Financial Aid Basics for International

Students Planning to Study in the U. S.

CIS Institute
October 11-12, 2010
Monterrey, Mexico
 Financial Aid Philosophy

Schools are trying to make the best match of

applicants to institution. Both the schools’
and/or the student’s financial resources might
be factors in this matching process.

Schools committed to the internationalization of

their campuses seek out and help to fund
qualified international applicants
 Definitions

‘International’ Student
A student who does not have US
citizenship or US Permanent Residency

Financial Aid
Money that is supplied by sources outside of the
family to help pay for the costs of education

Basic premise of Financial Aid: students and

parents are the primary source of funds and are
expected to contribute to the extent they are
able. College funding is a partnership between
the student’s family and the institution.
Stages of Financial Aid

Search
Application
Decision

You are guaranteed to get $0

if you are not admitted!
 The Search Process – Assessment

Start with an honest Financial Inventory. Consult

with parents, relatives, potential contributors

Agree on a realistic annual Estimated Family

Contribution (EFC) for each of the four years. EFC
should represent the maximum contribution
possible, not what the family wants to pay.

EFC limitations should guide initial school search.

High EFC affords many options. Low EFC requires
more detailed research into school’s admission and
aid award policies.
 The Search Process - School Types

State/Public Universities: Lower price tags (out-of-

state tuition?), often less aid, higher cost of living?

Private Colleges and Universities: Higher price tags,

often more aid, comprehensive fees

Community Colleges: Lowest cost, associate degrees,

higher cost of living? Transfer for Bachelor’s?
The Search Process – Admission/Aid Policy
ADMISSION
Need-Blind - Does not consider financial resources in
making admit decision. Often implies ‘Meet Full
Need’ aid policy, but you need to ask!
Need-Sensitive – Considers financial resources in
making admit decision. May still offer generous aid
packaging.
AID
Meet Full Need – Will provide aid from various
sources to meet full demonstrated need after EFC
Meets Partial Need – Will meet partial or certain
percentages of need (percentage is sometimes
based on academic credentials)
The Search Process – School Mission Clues

• School’s mission includes international diversity?

• School location? (Relative cost of living?)
• Percentage / Diversity of international enrollment?
• Certain geographic regions desired?
• Financial aid budget?
• Average international student aid award?
• Special scholarships? (What? Who? How?)
• International recruitment specialist in admissions?
• Strong international students services office?
 The Application Process –Relationships
Cultivate relationships with those who can help with
research and those who may have influence in aid
decisions. Via email, school visits, interviews,
talent submissions. Stop short of ‘virtual stalking!’
Important Individuals
School counselor
High School Teachers/Coaches
International Admissions Counselor
College Financial Aid staff
College Faculty
College Coaching Staff
Current International Students
 The Application Process - Forms
International Student Financial Aid Application (ISFAA)
College Board form or institutional variant that
collects relevant income, asset, expense information,
also asking families to estimate their EFC for 4 years.
Institutional Aid Application (Supplement)
School-specific form that may ask for further
financial info/clarification that the ISFAA omits
Certification of Finances – Short form of ISFAA (Section
F) sometimes required at the deposit stage in order
to refigure and verify the student’s final contribution.
Used by some schools to verify financial info on the
initial I-20 form.
 The Application Process - Verification

Affidavit of Support – Government or school form

used to verify amount, duration, and relationship
of financial supporters outside the immediate
family

‘Supporting Documents’
Tax returns
Employment Verification – Salary statement
Bank Statements – Savings, Checking, Property,
Investments
 The Decision Process – Award Components

Scholarship – Merit-based. Depends on academic or

talent credentials.
Grant – Need-based aid from institutional or donor
coffers. Does not need to be repaid.
Self-Help – Campus Employment, student loans from
institution or consortium
Un-Met Need – May be expressly calculated or
implied. Student will need to show resources for
any un-met need in Certification of Finances form.
**The student needs to clarify and understand the
terms and conditions for continued receipt of these
funds.
The Decision Process – Terms and Conditions

Scholarships and Grants

Four-year renewable awards?
Subject to a minimum GPA renewal requirement?
Are awards indexed to annual tuition increases?
If so, at what percentage? What is average annual
increase?
Scholarships typically cannot increase based on
stellar academic/talent performance
Flexibility/Willingness of aid office to make aid
adjustments in response to international
financial/exchange rate crisis?
The Decision Process – Terms and Conditions 2

Campus Employment
BCIS limits to internationals students to 20 hrs/week
during term – 40 hrs/week during the summer
Hourly pay rates? Competitive positions for more $$?
Guaranteed initial job for internationals?
If no, student job search process?
Availability of summer campus jobs, costs of living?
Student Loans
US citizen co-signer required?
Interest rate? Deferred interest?
Installment plan (for loans and or tuition/comp fees)?
The Decision Process – Cost of Attendance

Comprehensive vs. Non-Comprehensive Fee Structure?

If Comprehensive (tuition, room, meals) – inclusive of

campus activities, books, lab fees, flexible meal plan?

Clarify Costs of Attendance:

Direct/Fixed Costs: Tuition, room, board, insurance
(schools may have specific medical insurance
requirements for internationals)
Indirect/Variable Costs: Rent, Meals (if non-comp.)
transportation (local and international), books,
supplies, laptop, lab fees, private lessons, laundry,
lifestyle expenses, summer housing
 The Decision Process – Comparison

After a thorough account of all costs of attendance

and terms and conditions, compare awards based
on out-of-pocket cost.
Consider the ‘match’ factor and weigh the relative
value of the school’s programs, services, location,
etc.
Compare environmental factors: cost of city living,
proximity to relatives in the US
Realize that, in the end, much of the college
experience is based on the individual student’s
ability to fully engage and take best advantage of
what the school has to offer.
 The Decision Process – Final Choice

Go where there is the best possible mix of fit with

manageable cost. Sometimes you will have to go
where the best aid offer is.
Resist the urge to overextend your budget by
enrolling a more ‘prestigious’ school whose package
might be less affordable.
Never assume or hope that once you get on campus,
you will be able to secure more financial aid simply
by the sheer force of your personality, academic
prowess, or circumstances.
Once you’ve decided, shift your focus to how to best
prepare academically, mentally, and culturally for
your new life as a US college student.
 Helpful Websites

 www.finaid.com
 www.iefa.com
 www.iefc.com
 www.ncaa.org
 www.collegeboard.com
www.internationalstudent.com
www.internationalscholarships.com
www.iefa.com
www.studyabroadfunding.org
 Loan Sites

Here are two examples of loans offered by standard

banking institutions which require a U.S. citizen as a
co-signer:
 Citibank - (Citi-Assist Loans)
 www.prestamosestudiantiles.com
 www.studentloan.com
 Wells Fargo Bank
 https://www.wellsfargo.com/student/undergrad/collegiate/
 Contact Information

Jonathan Edwards
Associate Dean of Admission
Coordinator of International Admission

GRINNELL COLLEGE
edwardsj@grinnell.edu
www.grinnell.edu