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It is important to start your financial planning at least
12 months before you intend to study in the United States.
Financing your college education consists of:
- assessing personal funds;
- identifying financial assistance for which you are eligible;
- compiling effective applications;
- reducing educational costs.
> Assessing
Personal Funds
> Identifying
Sources of Financial Assistance
Assessing Personal
Funds
Consider all the funds you have available, and how much you
can draw from each source. For example:
- annual family income: the earnings per year of each member
of the immediate family who will provide money toward your
education;
- family assets: current holdings in bank accounts, investments
in stocks and bonds, business enterprises, debts owed to
the family, and any other assets from which money could
be obtained through sales or loans in an emergency;
- your own earnings until departure: savings from earnings,
gifts, investments, or property;
- other sources: relatives in the United States or a sponsor
(individual, government agency, or private organization)
in your country who has agreed to pay all or part of your
educational expenses.
If you cannot pay the costs of your study through the personal
funds you have available, you will need to apply for financial
assistance.
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Identifying Sources
of Financial Assistance
You can apply for financial assistance from a variety of sources;
however, it is important to apply only for those funds for
which you are eligible.
Competition for grants is keen; an incomplete, tardy, poorly
written, or messy application could make the difference between
you and another applicant. So plan ahead, plan well, prepare
carefully, and follow instructions. Give yourself plenty of
time to put together a quality request for financial assistance
and submit it well ahead of all deadlines.
For further information about sources of financial aid, consult
the resources listed at the end of this chapter. Many of the
references and directories are available at U.S. educational
information and advising centers, and advisers at the centers
may know of additional home-country sources. Also visit the
Web sites listed at the end of this chapter.
Home-Country Sources: Ask at an information or advising
center or consult local contacts about funding from government
scholarship programs, regional assistance programs, local
or third-country organizations or businesses, banks, or religious
institutions that may offer aid to graduate students from
your country.
U.S. Government Assistance: The Fulbright Program,
founded to encourage mutual understanding between the people
of the United States and other countries,
offers awards for graduate study. There are many different
types of awards, from travel grants to grants that pay maintenance
and study costs; their availability varies from country to
country. Applicants must apply to and be approved by appropriate
agencies in the home country. If there is a Fulbright Commission
in your country, inquire about the types of grants available;
if not, any U.S. educational information or advising center
can help you get further information, or you can inquire at
the public affairs section of the U.S. embassy or consulate.
In some developing countries, support for short-term graduate
study or master's level degree study may be available through
programs sponsored by the U.S. Department of State. Eligibility
for these programs varies, but in general, local institutions
nominate employees for training or education that promotes
a specified development goal.
Some scholarship programs operate on a regional basis. In
sub-Saharan Africa, for example, the U.S. Agency for International
Development (USAID) funds a program called ATLAS — Advanced
Training for Leadership and Skills. U.S. educational information
and advising centers can tell you about other U.S. government-sponsored
programs functioning in your home country.
Note that U.S. Department of Education and state-based financial
aid are available only to U.S. citizens.
Private U.S. Sources and International Organizations:
Private U.S. agencies, foundations, business corporations,
and professional associations often award financial aid in
the interest of furthering international
exchange. International organizations such as the United Nations
and the Organization of American States (OAS) are other possible
sources of financial aid. Since these institutions are large
and complex, writing to them directly with general requests
for financial aid will have little effect. Use references
available at information and advising centers to find specific
awards or grants for which you are eligible, and address the
office indicated. Many awards and grants are directed toward
particular groups such as women, engineers, or journalists;
read carefully to see whether you fit into any of the categories.
Greater foundation support usually is available for students
in the social and natural sciences and in the humanities.
Apply only for awards for which you match the criteria.
If an application requires that you write a research or project
proposal, pay particular attention to this step. If possible,
have the proposal checked by a professional in your field
who has worked in the United States. For more information,
see "Writing a Research Proposal" on page 48.
U.S. Universities: About one-third of international
graduate students finance their studies through financial
aid from U.S. universities. However, availability of financial
assistance varies by field of study, level of study, and type
of institution (research universities are likely to have the
most funds available). Also, some universities will give aid
to students only after they have successfully completed their
first semester or first year of study.
