3 Essential Considerations for International Students Wishing to Apply to U.S. Schools – Part 2
In yesterday’s post, we started taking a look at the different aspects and obstacles that international students needed to take care of in order for their application to even be considered in a U.S. school.
Thankfully for international students, as a result of the economic crisis several students in the U.S. have put expensive education aside in favor of full-time jobs, leaving a few more open spots available for international applicants.
As yesterday we took an overview of the language and paperwork aspects of applying to a U.S. school internationally, we will take an in-depth look at another extremely important aspect that should be at the top of the list for any international student: Finances and personal loans.
3. Financial Considerations:
For any international applicant recently considering applying for a graduate school in the U.S., you should know that earning a grad degree in that country can cost a lot of money. Even if you happen to be successful securing a scholarship or a personal loan to cover your studies, be sure that there will be countless additional expenses that can amount to high numbers, making it even more important to start considering the financial aspect of international studies since early on.
Also, any international applicant should never assume that, if accepted, the school will take care of all the expenses. This is a mistake that a lot of foreign applicants make only to realize they will need one or several personal loans in the future just to cover their studies. It is true that most U.S. graduate schools have financial aid plans in place, but these are usually extremely fought over and even when being granted one, it usually has to be splitter among several students, resulting in needing to apply for personal loans or student loans since early on.
That said, here’s an overview of some of the most effective opportunities for financial assistance that international students can take advantage of:
– In-campus Job: Due to quite strict tax and immigration laws in the U.S., some international students are simply not allowed to work neither full-time or part-time. Nonetheless, they can find some kind of job inside the campus, which will allow them to earn a steady source of income that will help them face tuition costs in the long term while minimizing their need to apply for a personal loan.
– Scholarships: While definitely one of the most sought-after forms of financial aid besides personal loans, scholarships tend to be granted only for one year. Their main benefit is that, besides freeing up international students from the worries of having to pay for tuition, scholarships also don’t require the student to perform any kind of services in return other than simply obtain good grades.
– Personal Loans: One o the greatest benefits of the U.S. is that personal loans are relatively easy to get, especially if a student has already been accepted into a graduate school. In general, personal loan directed to international students tend to have excellent repayment terms and good rates. One of the main benefits of these is that students are not forced to have good grades in order to be granted one. Also, they are not forced to use their personal loans exclusively for paying their tuition, although using a personal loan for other purposes is not advisable.
– Financial Assistance from Your Home Country: In some cases, local governments will sponsor students that apply for U.S. colleges, in many cases even offering to pay all tuition and even some of the living costs as long as the student remains a top performer. In fact, there are countries that sometimes even have spare funds to offer due to low demand for this kind of financial aid. There tends to be catch though: In most cases, local governments will require students to go back to their home countries to work for a set number of years.
As you can see, studying at a graduate school in the United States being a foreign student is not easy by any means. The market is competitive and demands extreme diligence and dedication just to get accepted. So choose wisely and make use of all the advice here. If you do, you will be accepted into a U.S. college and perhaps even you won’t need to ask for a personal loan.