International student's Financial Woes

Paying for College
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<p>Hey guys! I'm kind of freaking out about International Students Financial Aid Forms. I can't imagine not going to college just because these forms were not filled properly.
Do International Students have a financial aid estimator? I know about the College board one based on the FAFSA.</p>

<p>Does Loan from a bank add to the available resources/parents contribution? Is it used in determining need?</p>

<p>Whatever amount has been certified in the Certification of Finances, does it account for estimated contribution from the family?</p>

<p>Does anyone know any formula for determining need for internationals?</p>

<p>My dad's retiring in two years. Should I mention this in the special circumstances section? Would this aid or hurt my chance of admission?</p>

<p>Really freaking out!</p>

<p>Help!</p>

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<p>Unfortunately, most U.S. colleges don’t provide financial aid for international students. In general, the schools that do provide such aid are the most difficult in this country to gain admission to, and it’s harder for internationals to gain admission than for U.S. citizens. Check the info pinned to the top of the financial aid board for info.</p>

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<p>Thanks for the quick reply northstarmom
I realize that it’s very competitive for international students to get aid, but I’m still applying to some of those high rung colleges like Colby and Hamilton for aid. The forms are really complicated and I’m afraid that a single flaw could ruin my chance for admission. I’m literally driving myself insane looking at those questions in the ISFAA.</p>

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<p>Do Colby and Hamilton indicate that they meet 100% of need for int’ls?</p>

<p>How much can your family pay (including borrowed amounts) each year? </p>

<p>Do you have any financial safeties?</p>

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<p>This is not a special circumstance. Your dad is currently working. Right now he SAYS he is retiring in two years…maybe he will and maybe he won’t. Your financial aid is based on current and last tax year “events” not things that might happen in the future.</p>

<p>I don’t know about the forms for international aid, but for U.S. citizens, there is a place for the birthdate of the parents. From that, it’s easy to see how “sort of close” they are to retirement age.</p>

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<p>mom2collegekids:</p>

<p>Do Colby and Hamilton indicate that they meet 100% of need for int’ls?</p>

<p>I really don’t know if Colby and Hamilton meet 100% need for internationals as I have not looked at any official figures. But when I had my interview with a Colby representative, I was told that if I would get admitted(which is a big thing), I would get aid(if I apply for aid that is.)</p>

<p>How much can your family pay (including borrowed amounts) each year? </p>

<p>That’s the big question. Because of my dad’s retirement it’s really difficult to say. </p>

<p>Do you have any financial safeties? </p>

<p>I’m not sure I do.
I have got an offer from Ohio Wesleyan for scholarship 18,000$ per year out of a fee of 46,000$ and I’m applying for financial aid and another scholarship there. Let’s see where that’s to get me. </p>

<p>I guess if that doesn’t work out, then I can stay back home!</p>

<p>thumper1:</p>

<p>That’s right. But the fact that my dad’s retiring will affect my family’s ability to repay any loan taken presently for the first year.</p>

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<p>*That’s right. But the fact that my dad’s retiring will affect my family’s ability to repay any loan taken presently for the first year. *</p>

<p>Unless someone is legally “forced” to retire at a certain age, the decision to retire at a certain point can be considered to be a “lifestyle choice” (unless the person is really old and/or is sick.) Many parents delay their retirements JUST to pay for their kids’ education.</p>

<p>I doubt schools are going to think, “Well, his dad wants to retire in 2 years, so we’ll pay for his kid’s education.” I think they’ll think, “He can work a few more years like many others.” (unless your dad is already quite old.)</p>

<hr>

<p>*But when I had my interview with a Colby representative, I was told that if I would get admitted(which is a big thing), I would get aid(if I apply for aid that is.)
*</p>

<p>Unless Colby guarantees to meet full aid of int’ls, that rep should not have said that (especially since that rep hasn’t seen your financial records.) People don’t just get aid by applying; they have to qualify for aid.</p>

<hr>

<p>*How much can your family pay (including borrowed amounts) each year?<br>
That’s the big question. Because of my dad’s retirement it’s really difficult to say. *</p>

<p>I think you need to get a figure from your parents ASAP. They need to give you some idea.</p>

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<p>Yes…so your parents will need to make their OWN decision regarding any loan obligations the undertake. Still…a future possible retirement dates does NOT factor into the FAFSA (or Profile) formula. Your parents will have to determine if they feel they can take on some loan repayments with their retirement income.</p>

