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Chapter IX: Finances
A U.S. education is expensive for most international students. However, there are many options -- such as scholarships, loans, grants, and assistantships - available to help minimize expenses. Expenses can be divided into two major categories: tuition and fees, and living expenses.
Tuition and Fees
Tuition is the cost of instruction, while fees are charges for services such as the library, student activities, or the health center. International students are required to pay both tuition and fees. Some universities may also charge international students an additional mandatory health insurance fee. Please refer to the Campus Life section of this guide for more information about student health insurance and available options. Tuition varies from university to university.
The amount charged by a particular college depends on the type of school. Tuition and fees are generally higher for private universities than for state universities. Community, technical, and vocational colleges charge the lowest fees of all. State universities charge out-of-state residents higher tuition than in-state residents. International students studying at state schools will have to pay the out of state tuition (which is higher rate than the in state tuition). Most of the university charges students by credit hours and to be a full-time student there may be a minimum requirement of 8-12 credit hours. Some universities charge full-time tuition instead of by number of credit hours, allowing students to pay the same amount regardless of how many classes they are taking. F1study.com can help students to choose the university with the lowest fees if the student has financial constraints.
Living Expenses
Accommodation, food, transportation, and personal expenses are considered living expenses. Expenses vary from city to city, with the cost of living in a metropolitan area will be higher than a small town. Students can choose to live on-campus housing or find their own place off-campus. Students who live on-campus do not have to worry about transportation to classes, because everything is within walking distance. Food is also less of a worry, because on-campus students either have kitchen facilities, or may select a university meal plan. Students who choose to live off-campus should consider finding at least one roommate so that the rent and living expenses can be divided.
Financial Assistance
A scholarship is a financial award based on merit, such as excellent academic performance, special talents, community service, or leadership. Financial aid is a grant-based on the student's financial need, as documented by family income and assets. All types of scholarships and financial aid are extremely competitive and require outstanding academic records. Scholarships, grants, and awards are occasionally available through local organizations and the local American Embassy or Fulbright Commission.
International students have limited opportunities for getting loans from U.S. financial institutions. Some banks may provide the loan if any U.S. permanent residents sign the loan application as a guarantor. Students have a better chance of getting a loan in their home country with their parents or sponsor as the guarantor.
It can be very difficult for international students to receive financial aid. However, most universities allow international students to work on campus for up to 20 hours per week. Students can find out about available on-campus jobs through the Financial Aid Office. Following are some guidelines for increasing chances for getting an Assistantship or on-campus job:
- Apply for a Social Security Card. It will take approximately 10-30 days to get a Social Security Number.
- Become acquainted with the university campus.
- Before the interview, learn everything possible about the professor who will be leading the research team, in order to find common points of interest.
- Before the interview, learn everything possible about the type of research that is being done.
- Contact the professor directly instead of going through a third party.
- Arrive early to your interview and bring a list of any questions that you have.
- Be confident, clear, and concise.
Cooperative Programs and Internships
Cooperative (co-op) programs and Internships allow students to earn credit hours at off-campus jobs related to their major. Both integrate theory learned in the classroom with practical application and skill development on the job. Not only do students gain experience in the field that they hope to enter, but employers have access to a pool of qualified candidates to meet their short-term and long-term employment needs. There are many financial advantages to co-ops and internships, especially for students who do not qualify for any other type of financial aid. Neither students nor their employers are required to pay social security or medical pay roll taxes under internships, Curricular Practical Training (CPT), or Optional Practical Training (OPT). Following is a list of frequently asked questions regarding co-ops and internships.
- What's the difference between co-op and internship? Co-ops differ from internships because most co-op programs are designed to have more than one work experience and they are real jobs, they are typically paid and the employer recognizes the student as a true employee while on co-op.
- What kinds of jobs are available? The primary criteria for a co-op job are for the work to relate to the student's academic program.
- Are international students allowed to work for any employer? Yes, with approval from the university. After the student receives an offer letter and job description from the employer, the university decides whether or not it is relevant to the student's course of study.
- What are financial benefits to the students? Co-ops are an effective way of helping students to earn money in a job that relates to their academics. Jobs are available to many students who do not qualify for other forms of financial aid.
- What are the best possible ways to get the right opportunity?
- Look for job advertisements in local papers and on websites.
- Send the application and resume to the hiring managers even if there are no advertisements. Many positions are filled by referral.
- Submit the application and resume to the Human Resources department listed on the employer's website.
- Check periodically with career counselors and placement officers.
- Subscribe to job alerts from major job boards.
- Browse through forums and other discussion boards.
How F1study.com Can Help
F1study.com is currently helping graduate international students in the following majors to gain admission to co-op programs. The opportunities are very good for international students who are interested in earning a Master's degree in technical or business programs in the U.S. The following is a list of available programs:
- Master of Science in Computer Engineering
- Master of Science in Electrical Engineering
- Master of Science in Computer Science
- Master of Science in Information Systems and Management
- Master of Business Administration
The minimum requirements for admittance into a co-op program are a Bachelor's degree, good academic records, GRE scores for a Master of Science or GMAT scores for a Master of Business Administration, a minimum TOEFL score of 220, and a certificate of finance for at least $30,000. For more information, visit http://www.f1study.com/html/co_op.html, or go to the National Commission for Cooperative Education at http://www.co-op.edu.
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