To identify universities that offer financial assistance,
consult university reference books or computer search software
at information and advising centers. You can
also find information on financial assistance directly from
university catalogs and Web sites. Some university reference
books provide information on financial aid awarded to first-year
graduate students, but these statistics include U.S. students
as well as international students. Also, all students, including
international students, are required to pay U.S. income tax
on certain forms of graduate financial assistance. If you
are awarded a grant by a university, be sure to check with
the institution to see if you are subject to any type of taxation.
The main types of financial aid available from universities
are:
- Fellowships: Departments and institutions award
fellowships on the basis of academic merit, normally after
the first year of study. Graduate fellowships may be modest,
covering only tuition and fees, or full grants, providing
the cost of tuition, fees, and monthly stipends for maintenance.
Fellowships rarely cover the total cost of living and studying.
- Assistantships: Assistantships are the most common
form of financial aid at the graduate level. Assistantships
are cash awards that require the performance of services
related to the field of study, usually about 20 hours per
week. Sometimes an assistantship carries with it a waiver
(a remission or reduction) of tuition and fees. Awards may
range from as little as $500 to as much as $30,000 (or higher,
if high tuition costs are waived) for an academic year,
so it is important to check what proportion of your costs
the assistantship will cover. There are several types of
assistantships:
- Teaching assistantships may be available for the first
year of graduate study in university departments with
large numbers of undergraduates in introductory courses.
Teaching assistants (TAs) supervise undergraduate laboratory
classes, lead discussion groups, or teach small classes.
Increasingly, universities require that applicants achieve
a high score on the Test of Spoken English (TSE) before
receiving a teaching assistantship. Often universities
require teaching assistants to complete training programs
that prepare them to teach in the U.S. educational milieu.
If you are interested in applying for a teaching assistantship,
be sure to mention in your application any previous teaching
experience that you have had.
- Research assistantships involve performance of research
services related to the field of study. The advantage
of a research assistantship is that it can be related
to your thesis or long-term academic interests. Research
assistants (RAs) are chosen for their demonstrated research
and interpersonal skills. Computer ability, writing skills,
and experience working as part of a team are three essential
qualifications. Find institutions that have grants in
your field, and apply to these universities for research
assistantships. If you apply to institutions whose research
funding matches your interests, professors who are the
principal researchers for grants in your area will often
single out your application for funding, especially if
you have proven research experience.
- Administrative assistantships usually require 10 to
20 hours per week working in administrative offices of
the university, such as the International Student Office.
You will need to contact each office individually at most
institutions, although a few may have a central location
for applications. Read the material from each institution
to learn where to send applications.
Competition for all types of assistantships is intense,
since only limited numbers are available at any one institution.
International applicants must compete with U.S. students.
In general, doctoral students are more likely to receive
support than master's candidates. Although financial need
is taken into consideration, the most important factor in
selection is academic achievement and promise in the field
of study. Practically all awards for graduate study are
made one year at a time. Renewal is not automatic and depends
on your performance and the availability of funds; however,
in general, departments will do all they can to ensure you
receive continued financial support. Once enrolled at an
institution, you should begin seeking funding for the next
academic year.
To apply for university funding, find out which offices are
responsible for the various programs and request application
materials. The graduate school may control the funds, or the
department or program may administer them, or a combination
of both. Read carefully all the information pertaining to
funding, since the application process can be complex and
time-consuming.
When an offer is made, compare the total award package, including
tuition and fees, amount of stipend, length of award, and
work responsibilities. If you receive more than one offer,
you will have to weigh the benefits of each award from each
institution and make the best decision. The decision of which
institution to attend should never be based on the amount
of an award alone, since financial assistance has nothing
to do with the quality of the program. Selecting an institution
is a complex and important decision; be sure to take all factors
into consideration to make the choices that are best for you.
- Employment: Other types of aid for full-time students
include part-time employment on campus of up to 20 hours
per week. Present U.S. immigration regulations restrict
employment outside the university for both international
graduate students and their in any kind of employment, on
or off campus, throughout the entire period of study. On-campus
employment is limited and competitive, and the relatively
low salaries do not cover the cost of tuition and living
expenses. In addition, graduate students are often so involved
with their academic work that they do not have the time
required for a part-time job. Lastly, employment in the
United States cannot be used to demonstrate how you will
pay the costs of study when applying for a student visa.
- Loans: A few reputable agencies make loans available to
international students. Consult your information or advising
center for information on loans for students from your country.
Before taking a loan, make certain you know how you are
going to repay it and how a loan will affect your plans
for later study and for returning home.
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