<p>You need to discuss the finances with your parents NOW. Need based financial aid is applied for annually. Also, you need to be very clear on your finances as an international student. As you may know…your family will have to verify that they have the money available to support your studies at a U.S. university for a FULL YEAR (and that can include financial aid you receive from the college) or you will not be issued a visa to study here.</p>

<p>It sounds like you’re applying to schools without any idea whether you will be able to meet the financial obligations or not. You need to sort this out with your parents ASAP.</p>

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<p>mom2collegekids & thumper1:</p>

<p>Thanks again.</p>

<p>Yes, my father would want to work as long as possible. But both public and private companies in my country have permissible age rules. He’s already got an official letter about his retirement after two years from his present firm. He’s already pretty worried about that. He’s pretty sure he’ll be looking for a new job after that but it’s hard to say he’ll definitely get one, that too at his age…</p>

<p>My parents have got an estimate today. So, the work’s finally happening. Sorry, but they won’t allow me to reveal the figure.</p>

<p>Don’t know, but wanted to ask, can state universities be considered financial safeties? I got into University of Minnesota(one of my top choices), Twin Cities. It comes to around 26,000$ annually. I’m waiting for the official letter by mail, so don’t know about scholarship.</p>

<p>Thanks for helping out. This is really useful. I should start asking my parents ASAP. I’m afraid deadlines for most colleges must be over, don’t know if I can apply to any financial safeties anymore. But I’ll try and find out.</p>

<p>Thanks!</p>

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<p>“Don’t know, but wanted to ask, can state universities be considered financial safeties? I got into University of Minnesota(one of my top choices), Twin Cities. It comes to around 26,000$ annually. I’m waiting for the official letter by mail, so don’t know about scholarship.”</p>

<p>Any school can be a financial safety if you know you will be admitted and definitely can afford the costs. Can your parents afford to pay $26 k a year? Could you live at home and commute to a state school?</p>

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<p>can state universities be considered financial safeties?</p>

<p>If your family can pay the $25-35k that many state schools charge non-residents, then you can consider them to be financial safeties. Many of their deadlines have not passed. :slight_smile: To give you an idea of their costs…</p>

<p>COA per year for non resident students , State Universities
$25,787, U MINNESOTA
$33,775, AUBURN U
$31,575, U ALABAMA
$31,872, VIRGINIA TECH
$34,812, U IOWA
$35,029, U WISCONSIN
$36,210, OHIO STATE
$35,311, U N CAROLINA
$40,086, U GEORGIA
$36,977, RUTGERS
$34,696, TEXAS A&M
$34,922, U DELAWARE
$36,094, U FLORIDA
$32,752, U PITTSBURGH
$37,416, U MARYLAND
$36,985, U WASHINGTON
$37,548, CLEMSON
$36,848, PURDUE
$39,146, U CONNECTICUT
$38,120, GEORGIA TECH
$40,130, U ILLINOIS
$39,510, PENN STATE
$37,644, INDIANA U
$38,566, MICHIGAN ST
$48,041, UC IRVINE
$49,193, UCLA
$50,306, UC BERKELEY
$38,974, WILLIAM & MARY
$43,742, U TEXAS
$49,926, UC S BARBARA
$46,699, UC SAN DIEGO
$48,049, UC DAVIS
$39,483, UC S CRUZ
$42,570, U VIRGINIA
$47,188, U MICHIGAN </p>

<p>As you can see, some charge non-residents less than $35k, but schools like UMich and UVa are almost as expensive as privates.</p>

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<p>NSM quote: *Could you live at home and commute to a state school? *</p>

<p>I know that you’re an int’l, but are you living in the US???</p>

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<p>A school is a financial safety if your family can pay the cost of attendance without financial aid.</p>

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<p>Everyone:</p>

<p>Firstly, Thanks for that list mom2collegekids. I’m glad about Minnesota, it seems to be one of the least expensive state schools.
Well, I don’t live in the US, I’m from India. But if I go to UMN I should be staying with a close cousin who lives in the city. I have to find out about the commuting aspect though. That would reduce the budget to 15000$. Makes me smile :slight_smile: That works out to be something manageable. </p>

<p>UCs are so awesome. But they just have such a high cost! I dropped the idea of applying to UCs last July just because of the cost. </p>

<p>But my parents would still want me to take a shot for financial aid at those high reaches(Colby etc.)</p>

<p>Thanks to all. I am definitely enlightened! :)</p>

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<p>Once again my last question:</p>

<p>Does Loan from a bank add to the available resources/parents contribution? Is it used in determining EFC?</p>