Studying in a different country, such as the United States of America, is the lifelong dream of some individuals.
A first-world country with diverse cultures and much knowledge to reap, this is the bane of many people’s aspirations. However euphoric the realization of this dream may be, it costs a lot to actualize. Due to the standard knowledge dished out, the cost of education in the USA is considerably high.
With a lack of funds to cover the tuition fees and other accompanying costs, international students may be nearly impossible to tread this path. On this ground, educational institutions in the USA contribute their quota by rendering monetary aid to chosen international students.
All around the world, several students nurse the desire to study in America as it is among the pioneering countries of western education. If wishes were horses, some students would ride, but others have to face the harsh reality of lack of funds.
However, the future for such students may not be so bleak anymore. The reason is that students now stand a chance to qualify for institutional financial aid. The aid comes in two forms, giving many the hope for better education and a brighter future.
Types of College Financial Aid
A lot more than ambition is required for one to study abroad. It takes money, resources, dedication, and focus. While most of the requirements to study abroad successfully are intrinsic values, money isn’t.
You’ll need money for your application, travel, living arrangements, textbooks, transportation, tuition fees, and other costs. With the laid-back economy of most countries, it is a challenge for international students to afford all of these on their own.
Looking at this, institutions decided to assist a few bright minds financially. Incredible as this is, sadly, it can’t reach all international students as they are numerous. Therefore, some foreign student aid is on the basis of merit.
There are two major forms of financial incentives for international students in the USA. There are- Scholarships and Need-based financial aid. The assistance could either be in full or part. A full-assistance covers every cost of education while a partial one is responsible for only a certain percentage or amount of fees.
Institutional Scholarships to international students are mostly merit-based. Those that aren’t on the basis of merit are backed up by other reasons, for instance, the student’s country of origin. It totally is reliant on the type of scholarship. We refer to the student’s academic performance recordsw hen we say merit.
An examination is often organized for brilliant applicants to test their academic progress. In the end, the top students gain scholarship sponsorship. It is a battle of brains, and the application is different from admission.
Need-Based Financial Aid
Just as the name implies, this aid is on the basis of financial needs. Therefore, eligible need-based financial aid students can prove to a certain extent that they are short of funds and need budgetary assistance. However, this aid mostly favors grad school students more.
You may wonder how colleges decipher who is eligible for need-based financial aid. They decide using this calculating formula- Cost of Attendance (COA) – Expected Family Contribution ( EFC).
COA is your total educational cost, while EFC is the estimate of your family’s contribution calculated by the school. When they do the math using the formula above, the amount gotten is what you will be eligible to receive.
Colleges in The USA That Give Financial Incentives to Students
If schooling in the USA is a dream that you need help achieving or have grown weary of due to lack of funds, it’s time to cheer up. So put on your dancing shoes and groove because there are many college financial incentives for students in the USA.
However, as you rejoice, prepare to work hard because scholarships do not come by easily. Also, need-based financial aid isn’t so easy to grasp. In addition, inasmuch as need-based financial assistance will help, it may not suffice for all your needs, so you may have to get a part-time job for support.
With that, let’s look at a list of USA colleges that offer financial aid. Please note that this is in no specific order.
- Wellesley college
- Haverford college
- Vassal college
- Barnard college
- Skidmore college
- Swarthmore college
- Amherst college
- Williams college
- Dartmouth college
- Davidson college
Read: Study Abroad Essentials: What You Need To Make Your Travel/Migration Easy
It is often easier for students to receive financial aid when studying in their fatherland. However, the reverse is the case when they go abroad.
The reason is that international students are mostly exempted from Federal aid overseas. Due to this, institutions decided to assist brilliant international students in gaining an education. Thus, international students can now apply for scholarships and need-based aids to sustain learning.