Is studying in the U.S.A. part of your plans? Does paying for study abroad seem like an impossible task? It’s not!
You are probably a little bit worried about how you will pay for your studies in the U.S.A. Don’t let this ruin the exciting plans you have made. With a little planning, you will come out ahead. Plus, the money isn’t all going towards boring lab fees and library late book charges! You are going to be having fun and spending money on things like ski trips and nights out on the town, eating sushi with your new friends!
Make an accurate estimate for overall cost of your study in the U.S.A., and create an accurate budget. There will be many components to your budget that you need to take into account. Note that many U.S. colleges and universities require that international students pay for their first year’s tuition in one installment. In order to pay this sizable amount, you and your family will likely need to start saving well in advance.
Despite this, do not let the cost of an education in the U.S.A. scare you off! If you are feeling overwhelmed by the cost, consider what an education in the U.S.A. will mean to your future. Education is one of the best investments you can make—an investment in yourself! A U.S. education and proficiency in English paves the way to more secure and higher paying jobs. In the end, your U.S. education will pay for itself many times over.
To finance your U.S. education, you will have to rely on financial aid packages, which include grants, scholarships, loans and work/study options. Make time to research the funding opportunities available to you.
Free money: Scholarships, financial aid and other monetary sources
Scholarships
Very few U.S. colleges or universities are able to offer financial aid to international students, so it is critical for you and your family to be responsible for all of your education, personal housing and food needs. Those scholarships that are issued only cover a small portion of the total amount necessary for an academic year in the U.S.A.
You can write the school of your choice to ask for a scholarship consideration form, but please check first with your family, government, home institution, and any other organizations you belong to as a source for funding your studies. Consider working extra hours while still in your home country, before visa restrictions in the U.S. reduce the number of hours you are able to work.
Loans
Loans can make it possible for you to study in the U.S.A. There are certain types of loans which are available to international students. Compare interest rates and terms at several different financial institutions to find the best deal. In order to keep a handle on your expenses, it is best to use a loan for a maximum of 35% of your total costs.
Work/ Study
An estimated 75% of all full-time students studying in U.S. colleges and universities hold at least part-time jobs. If you are coming to the U.S.A. for more than a short course or exchange, it is likely that you will have an F-1 visa. With this type of visa you may qualify for work/study programs at your college or university.
Be sure not to stress yourself out too much by overloading your schedule with lots of work and a full load of classes. You have come to the U.S.A. to study and you want to be able to enjoy, and succeed in, your classes. The advantage to holding a part time job, however, is the extra money as well as the practical work experience.