US Financial Aid (International)
description
Transcript of US Financial Aid (International)
International School Manila
Junior University Kick-Off
Nov. 30, 2013
FINANCIAL AID FOR INTERNATIONAL
STUDENTS
What Financial Aid Is Terms & Acronyms Types & Sources of Aid Application Process & Forms Creative Ways to Pay Timeline
GOALS
Defined as:Students that will need a visa (F-1) to study in the United States
INTERNATIONAL OR FOREIGN STUDENTS
Money supplied by a source outside the family to help pay for the cost of education.
In reality, many colleges separate Financial Aid (need-based)Scholarships (merit-based)
WHAT IS FINANCIAL AID?
Philosophy: the beneficiary of the education has the primary responsibility for it’s cost
How aid is distributed is influenced by the government’s view of how higher education should be funded.US vs. UK/Canada/Scandanavia
1. Student 2. Parent 3. Institution 4. Government
WHAT IS FINANCIAL AID?
An assistance device
Not designed to replace a family’s (primary) contribution
Not based on what the parent’s would LIKE to pay
FINANCIAL AID IS...
COST OF US INSTITUTIONS
Need Based
Merit Based
Need Blind
Need Aware (Most US Colleges & Universities)
Unmet Need
TERMS
COA – Cost of Attendance
EFC – Expected Family Contribution
SAR – Student Aid Report
CSS Profile – College Student Scholarship
ACRONYMS
EXPECTED FAMILY CONTRIBUTION
Parent’s Contribution + Student’s ContributionExpected Family Contribution
Calculated ability to pay may not match family willingness to pay!
DETERMINING NEED
Cost of Attendance - Expected Family Contribution Eligibility or Financial Need
COA• Billable Costs: Tuition, Room &
Board, Fees, Health Insurance
• Indirect Costs: Books, Spending Money, Transportation from Manila, etc.
Institutional
Private Student/Family Community Organizations Civic Groups Religious Organizations Businesses Industry
SOURCES OF AID
Measure of QualityAcademicAthleticArtisticSpecial Characteristic
Family resources not a factor
Award levels based on sponsors’ goals, institutional priorities and funding levels
MERIT-BASED
TYPES of AID
Always double check to see if merit aid is an “automatic” process or a separate application.
Family ability to pay
Eligibility may varyCost of collegeAvailability of fundingCollege calculates family contribution
College awards aid based on level of need and available funding
NEED -
BASED
TYPES of AID
HOW TO APPLY
Research required: forms and deadlines
International Financial Aid Form
CSS/Financial Aid PROFILE
College-Specific Forms
NOTE: Certification of Finances is needed for ALL non-US citizens.
APPLYING FOR FINANCIAL AID
Documentation to provide information about the amount of funding the student has available School based form Bank letter College Board form
CERTIFICATION OF FINANCES
ALSO a requirement for issuing the I-20 visa
documentation
College Board Generic Form
School based form
INTERNATIONAL STUDENT FINANCIAL AID APPLICATION
Be sure to use the form the school asks for!
http://student.collegeboard.org/css-financial-aid-profi le
Verify if the university also requires CSS Profi le
Beyond the FAFSA: Medical expenses, elementary and secondary school tuition, home equity, variety of unusual circumstances
Tailored to an institution
Fee based form
CSS/FINANCIAL AID PROFILE
Parent tax returnsStudent tax returnsDivorced or separated parent informationOther information to verify
Income Assets Family Size Special circumstances
FORMS & DOCUMENTS
WWW.INTERNATIONALSCHOLARSHIPS.COM
CREATIVE WAYS TO “PAY”
IB COURSE WORK
Credit Or Scholarships
Did you know that most Florida universities will
grant a full year of credit for an IB Diploma
score of 32?
Also Southern Methodist, Ohio Wesleyan, U of
Minnesota, Oregon State, and other public
universities
http://blogs.ibo.org/funding-opportunities/
NON-RESIDENT TUITION SCHOLARSHIP
• Oklahoma State• Colorado State• Auburn• U of Texas• U of Washington• Idaho State University• Minnesota State University Campuses
OLIN COLLEGE OF ENGINEERING: HALF TUITION
SCHOLARSHIP
UNIVERSITY OF MINNESOTA: NEW NEED-BASED
SCHOLARSHIPS
New for 2
014
Must Apply
Women’s colleges are traditionally generous with
scholarships for international students.
WOMEN’S COLLEGES
COMMUNITY/JUNIOR COLLEGE
Pay lower tuition for two years
Guaranteed matriculation to a top university
COMMUNITY/JUNIOR COLLEGE
Pay lower tuition for two years
Guaranteed matriculation to a top university
FREE MASTER’S DEGREE
http://www.clarku.edu/undergraduate-admissions/majors-academics/tuition-free-masters.cfm
Work, Make Money, Earn Credit at the SAME TIME!
CO-OP EDUCATION
• California Polytechnic State University, Sam Luis Obispo
• University of Cincinatti• Georgia Institute of
Technology• Johnson & Wales• Kettering• Long Island University, CW
Post• University of Louisville• UMass, Dartmouth• Merrimack College• Miami Dade College• University of Michigan,
Dearborn• Northeastern University• Pace University• Rochester Institute of
Technology• University of Toledo
WHAT TO DO NOW
Research colleges and financial aid websites thoroughly
Determine what your real level of need isHave realistic conversations with students
about what you can afford nowTalk to representatives who visit ISM. They
don’t work for the Financial Aid offi ce, but can provide some insight.
Visit the Financial Aid offi ce when visiting campuses
Do well academically
JUNIOR YEAR
Get organized
Deadlines: Scholarship/Aid deadlines might be earlier
Complete college applications
Register for CSS Profi le if needed
Gather information needed for: CSS Profile International Financial Aid Form
Check each university’s website
SENIOR YEAR: 1ST SEMESTER
February – April Receive award letters Evaluate awards Contact University if necessary Make decisions
April – June Follow university’s procedures Send required forms Signatures Deposit
SENIOR YEAR: 2ND SEMESTER
POINTS TO REMEMBER
US View: Paying for university may require some sacrifice (vacations, helpers, etc.)
Deadlines vary by institution
Write or call the institution if any information is unclear or if there are any unanswered questions (DO NOT ASSUME!)
Be prepared to provide documentation of family resources
POINTS TO REMEMBER
Some aid requires you to re-apply every year
Some aid may be contingent on grades/GPA to maintain aid
Keep copies of forms completed as well as supporting documentation Tax forms Employer’s statements Bank statements
POINTS TO REMEMBER
THANK YOU FOR COMING!
This presentation will be posted on the HS Guidance blog in the next week.
http://guidance.ism-online.org/