Financial Aid and Scholarships

Terms:

  • Loans - money given by a financial institution that has to be paid back with interest

  • Grants - money given by a financial institution, nonprofit organization, corporation, or federal or state agency that does not have to be paid back

  • Scholarships - money given by a financial institution, non profit organization, or corporation that does not have to be paid back.

*Scholarships are typically a term used for merit based awards given to students only, while grants can be given to anyone in need. 

  • Funding Source - this term describes where students get their money from. Funding sources can describe scholarships, grants, loans, or personal funds

  • Need Blind - describes schools who admit students without reviewing any financial information 

  • Need Aware - describes schools who require students to submit financial aid information as part of the admissions process 

  • Full Ride - a full scholarship that includes tuition and fees, room and board, and sometimes even book stipends

  • Merit Scholarship - a scholarship awarded based off of high achievement

  • Institutional Aid - aid given directly from the university

Finances are one of the most important parts of studying in the USA. Learn more about your options:

Financial Aid:

Additional Tips:

  • Research finances depending on type of institution and level of education

  • Ask the institution about school specific scholarships that international students can apply for

  • Calculate out of pocket costs for each school your student is considering

  • Research options for funding in your home country that your student could use to study abroad in the USA

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