Hi
I would like to have some basic idea about the Financial Aid being offered to International Students.I know that there are many federal and non federal loans available.....but these are all for US citizens and permanent residents.Idonot have much idea about the Scholarships and Loans for international students...If any body can guide me through would be very greatful
Hey soumaguha! I'm glad to help you answer that question.
For international students, the financial aid process is slightly different than for U.S. citizens. Let's start with the kinds of financial aid you can have:
1. Scholarships
2. Grants
3. Loans
Scholarships and grants are pretty similar. They are both money that is given to you to pay for your tuition,which you don't have to pay back. In the case of an international student, you will typically be limited to scholarships and grants that go through the school; scholarships and grants offered by entities outside the school are typically limited to U.S. citizens. Both scholarships and grants will typically have some requirements attached to them--a particular GPA requirement, a demonstrated financial need, etc. Although many schools are very generous in the grants and scholarships that they give to international students, keep in mind that this also has to do with both the financial aid endowment of the school, and how many potential scholarship and/or grant recipients there may be. Typically, the more highly ranked a school is, the more international financial aid they have available--some schools, like Harvard, even have a need-blind admissions policy that they accompany with a promise that they will either grant or lend you whatever money you need to pay for tuition if they accept you and you decide to attend. This is not the case for many other schools, though, so you really need to contact the financial aid office for all the schools you are interested in and ask them directly about the scholarships and/or grants available for international students.
Loans are a definitely different for international students than they are for U.S. citizens. To start with, as you said, any federal loan program will not be available to you. This means that loans like the Stafford Loan, or the Graduate PLUS loan are not available to you. You do have some other options, though:
1. "Law School Loans" are loans that are available directly through your school. They lend you the money at a predetermined interest rate, and you pay them back in installments once you are done with the program of study. Using the Harvard Law School example again: For international students, Harvard Law School Loans are offered instead of Federal Direct Stafford Loans. However, this is not available at every single law school. It largely depends on school endowment and availability of funds. Many schools will not have programs like this.
2. Private loans. These are the kinds of loans that you can obtain through a bank in the U.S. However, in order to be eligible for these loans you need to have a qualified U.S. co-signer (where "qualified" means that they have a good credit score--i.e., they've never been late or delinquent in any of their own financial obligations, and they have demonstrated that they have the financial means available to them to pay for the loan in the event that you become delinquent on it). A qualified U.S. co-signer can be hard to find, and the school will not be a co-signer. All the school can do is let the lender know that you are indeed planning on attending their institution, and that that is where the funds would go.
A couple of things that I really want to stress to you are the following:
1. The higher ranked a school, the greater variety of financial aid options you will have available to you. This is simply a function of endowment, as well as the number of international students that already go to these schools. Higher-ranked schools are more used to having financially-needy international students attend, and so they already have things in place for them.
2. Complete your financial aid forms as far in advance as you possibly can. The sooner you get the forms to the school, the more money they will still have available to give out.
3. Look into scholarship options in your own country. There are many foundations and organizations in many countries that have scholarship programs for students who are considering a U.S. degree. Do some research on your home turf and see what you can find.
4. Consider sponsorship. I have heard of companies that will sponsor students financially on the promise that they will then come back and work for them once they obtain their degree. For some students, this is a possible option. See if it exists with any of the companies in your country, and consider if it something you want to do.
A final word:
Always, always, ALWAYS contact the school(s) you are considering applying to and ask what your options are. Don't assume, don't just go by what their website says, and don't simply think that you'll figure it out when you get to school. Law school is expensive, and you don't want to leave the finances until the last minute. And don't take my word as final. I know a lot of about international financial aid, but the rules and regulations around it change all the time, and it's best to contact the schools and get the information directly. Best of luck!
Author
