How to finance your computer science degree as an international student
A postgraduate degree in computer science can open the door to a high-paying career after graduation. But first you’ll need to figure out how to pay for it. While international students are not eligible for federal financial aid they can pursue other options, such as grants, scholarships and private student loans.
Here are five tips for financing your computer science degree as an international student.
1. Choose an affordable school
Before choosing a university for your master’s program, it’s worth comparing tuition costs at multiple schools. According to College Board, the average annual cost of tuition and fees is US$29,150 at public four-year colleges for out-of–state students and US$41,540 at private colleges. Over four years, you could be looking at a price tag anywhere from US$116,600 to US$166,160.
However, some colleges charge much higher tuition rates than others. If you’re looking to reduce costs, pick a school that has both the computer science program you want and a price tag that works with your budget.
2. Apply for grants and scholarships
Grants and scholarships are funding sources that you don’t have to pay back. One example of a STEM scholarship available for postgraduate computer science students and other STEM master’s students is the MPOWER Women in STEM Scholarship. Every year, MPOWER awards three scholarships between US$1,000 and US$6,000 to women enrolled in a STEM degree program in the U.S. or Canada.
You can find additional opportunities with scholarship search engines, such as International Student’s scholarship search, FastWeb, College Board, Peterson’s and Scholarships.com. You can also reach out to your school’s international student services office to inquire about additional opportunities.
3. Pursue other financial aid opportunities
Although as an international student you can’t access federal financial aid, you may qualify for institutional aid from your college or university. Reach out to the admissions office, as well as international student services, to find out whether the school offers any aid for international students. Princeton, for example, says it meets the financial needs of all students, including international students, through grants, work-study or student loans.
You might also explore your home country’s education department or other local organizations to find funding for students studying in the United States. Japan’s Yanai Tadashi Foundation, for example, offers up to US$95,000 in scholarships to Japanese students who want to study in the U.S.
4. Earn money with a part-time job
You can work part time as an international student after your first year of full-time study if you get the appropriate authorization. Reach out to your Designated School Official (DSO) about the terms of your visa.
In order to work as an international student, you’ll need to apply for Curricular Practical Training (CPT) or Optional Practical Training (OPT). Both programs have their own specific requirements and guidelines about when and how much you can work.
You can learn more about the differences between CPT and OPT here.
5. Consider borrowing a student loan
Once you’ve exhausted your options for grants and scholarships, you might consider borrowing a private student loan. Private student loans offer funds you can use toward tuition and living costs. Keep in mind though, you’ll have to pay back the amount you borrow, plus interest charges.
MPOWER Financing designs loans for international students studying in the U.S. and Canada. Unlike many other private lenders, MPOWER doesn’t require you to apply with a cosigner or back the loan with any of your personal property. MPOWER assesses your credit worthiness for an education loan based on your future earnings, and computer science can often lead to great paying jobs, which helps your loan evaluation. Also, MPOWER offers fixed interest rates, along with a rate discount for automated payments.
Check your eligibility to see if MPOWER can help you finance your degree and support your future career in computer science.
