Studying in the US: A basic guide, Part 4. Finances

Studying in the US: A basic guide, Part 4. Finances

Funding your studies is the most important topic of discussion whenever people are considering to further their education. Many universities in the US cost over $20,000 per year with the top universities costing over $50,000 per year.

If this is not already costly for american students, it is even more costly for international students who are often required to pay more tuition that local students. The great thing however, is that there are many ways that a person can fund studies without going in pocket.

Scholarships

One of the most common ways of funding, is through scholarships. Most Universities offer scholarships to international students. This scholarship is directly offered by the university and must be applied for by using their online portal. You must visit the website of your prospective university to check application dates for scholarships and acceptance. For a academic year starting in September 2019, you may need to apply from January on 2019. So ensure that you start looking as soon as possible.

Apart from scholarships from the university, scholarships may be offered by private institutions within your home country. You can check local listings for this information. Your government many also have scholarship opportunities available so visit their website for more information.

Loans

Another common way of funding your studies is through loans. While loans are offered in the US, you may not be eligible as an International student. It is best to source these loans in your home country. These loans may be through banks, credit unions, lending agency or even a government education programs for students. If you need to take a loan ensure that you find out about the process and requirements from the respective agencies.

Self funded

Self funded is basically you paying for your education using your own resources. While it is very expensive, self funding is an option that many people prefer. With this option, you are not barred from staying in the US after your studies because you have a contract with your local government requiring your return. You also do not have student loans with high interest rates to worry about. So, if you are able to fund on your own and you were denied a scholarship then this might be a good option for you. Many universities will offer financial aid programs. These programs are not scholarships but often include, fee reductions and payment schedules. See about this by visiting the website of your prospective school.

Work while you study

In the US, there is the option to work while you study. Many universities hire students to work in the library, cafeteria and other places on and around campus. These jobs are usually easy to get and will help you a great deal. Ensure that you see about this option from your prospective school.


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