Finances And Costs
GENERAL COSTS
Without a scholarship, college in the USA can be very expensive. This is an example (approximation) of the breakdown of Junior College Costs for the first year without any scholarship;
- Tuition Fees – @ $12,000 per year split into 2 semesters – course and college dependant
- On Campus Accommodation – @ $7000 – $9000 per year
- Off Campus Accommodation – @ $3500 per year based on shared rooms.
- Air Fares – 2 return flights per year @ $1600 (location dependent)
- Medical Insurance – Anything from $1000 to $2500 per year
- Food and Living Expenses – e.g. $100 per week ($3500 per year)
- Books and educational supplies – @ $600 per year
- VISA Fees (one off) – @ $500
Total (On Campus):$28,700
Total (Off Campus): $23,200
Tuition Fees for 4 year schools can be a lot higher (typically $30,000 to $70,000 per year) depending on the institution.
Working to Supplement Your Money
Under the terms of your student VISA, you aren’t permitted to work in the USA anywhere other than on-campus jobs e.g. in the cafeteria so these jobs can be in high demand. In many colleges, the athletics department can assist you in getting these jobs, but be aware the workload on a student athlete, especially during the fall on-season can be heavy with nightly training sessions and the demands of homework assignments. Student athletes must keep up their GPA (grade point average) otherwise risk losing their place on the squad.
Optional Practical Training (OPT)
International students in the U.S. in valid F1 immigration status are permitted to work off-campus in optional practical training (OPT) status both during and after completion of their degree. Rules established by the U.S. Citizenship and Immigration Service (USCIS) govern the implementation of OPT, and all OPT employment requires prior authorization from USCIS and from your school’s International Student Office.
Severe Economic Hardship
Any F1 student suffering “severe economic hardship” as defined by USCIS is eligible to work off-campus for up to 20 hours per week while school is in session, and full-time during breaks.
To be eligible under “severe economic hardship”, a student must:
Be in valid F1 status for at least one academic year (9 months)
Be in good academic standing
Provide evidence of economic hardship based on unforeseen circumstances beyond the student’s control
Show that on-campus employment is neither available nor sufficient
Make a good faith effort to locate employment on campus before applying
Scholarships
There are many types of scholarship available;
- Sports Scholarships: NCAA, NAIA, and NJCAA regulate Athletics Scholarships . They are fiercely competitive and there are many rules about how the students receive sports scholarships. However, this is one of the best options for international student athletes who want to study in the United States.
- Academic Scholarships: These scholarships can be funded by the college or university, or by private organizations. They go to students who have excellent grades and/or SAT or ACT scores.
- Need Based Scholarships – Namely, these scholarships are given to students based on their financial need. Unfortunately, many needs-based scholarships are only available to US residents. However, some universities and colleges do give out needs-based scholarships to international students. You will have to look at the institution’s website to see what they offer foreign students.
- School Specific Scholarships – Actually, many colleges and universities in the United States have scholarships available for students who meet specific requirements. For example, some students may receive individual scholarships because they wish to pursue a particular area of study like engineering. In most of the cases, private donations from alumni cover these scholarships.
- Be careful: Many so-called scholarships are little more than marketing schemes.
Student Loans
UK student loans are not available for studying in the USA so if a loan is the route you are wanting to go down then you will have to look at private sources.
Some US colleges will loan money directly to international students. You should contact each university’s financial aid office to find out the usual loan arrangements for international students if a loan is necessary for you to complete your studies.
If you are a US or dual US-UK citizen, you can apply for US federal student loans through the FAFSA website.
As a last resort and if it transpires that you’re not eligible for any financial aid, you can still apply for a student loan from the US government. However, this should be treated as a bit of a last resort. As much as the UK’s student finance system is flawed, the American system is arguably even worse. In short, you’ll need an American citizen (with a decent credit rating to be a guarantor on your loan, and unlike in the UK where all loans come courtesy of the Student Loans Company, you’ll have to choose which provider to go with.
Interest rates and repayment schedules can (and will) vary depending on who you choose. That said, you’ll struggle to find terms that are as generous as those attached to Student Loan repayments in the UK (where debts are cancelled after 30 years, and you’ll only ever repay a percentage of your income over the threshold).
Additional Ideas
Here are some tips to securing an affordable US education if funding is a key concern:
Start early and put the effort in to research universities and external funding bodies offering funding to international students
Be flexible in choosing your universities and locations, to minimise costs
Collect funding from many different sources
Continue applying to scholarships after the university application deadlines
There will be further financial opportunities once you get to the USA, but these cannot be accepted as proof of funding during your first visa interview.
New scholarships might come up, and you can work on campus up to 20 hours a week during term time and up to 40 hours a week during the holidays.
After your first year, you could apply to be part of the student residence team and receive free on-campus housing and meals in exchange for helping to manage a residence hall.