Where can international students find last-minute funds to study in the U.S.?
Paying for college in the U.S. can be challenging due to high tuition rates and costs of living. If your financial situation has changed unexpectedly, you may be looking for last-minute funds to study in the U.S. Fortunately, there are options for finding funding year-round, including scholarship awards with late or rolling deadlines and international student loans.
Here’s a closer look at your avenues for financial assistance, whether you need help paying for your bachelor’s or financing a graduate degree.
1. Reach out to your school’s financial aid office
Your school’s financial aid department is a great resource for last-minute funds to study in the U.S. A financial aid administrator can help you find scholarship opportunities, as well as let you know if any institutional aid is still available.
Although international students are not eligible for federal financial aid from the U.S. government, they may qualify for grants, fellowships or student loans from their university. If your university already offered you some aid, you might try asking for more, especially if your financial situation has changed since you applied.
Some schools also offer tuition payment plans, allowing you to spread out tuition payments over the year rather than paying the full amount upfront. Keep in mind, though, tuition payment plans may cost a little more overall due to an enrollment fee or interest charges.
2. Apply for scholarship awards
Although some scholarship organizations set early deadlines, others have late deadlines or accept applications on a rolling basis. That means you can apply for scholarships right up until your semester starts and even after you’ve already started attending classes.
Along with asking your financial aid administrator about opportunities, use scholarship search engines to find awards that could be a good fit. Some leading search engines include International Student’s scholarship search, College Board, FastWeb, Scholarships.com, and Peterson’s.
MPOWER Financing also offers a number of scholarships to international students. You might also check with local or religious organizations, a place you’ve volunteered or a neighborhood association. If you have a part-time or full-time job or your parents work for a company, find out if the employer offers any scholarship opportunities for higher education, too.
Gather all your application materials so you can apply to scholarships quickly and easily. These may include your transcript, resume and a personal essay about your educational and personal goals.
3. Look for funding opportunities from your home country
Your home country may also be able to offer last-minute funds to study in the U.S., whether from scholarship organizations, companies or your government. Check out your government’s website (likely a department of education) for scholarship opportunities. Keep in mind that some of these opportunities may have conditions attached, such as the expectation you’ll return and work in your home country after you graduate with your degree.
4. Apply for a part-time job
While your work options in the U.S. may be limited, an F-1 visa lets full-time international students work up to 20 hours per week on campus. Some students may also be able to work as a teaching or research assistant. Check your school’s job board for opportunities so you can earn some income while you work toward your degree.
You may also be able to start your own side hustle to earn some extra cash, as long as it fits within your visa work regulations. Some students earn money through blogging or making YouTube videos, for example.
5. Consider borrowing a private student loan
Borrowing an international student loan can also help you with financing your education. You can generally apply for a private student loan at any point throughout the year, though loan approval and disbursement will vary by lender.
There are various lenders in the U.S. that offer student loans to international students, but most require that you apply with a cosigner who’s a U.S. citizen or permanent resident. Your cosigner also must have good credit and a source of income, as well as be willing to pay your loan if you are unable to.
If you don’t have a cosigner or prefer to apply on your own, consider borrowing an international student loan from MPOWER Financing. MPOWER designs student loans specifically for international students and doesn’t require you to have a cosigner or put up collateral.
Keep in mind that you’ll have to pay a loan back, usually for several years to come. Along with paying back the amount you borrow, you’ll also have to pay interest charges and any associated loan fees.
If you’re interested in learning about student loans check out MPOWER’s fixed-rate student loans for undergraduate and graduate students.
