Sometimes they want to preserve assets for future use for something other than higher education, such as down payment on a house or starting a business.
Colleges will expect families to use up to 20 percent of the assets owned by a dependent student to pay for college. The short answer to that question is yes. Savings account balances will impact your financial aid. Money held in a savings account is considered an asset.
If both the student and parent s are U. However, the income and asset reporting can get complicated. Income questions on the financial aid applications direct families to specific line items on the U. If a family filed a foreign tax return, they should do their best to report the equivalent income figures from their foreign returns.
As well, families will be directed to convert the foreign currency on their foreign tax return into U. The financial aid applications will provide guidance to help with this.
When reporting assets on the financial aid applications, families living abroad with assets in another currency will also need to convert those amounts to U. If parents are not U.
If they live abroad, they can report their income and asset information in the same way as described above. Since they don't have a Social Security number, they should type in all zeros when asked to supply their SSN. As an alternative, the parents will need to print a signature page, manually sign the page, and mail it to the address indicated. And make sure to pay attention to smaller scholarships. Be sure to keep an eye out for scholarship scams.
You should never, ever have to pay a fee to apply for a scholarship. One of these programs is the Fulbright Foreign Student Program , which offers generous scholarships to help international students attend graduate school in the U.
These scholarships will cover almost all expenses associated with your program, including airfare to the U. Another funding opportunity comes from the AAUW International Fellowships , which grants scholarships to female international students looking to pursue graduate studies in the United States.
While you may not be eligible for federal loans, there are still international student loans available. You may want to consider applying for international private student loans to help cover college costs. You will need a little help to do this, though. Most private student loan lenders require that you apply for your loan with a cosigner who is a U. This cosigner could be a relative, friend, spouse, or any creditworthy individual who is willing to support you in the responsibility of taking on a student loan.
Attending schools in the United States entails a number of expenses aside from tuition. You might have to pay for housing, food, books, supplies, health insurance, and even international travel to and from school.
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