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Thread: Funding For Higher Education in the US

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    Favorite 32 Funding For Higher Education in the US

    Hi! This is Raj, an education expert for education in USA.I have written about education in USA ,what you all students need to know before you plan to study in USA

    Finance Your Studies:-

    International students receive a large share of financial help from United states for their education.
    . The most recent report produced by NAFSA: The Association of International Educators estimates that $7.223 billion was received by over 670,000 international students studying in the U.S. in 2009-10.

    Why colleges fund students

    You may come up with the query ,why international students are funded. The reason is that international students mainly Indians are hard working.Most university toppers in the US are Indian students. International students usually have different viewpoints and often raise the intellectual level of discussion in classrooms. Having a culturally-diverse student body has added benefits for universities. Many philanthropist Americans bequeath thousands of dollars in funding to universities because of their student diversity.

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    Types of funding

    Universities offer funding to students in various forms including graduate assistantships (GA), scholarships, tuition waivers, and loans. A graduate teaching assistantship award expects the student to work 20 hours per week aiding a professor in teaching his or her class. A graduate research assistantship award expects the student to work 20 hours per week aiding a professor or laboratory in some kind of research. GAs are the most sought after awards, because most GAs would pay for the entire tuition of the student and the student would additionally get paid for the work he or she is doing. So practically, a student would be able to earn enough money to pay for his or her living expenses as well, making the student’s contribution to tuition nil. GAs are awarded to students based on their academic achievements and prior work experience (if any). Tuition waivers and scholarships, on the other hand, do not expect the student to work and are awarded strictly on merit.

    Financial aid

    Undergraduate students applying to the US have to make sure that they apply to the ‘right’ universities and fill the required forms correctly. Most private liberal art colleges in the US provide need-based financial aid to international students. State- funded public universities will not accept financial aid forms and international students must show that they have the necessary funds to pay for their entire cost of education. The Foreign Student Financial Aid form (FSFA) is the most commonly used form by private US universities. Offered by the CollegeBoard, this form can be obtained from the college that you plan to apply to. Universities will provide financial aid based on this form and hence it is imperative that you fill in this form correctly.

    Other channels

    Private organisations and trusts in India are another source of funding for studying abroad. There are many community organisations in India that offer funding for students applying for an MBA degree. A list of these institutions can be found on the internet. For instance, the Parsi community can approach the Parsi Panchayat for a list of organisations that give Parsi students scholarships for studies in the US.

    Some students have managed to get funding by writing to professors in the schools that they have applied to. Many professors need students to help them with research and teaching and want to award GAs. Writing to them and informing them of your admission to the university and matching your research interests with theirs can sometimes result in a GA even before you leave India.

    State banks

    Finally, you can look at loans from state banks in India. Most state banks will offer students up to Rs 15 lacs (and Rs 20 lacs in some cases). Students will have to provide security of up to 150 per cent of the loan amount in order to secure this loan. However, if a student takes a loan of up to Rs 7.5 lacs, a collateral security may not be needed. The repayment period of such loans start six months after graduation or when the student gets employment (whichever is sooner) and can be paid generally within five to seven years. Please check the loan conditions carefully with your local bank as the terms may vary from bank to bank.

    Counting the Costs

    Studying at U.S. institution is an expensive investment, but one we are sure you will find worthwhile. For the 2010-2011 academic year, The College Board indicates in their Trends in College Pricing 2010 report the following average annual tuition costs by type of institution:

    * Two-year, Public Community Colleges: $2,713
    * Four-year, Public Institutions: $19,595
    * Four-year, Private Institutions: $27,293

    These costs represent the average tuition cost of studies only. When lodging, food, books & supplies, health insurance, transportation, and other expenses are taken into account, The College Board suggests the following annual student budgets:

    * Four-year, Public Institutions (out-of-state students): $28,130
    * Four-year, Private Institutions (residents): $36,993

    (from The College Board, Trends in College Pricing, 2010)

    For students considering undergraduate studies in the U.S. our Education USA research reveals that for the 2009-10 academic year, over 900 U.S. colleges and universities:

    1. Award $10,000 or more to international students; or
    2. Have an annual total cost below $15,000; or
    3. Can bring their total annual cost to less than $15,000 with scholarships/financial aid.

    Because studying in the United States will likely cost more than it does to study in your own country, it is important to start your financial planning at least 12 months before you intend to study in the United States. Please visit or contact the nearest Education USA Advising Center to speak with experienced professionals who can guide you through the process.
    Financing your college education consists of:

    * Compiling effective applications
    * Assessing Personal Funds
    * Identifying Sources of Financial Assistance
    * Reducing Educational Costs

    Assessing Personal Funds

    Consult your parents and other family sponsors to find out how much money they can commit each year to your education. Try to raise as much as you can from family sources, because most scholarship awards, if available, cover only part of the total educational and living costs and may not be available to first-year international students.

    If You have any query regarding the education in USA.please feel free to ask .I'll be glad to answer them

    Last edited by rajrocks; 10th October 2011 at 02:12 PM.

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