US Universities are expensive, but they do offer generous financial aid!
The cost of US higher education is much publicized and cause for needed debate both in the US and around the world. Thinking about how you will finance your degree is crucial, particularly for international students.
While the cost of American higher education can vary from institution to institution and may be influenced by factors such as citizenship and US-state residency, financial aid opportunities are available at some universities for both domestic and international applicants.
Here are the most frequently asked questions and best practices for international student financial aid.
What kind of financial aid is available at US universities?
There are two major types of institutional financial aid: Need-Based Aid and Merit Scholarships
Need-Based Aid: These awards are based upon an assessment of the student’s / family’s financial position and can consist of institutional funds, available work-study opportunities, and/or loans. The best way to determine if you qualify for this kind of aid is to use a net price calculator. The College Board provides an excellent tool. Accurately putting in your family’s financial information is important. That is the only way to determine if you will qualify for these resources. Most Financial aid at selective schools is based on need, rather than merit. In fact, the Ivy League has made an agreement that they will only give financial aid based on means testing.
Merit Scholarships: These scholarships are given based on academic merit and other talents (athletic, musical, dramatic, etc.). Depending on the university, applicants may be automatically considered for the academic scholarships, or an additional scholarship application form may be required. Scholarships do not need to be repaid as long as the conditions of the scholarship are maintained. These scholarships are competitive.
I read about need-blind and need-aware admissions. What does that mean?
Need-blind colleges: Universities are described as need-blind if they do not consider the family’s finances when they are deciding whether to admit a student. At these institutions, the admissions application is considered independently of any financial information about the applicant.
Need-aware (or need-sensitive): Universities are described as need-aware if they do consider the family’s finances when they are deciding whether to admit a student. At these institutions, the student’s application is considered alongside financial information about the applicant. Since they are considering a student’s application and their financial need side-by-side, a student must be a competitive and impressive applicant to receive both an offer of admissions and financial aid.
Is it more difficult to receive financial aid as an international student?
Yes. There are only five schools that are “need-blind” for international students: Amherst College, Harvard University, Massachusetts Institute of Technology (MIT), Princeton University, and Yale University. That means the remaining US universities and colleges are “need-aware” when they review international student applications. For students to receive an offer and financial aid, they need to be exceptional!
Also, there are some notable schools who do not award financial aid to international students: Carnegie Mellon, Boston College, and Georgia Tech.
Do Ivy League schools offer merit scholarships?
No. All Ivy League schools only offer need-based financial aid.
Are there extra forms and document requirements for international students?
Yes. International students who apply for financial aid must complete the CSS profile.
Also, international students are often asked to complete a Certification of Finances document, even if they are not applying for financial aid! This document is often requested right after a student applies, even before given an offer. The document asks students and their families to demonstrate how they will finance a university education. This usually requires a certified letter from the bank detailing the assets available to cover the cost of attendance. It is important for students to check their application portals to see if this document has been requested.
How can I find out which schools give generous financial aid to international students?
Data is collected every year about financial aid! This spreadsheet is worth working through so you can determine which schools might give you the most funding!
Should I apply for university need-based financial just in case they will offer an award?
No. You should only apply for financial aid if you qualify based on the calculator. Applying for financial aid if you do not qualify can actually be a strike against you in application process. Remember, your application will be read alongside your financial aid requests, exempt from the five schools listed above. Thus, applying for aid if it is not needed will put you in a more competitive pile. Also, because the school knows they cannot give you need-based aid, that means you are more likely to be waitlisted or rejected because they think you will not attend without financial support.
If you have any questions about financial aid and US universities, or any aspect of the US university application process, consider scheduling a strategic consultation. Also, please feel free to reach out to us directly!