College is a huge financial commitment for students and parents. Proper planning goes a long way towards ensuring that your college plans don’t suffer due to finances.

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Start by getting a clear idea of your total cost commitment over the four years. As an international student, you could be looking at costs of $50K to $55K per year. The major expense categories are:

• Tuition – Your college fees and by far the major component

• Room and board – Housing could be college dorm or off-campus

• Books, Lab & Supplies – Books and other course materials

• Administration Fees, Transport, Insurance – Insurance is a must for international students

• Living and Personal expenses – This could vary vastly

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There are many sites e.g., https://collegecost.ed.gov/net-price which allow you to calculate the estimated costs for college, indicating how much you are likely to pay. Please note that this is only an indicative number.

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There are two forms of financial aid. Need-based, where your family’s financials are calculated using a formula to arrive at how much you can afford and Merit-based, where you are awarded aid and scholarships based on your ability and talent, irrespective of need or financial standing.

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Applying for and getting Financial Aid

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Many colleges require you to fill the International Student Financial Aid Application (ISFAA), or the CSS Profile from CollegeBoard. Universities may have their own set of forms as well. Each institution follows its own process and policies in terms of who is given aid and how much is given. In addition, the deadlines for applying for financial aid are different from application deadlines.

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• The FAFSA (Free Application for Federal Student Aid) is a form completed by current and prospective college students to determine their eligibility and apply for federal financial aid. Colleges recommend but do not require you to fill out the FAFSA, especially if you are planning to pay in full and don’t plan to apply for aid. On the other hand, most states would require you to fill the FAFSA in order to apply for state scholarships.

• The CSS Profile (College Scholarship Service Profile) created and maintained by CollegeBoard is a fee-based service used to apply for non-federal financial aid. It provides participating colleges a comprehensive look at the student’s as well as the family’s financial situation which colleges use to determine students’ eligibility for institutional financial aid.

• In-state vs. out-of-state vs. international fees – Most states offer a heavily subsidized fee structure for students from the same state as where the college is located. Out-of-state fees are often much higher as are the fees for international students.

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Please make sure to apply early. The earlier you apply, the better your chances of receiving aid. Bear in mind that colleges will build an aid package only upon receipt of ALL the required documents, so it is important that you provide all the requested details.

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Loans:

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Loans follow a similar pattern with the bulk of loans being made available by the Federal Government, State Government or the colleges. Borrowing from family could also be an option. As a last resort, you could take a loan from a private bank or a financial institution, which would typically charge higher interest rates.

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In addition to the interest and repayment schedule, look for other benefits such as deferred interest accumulation etc. How much debt is a good idea is a subjective matter, but a college education pays itself many times over, so a loan need not be a bad idea as long as you have a clear plan on how to repay the debt as soon as possible.

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International Students

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First, the bad news: options for financial aid as well as the amount of aid granted are far fewer for international students viz. non-U.S. Citizens. This does not mean that aid isn’t given or that there are no options for international students. Here are some things to keep in mind.

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• Find colleges which offer aid to international students. In general, compromising the choice of college in order to reduce your fees is not an advisable option in the long run, so please exercise caution when trying to strike the balance on this one

• Some colleges have policies where they will match the aid package from another college. Approach these conversations tactfully and with sensitivity and keep the admissions office informed at all times

• Get college credit ahead of time, if you are in an IB curriculum or by virtue of good scores in AP exams

• International students are not eligible to be employed in federal work-study positions, but you can take up on-campus employment opportunities such as being an RA (resident assistant) etc. Working on campus will be insufficient to cover your fees but will help with your living and other expenses

• Rules governing student visas limit what students can do in the United States. Working without proper authorization is a violation with severe consequences, so be sure to talk to your International Student Advisor

• You will have to demonstrate financial capacity to pay the fees and bear all college expenses, in order to get your visa

• Lastly, there are service providers who offer a fee-based service where they search for scholarship options for you. We recommend doing it yourself. There are also many good sites that can help in your search, such as https://www.internationalscholarships.com/

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Many students ask  “How does seeking financial aid impact my admission decision?”. The response varies based on the college’s policy and outlook on this topic. Many top colleges are need-blind (vs. need-aware), meaning that these colleges make admissions decision without taking into consideration the students’ ability to pay. During college selection, this could be factored as well if necessary.

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In summary, colleges expect all students to pay for their education. Aid is only a means of alleviating and managing when you pay and how you pay. Doing your research early and having a comprehensive view of the costs you are likely to incur will help your explore your options and plan properly. Financial Planning is an important aspect of applying for college and if you do not neglect or postpone it unduly, you will be able to maximize your options.

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College & Me is a series of articles featuring useful information about College Admissions for undergraduate degree programs in US colleges. 

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