I am an international student from New Zealand (luckily not as competitive as India/China), looking at HYPSM - but I am aware that this decreases my chances of admission
To what extent would my position as a first generation college student and having the ability to fund myself help?
Would it help balance my status as an international out or are my chances still significantly lowered?
Being full pay will help at schools many school below the very top tier.
If you are applying to one of the need-blind schools (currently there are 5 of them in the US: Harvard, Yale, Princeton, Amherst, MIT; there are more for an American citizen), then your ability to pay will not affect your admission. Except for these five schools, however, it will be easier for you to get into college than for an international student who requires some form of financial aid.
And yes, being a first generation college student will also boost your chances.
^ Should “one of the need-blind schools” be “one of the need-blind schools that meets full need for internationals” ?
There are many more schools that are need-blind for internationals, but don’t meet full need.
https://en.m.wikipedia.org/wiki/Need-blind_admission discusses five different categories of need blind/aware admission to US schools.
It;s not just that it’s harder for internationals. You’ll compete against other kids from NZ and, to some extent, other kids from English speaking countries.
You have no hooks. A hook would be if you were a near-Olympic class athlete with top grades and test scores, and the coach for that sport really, really, really wanted you on the team.
You are just another full-pay international applicant among many.
If the important thing for you is HYPSM, go ahead and apply. You may get in. If the important thing for you is to complete your university-level education in the US, you have a lot of options because you won’t be limited by the cost. If you just want to spend some time in the US during your university years, then choose a university in your home country that has an exchange program with colleges/universities here that are in locations you might like to visit.
I agree, being a full pay international is not a hook, although you will be more desirable to many schools than an international who is seeking significant aid. A hook is a reason a school would want you above others with a similar profile (ex. recruited athlete, child of a huge donor to the school etc.)
As I would tell anyone, apply to a wide range of reach (Ivy and equivalents are reaches for pretty much everyone), match, and safety schools that you can afford and would be happy to attend.