part of their expenses. However during their freshman year at university international students cannot work off campus. On campus they can work for minimum wages for 20hours during term time and 40hours during the college breaks or holidays.

However a person who is not a citizen of the US cannot work without a work permit. The US emigration services are very stringent in their methods of prevention and punish those who work without permits very harshly. Thus if such a student is detected he/she might even be deported and will not be able to complete his/her education.


Can a foreign student work and put him/her self through college?

Since the situation is thus the prospective foreign student and his/ her parents must keep in mind that even if a student can work on campus he/she will only work for minimum wages and will only contribute towards part of their meals. A student cannot pay for his/ her education by working while studying.


Academic Merit Grants

Academic merit grants require the students to maintain a certain Grade Point Average. This means that students have to work hard in the academic arena and prove that the University has not made a mistake in offering to support them. Thus if they try to work and juggle a lot of things their performance might be hindered and the university might withdraw the grant.These scholarships are based on academic merit and not need based. An international student studying in America will have many expenses which are not covered by the scholarship.


Expert Advice

Thus if students are planning to study in the States they have to choose a college that they can afford. They must make sure that they can complete their entire education without being a burden to the American government or its public. They have to be pre planned. Parents of international students should not launch them just by calculating the educational cost of the first year. The myth that students can work and support themselves after the first year is not viable.

They must have a plan as to how to pay for the second and subsequent years. The United States Immigration authorities are very stringent in their adherence to laws regarding non US citizens working in the states without work permits thus your son or daughter might end up being arrested. Difficult financial situations also can lead for depression and bad performance in the part of the student thus parents must make sure that they have calculated and covered the costs properly.

A student will have direct cost like Tuition Room and Board etc and indirect costs like health insurance stationary books and supplies etc.


International Student Loan for Undergraduate Students

As an undergraduate student planning to, or currently studying in the United States funding your entire college program is not easy. CADSER is proud to provide you with access to the Loan for undergraduate students who are studying at approved schools within the United States.

With an easy application process, choice of repayment options and competitive interest rates, we hope to help you achieve your international education goals.


Loans

The Colleges and private lenders do offer some loans to international students. However, to be eligible for a loan, the College requires the student have a U.S. citizen as the co-signer who lives in the United States. A co-signer is someone who is willing to sign the loan agreement with you and is promising that, in the event you are unable or unwilling to pay the balance of the loan, the co-signer will be responsible for paying the loan. The maximum loan for each year is the total cost of attendance .

Whether you're an incoming freshman or an established undergraduate, you might have a gap between the cost of attending your chosen school and your available funds. That's where student loans come in and why more than two- thirds of students attending four-year colleges use them to help pay for school.


Lending providers for International Students:

  • Sallie MaeĀ®, the nation's leading provider of student loans . visit https://www.salliemae.com/

  • Nellie Mae, Since 1982 , is working with colleges and universities nationwide to provide successful loan programs , helped millions of students and their families pay for college . Visit https://www.nelliemae.org


All non-US applicants require a US co-signer

  • Applying with a US co-signer is required to be approved.

  • The co-signer must meet all of the following criteria:

  • Have a satisfactory credit, residence and employment history of at least two years.

  • Have proof of current income (if self-employed have been in business for at least two years).

  • Be a US Citizen or permanent resident and have resided in the USA for the previous two years.

  • If you are declined, reapply with a qualified co-signer to improve your chances of being approved. If you would like to learn more about the Student Loan Program for International students, please visit teri.org