Financial Aid

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HOW IS COLLEGE DIFFERENT FROM HIGH SCHOOL?
Rules versus Responsibility
Attending versus Succeeding
Teachers versus Professors
The Difference in Testing
The Difference in Grades
How to Make the Transition to College

FINANCIAL AID AT U.S. COLLEGES FOR INTERNATIONAL STUDENTS

IF A STUDENT IS NOT A U.S. CITIZEN

1. Financial aid is either based on the financial need of the student (‘need based aid”) or on particular talents, or attributes of the student (“merit based aid”)

Merit aid = scholarships = grants. All refer to money you don’t have to pay back. Need-based aid usually includes grants and loans.

2. If student is not a U.S. citizen,

· the student applies for aid as an international student

· merit aid is often awarded without special application; need based aid always requires specific application form

· each college has its own procedure for applying, with its own deadlines; a missed deadline means no money

· each college has its own resources for international students; a few (among the most selective colleges) have lots of money for international students, and tend to give awards based on the financial need of the student

· most colleges have less financial resources for international students than for U.S.citizens;

· in some cases, applying for financial aid may put an international student at a disadvantage in admissions – this is important information to find out from each college before making the decision about whether to apply for financial aid

· all U.S. colleges assume that parents of moderate or high income will contribute substantially to the cost of their student’s education

· Financial aid calculators (available on www.collegeboard.com) can help estimate the Expected Family Contribution (EFC) and thus the likelihood of a student receiving need based aid, if it is available.

· Other strategies for international students:

i. Look at wide range of “sticker prices” – there are excellent colleges that are $25,000 less than other colleges

ii. Look at state (‘public’) colleges that offer greatly reduced tuition (‘in-state’) for students with certain grade point averages (e.g., University of New Mexico, University of New Orleans, Trinity University)

iii. Look at list at www.edupass.com/finaid/undergraduate for colleges that give large awards to the greatest number of international students

iv. Look at binder about specific schools in ISP High School Counselor’s office

v. Check www.fastweb.com for other scholarships

3. Please note: all non-U.S. applicants are required to submit a

Certificate of Financial Responsibility (also known as a Bank Letter)

verifying sufficient funds to pay for a student’s first year. This is separate

from the financial aid process, and is required whether or not a person

seeks financial aid.

FINANCIAL AID AT U.S. COLLEGES FOR INTERNATIONAL STUDENTS

IF STUDENT IS A U.S. CITIZEN

1. Financial aid is either based on the financial need of the student (‘need

based aid”) or on particular talents, or attributes of the student (“merit

based aid”).

Merit aid = scholarships = grants. All refer to money that does not

need to be repaid. Need-based aid usually include both grants and

loans,as well as work-study job funding.

4. To estimate whether a student may be eligible for need-based aid, us

Financial Aid Calculators found on www.collegeboard.com to find the

Expected Family Contribution (EFC).

5. Approximately 95% of financial aid comes from individual colleges; the student accesses these funds by applying to the college and completing the college financial aid form (if seeking need-based aid), and the Free Application for Federal Student Assistance (FAFSA). Many private colleges also require completion of the CSS Profile.

6. Each college has its own financial aid process, separate from the college application process, and its own application deadlines, often different from the college application. A missed deadline means no money.

7. If applying for need-based aid, the FAFSA should be filed in January, 2008 if at all possible (it cannot be filed before January 1). If financial information is incomplete at that time, it is better to file with income estimates than to wait for several months. The FAFSA can be filed on www.fafsa.ed.gov (available in English and Spanish)

8. Other strategies:

i. Look at wide range of “sticker prices” – there are excellent colleges that are $25,000 less than other colleges

iii. Look at binder about specific schools in ISP High School Counselor’s office

iv. Check www.fastweb.com for other scholarships

Comments or questions? isp@isp.edu.pa Tel. (507) 266-7862 Fax: (507) 266-7808
P.O. Box 0819-02588 El Dorado Panama Republic of Panama.