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/