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SHAKING THE MONEY TREE: MAKING THE MOST OF FINANCIAL RESOURCES FOR INTERNATIONAL STUDENTS NAFSA Region III Rogers, Arkansas
| Date post: | 14-Nov-2014 |
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SHAKING THE MONEY TREE: MAKING THE MOST OF FINANCIAL RESOURCES FOR INTERNATIONAL STUDENTS
NAFSA Region III Rogers, Arkansas
Presenters
Annemarie EstradaDirector of Client Services
Envisage International
Natalie RigbyDirector of International Services
Louisiana State University
Agenda
Case study - evaluate costs Choosing a school - budgets Pre and post arrival - the LSU story Sources of aid - resources
Tuition On The Rise
According to MSN, “college tuition has jumped by 500% since 1985”
Case Study Instructions
We will analyze two case studies of financial hardship.
As a group, discuss the issues and how you would address the problem.
Case Study #1
Morrison Kwong from China is a recipient of an athletic scholarship. He will be arriving early on July 15th before the semester begins. He will also be participating in athletic practice during this time.
What issues do you need to consider for this students budget?
TaxesCampus foodCampus accommodationTransportationHealth insurance
Case Study #2
Amy Asheton an international student from Saudi Arabia comes to your office saying that she doesn’t have enough money to cover her books and other classroom supplies. You remember speaking to her three days prior and she had purchased the new Galaxy Note 3 cell phone, which is the latest phone on the market (and most expensive).
How do you guide this student and get her back on the road to financial success?
Buyer’s remorse, free look back periodGet priorities in order and build a budgetOther sources of funding – work in the office?
Personal and Family Funds (63%)
U.S. College or University (23%)
Home Government/University (6%)
Current Employment (5%)
U.S. Government (1%)
U.S. Private Sponsor (1%)
Foreign Private Sponsor (1%)
Other Sources (1%)
International Organization (0%)
Primary Sources of Funding 2011-2012
Open Doors Report 2012
Choosing a School
What is a student’s budget and what is your value proposition?
Rural v. Urban Private v. Public Community College v. Four-Year Institution Financial Assistance v. Personal Funds
Be transparent!
Be Budget Savvy:
How do you evaluate the costs on-campus for the I-20?
Is a complete summary of costs outlined to prospective students?
Transparency on costs is key.
Other Expenses To Convey
Application, visa/SEVIS fees Airfare Lodging and living expenses Athletes arrival before semester begins
Cafeteria Dormitories
Health insurance and medical Transportation with the US
Budget Risk Factors
Exchange rate fluctuations Interruption of funds (life changing
event) Inability to stick to a budget Withdrawal of funds from sponsor
Post Arrival Assistance
Clothing Furniture Food Bicycles Local Thrift Stores Garage Sales Shuttle Service
Louisiana State University
Located in Baton Rouge, Louisiana, offering Bachelor’s, Master’s, Doctoral and Certificate
degree programs.
Cost of attendance per year:
Tuition and fees $26,800Living expenses $12,000Books, supplies and insurance $3,000TOTAL $41,800
LSU Sources of Aid
Application for admission is the application for scholarships/available aid except for some President Office scholarships which are not designated for international students. Awards are academically competitive and not based on financial need. Full consideration means applying early – well before the listed application deadline (6 months – 1 year in advance).
Financial aid: Helpful in money management and planning. A reminder that with a US citizen co-signer, they are eligible for US financial aid. Some outside source scholarship searches but most disqualify non-immigrants.
There is a clear conversation with newly admitted students that if they do not arrive with university aid, they should not count on receiving it in their future. They financial aid search outside the university is their own but we have a sort list of sites and warn them of fraud that exists on in the WWW.
Once upon a time………
There were undergraduate tuition awards specifically for new international students determined by academic competitiveness. Most were non-resident waivers but there were a few full waivers each year (30-100 offers). There were 15 revolving undergraduate non-resident waivers for current international undergraduate students. Both were decided by a campus international committee.
Graduate departments had assistantships (full and partial) and fellowships, and the Graduate Dean’s Office had tuition waivers (full and partial) - some were for under-represented groups.
2010
Large university budget cuts were across the board and hit the financial aid office and scholarships very hard.
Undergraduate international scholarships were basically eliminated (so were a lot domestic and all alumni). We were hoping they would be restored. It now looks like it will take a resurrection.
Graduate tuition awards were reduced. Graduate departments were hurt by budget cuts as well so assistantship availability was greatly reduced.
Currently……
Graduate tuition awards and departmental assistantships have bounced back well.
Undergraduate scholarships for new and current international students (regardless of academic competitiveness) are basically non-existent. Although our undergraduate application and admission rates are increasing, enrollment has stayed the same or declined.
Employment
Outside of full assistantships that waive and cover full expenses for students, employment is available with the notion to students that should not expect it to support their full expenses as a student – just not possible.
On-campus employment and with vendors Curricular Practical Training (CPT) Optional Practical Training (OPT) Economic Hardship
New Ideas
Possibility to guarantee student worker job (like work study) for high academic achievers reducing the I-20 expenses
Service learning and campus participation/services for tuition “credits”
New conversations would probably occur is international population was dropping but it is not – holding steady (1600 over the last 3 years)
Encouraging External Searches Study abroad scholarships from home country Home country loan programs and/or private and
corporate sponsors Back to true work-study programs (alternating work
then enrollment semesters in a year – careful of CPT 12 month limit)
Examples sites on our web site and warnings of sites that have “fees” to get scholarships
Check with departments and colleges of specific areas of study for some scholarships were non-immigrants may qualify
Rich uncle???
Who Can You Turn To: Institutional Support
Alumni Association(s) Can your alumni associations help you develop a
scholarship fund? International Clubs
Involvement on campus can include mobilizing clubs to raise funds for scholarships.
Student Organizations Many schools have international organizations (like a
Chinese student association) – can they help? Non-Profit Organizations Religious Groups Immigration Community
External Free Money
Private organizatio
ns (U.S. and
international)
Foundations and
Philanthropies
International
agencies
Colleges and
universities
Religious organizatio
ns and association
s
Home governme
nt or embassy
Scholarships Grants Fellowships Assistantships
IEFA.org FundingUSStudy.org
External Resources for International Students
InternationalScholarship.com AbroadPlanet.com
External Resources for International Students
edu.fastweb.com bigfuture.collegeboard.org
External Resources for International Students
Bridge the Gap: International Student Loans
• Stafford Loan• Perkins Loan• PLUS Loan
Which of these are available to an international student?
Compare Lenders for International Students
Apply online Borrow total cost of education
Minus any other financial aid! Need a US cosigner
US citizen or US permanent resident Good credit history Lived in the US past 2 years
Initial approval within 2-6 weeks Conditional loan offer
How it Works
Interactive Forum
What award programs do you offer international students at your school and how do they work?
Interactive Forum
Do you partner with stakeholders and how did you develop that relationship?
Interactive Forum
What are some challenges that your international face when it comes to financial aid?
Thank you!
Annemarie [email protected]
Envisage International
224 First Street
Neptune Beach, FL 32266
(904) 247-1387 Ext 105
Natalie [email protected]
Louisiana State University
101 Hatcher Hall
Baton Rouge, LA 70803
Direct +1 (225) 578-3191
Fax +1 (225) 578-1413
