Financing a U.S. Degree: A Funding Overview
When applying to colleges and universities in the United States, one of the first experiences most students have is shock at the costs involved.
For example, the annual cost for a bachelor’s degree program at an elite institution, (including tuition and fees, living expenses, books and supplies, health insurance, etc.) can exceed $75,000.
While there are institutions where the annual expenses may be under $20,000, the majority are in the middle, out of reach for many aspiring students. Yet there are currently over one million international students studying in the United States.
So, how do they fund their studies?
The Institute of International Education’s (IIE) annual Open Doors Report shows that for 64% of students, personal and family sources are the primary source of funding, followed by U.S. colleges or universities at 21%.
According to data from a 2014 NAFSA report, international students received almost $10 billion in financial support from U.S. sources in the form of scholarships, grants, tuition waivers, assistantships, etc.
Which schools gave that aid?
There are over 4,500 accredited U.S. colleges and universities. To find current financial aid offered to international students, use this searchable database.
In general, more aid is available to students seeking graduate (masters or doctorate) degrees in the United States, in the form of graduate teaching or research assistantships that provide tuition waivers, and stipends for work done for specific departments on campus.
The first step to financing your undergraduate degree in the U.S. is to assess your own funds and the typical costs for your university of choice. You should also research the area you’ll be living in and the typical living costs involved. Your university will be able to advise you on this.
You’ll of course be required to prove your English ability. To find out how IELTS can prepare you for a U.S. degree, visit takeielts.org