Save on a U.S. Graduate Degree
While it may pay off in the future, studying at a U.S. graduate school can put a strain on a student’s finances in the present.
However, some universities and outside organizations offer different types of financial support to international graduate students.
Not all of the resources and strategies mentioned in this slideshow will cover the entire cost of grad school, but they’ll each pay for at least some of a student’s education-related expenses.
Scholarships
Some schools and private organizations offer scholarships for international students.
Good places to begin a scholarship search include a university’s financial aid office website as well as specific academic department websites. There are also scholarship databases maintained by EducationUSA and the Institute of International Education.
Prospective students should never have to pay to search for or apply to scholarships. “If a scholarship search engine or application asks you for a credit card or other financial information before you can use it, stay away,” says one expert.
Fellowships
A fellowship is a monetary award that sometimes comes with a teaching or research requirement. Fellowships are given to students pursuing training in a particular field, usually at the graduate level, and are almost always merit based.
Fellowships typically cover tuition and often include an allowance for living expenses called a stipend.
Some U.S. universities offer fellowships, as do outside organizations. The website of the California Institute of Technology‘s Graduate Studies Office has a list of fellowships for international students offered by outside groups.
Assistantships
Graduate students can assist university faculty with teaching or research part time in exchange for financial support. Assistantships usually cover at least part of the cost of tuition and might include a stipend as well.
One way for prospective international students to learn about assistantship opportunities at a university is to reach out to the academic department that interests them.
Other Types of On-Campus Employment
International graduate students can look into getting a job on campus, such as tutoring undergraduates.
Students who hold F-1 visas can work up to 20 hours per week on campus while they’re taking classes and full time during breaks.
Prospective students shouldn’t expect to cover their tuition costs through part-time, on-campus work, says David Sheridan, director of financial aid at Columbia University’s School of International and Public Affairs. It’s better to think of this amount of income as “pocket money” for miscellaneous expenses, he says.
Home-Country Assistance
International students can research funding offered by the government or other organizations in their home country. However, students should note that funding from these sources might come with certain conditions, such as a requirement to return home after they complete their studies.
In 2015-2016, a foreign government or university was the primary source of funding for 5 percent of international graduate students in the U.S., according to a 2016 report.
Private Loans
Loans must be paid back, usually with interest. This is why students should explore all other types of aid before turning to loans, experts say.
There are some companies in the U.S. that will loan money to prospective or current international students. Many lenders, but not all, require international student borrowers to have a co-signer who is a U.S. citizen or permanent resident. A co-signer agrees to repay the debt if the borrower doesn’t.
Crowdfunding
Some students have been able to cover tuition and other education-related costs with small donations from many different people collected via crowdfunding websites, such as GoFundMe. However, promoting a crowdfunding campaign so potential donors will see it can take time and effort.
Explore tips for prospective students interested in trying to use crowdfunding to help pay for school, such as how to use social media to spread the word about a campaign.
Curricular Practical Training
Curricular practical training is full- or part-time work, such as an internship or co-op, that that is directly related to an international student’s field of study. However, students should note that not all CPT positions are paid.
Examples of the types of programs that might offer or require CPT include education, engineering and public health programs.
Parental Support
Most international students in the U.S. use their own savings or ask family members for help to pay for graduate programs. In 2015-2016, the primary source of funding for 57.6 percent of international graduate students in the U.S. was personal and family resources, according to a 2016 report.
Comparison Shopping
Saving money might be just as effective as raising it.
While graduate school is a big financial investment no matter where a student enrolls, some universities are more expensive than others.
Prospective international students can research tuition costs by exploring the U.S. News Best Graduate Schools directory and by visiting school websites.
More About Paying for Grad School
For additional information about affording graduate school in the U.S., visit the Paying for Graduate School knowledge center.
And don’t forget to follow U.S. News Education on Facebook and Twitter for more education news and tips.
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10 Ways International Students Can Pay for U.S. Graduate School originally appeared on usnews.com
